A. The Authority may at any time and from time to time issue bonds for anyvalid purpose, including the establishment of reserves and the payment ofinterest. In this chapter the term "bonds" includes notes of any kind,interim certificates, refunding bonds, or any other evidence of obligation.
B. The bonds of any issue shall be payable solely from the property orreceipts of the Authority, including, but not limited to:
1. Taxes, fees, charges, or other revenues payable to the Authority;
2. Payments by financial institutions, insurance companies, or otherspursuant to letters or line of credit, policies of insurance, or purchaseagreements;
3. Investment earnings from funds or accounts maintained pursuant to a bondresolution or trust agreement; and
4. Proceeds of refunding bonds.
C. Bonds shall be authorized by resolution of the Authority and may besecured by a trust agreement by and between the Authority and a corporatetrustee or trustees, which may be any trust company or bank having the powersof a trust company within or outside the Commonwealth. The bonds shall:
1. Be issued at, above, or below par value, for cash or other valuableconsideration, and mature at a time or times, whether as serial bonds or asterm bonds or both, not exceeding forty years from their respective dates ofissue;
2. Bear interest at the fixed or variable rate or rates determined by themethod provided in the resolution or trust agreement;
3. Be payable at a time or times, in the denominations and form, and carrythe registration and privileges as to conversion and for the replacement ofmutilated, lost, or destroyed bonds as the resolution or trust agreement mayprovide;
4. Be payable in lawful money of the United States at a designated place;
5. Be subject to the terms of purchase, payment, redemption, refunding, orrefinancing that the resolution or trust agreement provides;
6. Be executed by the manual or facsimile signatures of the officers of theAuthority designated by the Authority which signatures shall be valid atdelivery even for one who has ceased to hold office; and
7. Be sold in the manner and upon the terms determined by the Authorityincluding private (negotiated) sale.
D. Any resolution or trust agreement may contain provisions which shall be apart of the contract with the holders of the bonds as to:
1. Pledging, assigning, or directing the use, investment, or disposition ofreceipts of the Authority or proceeds or benefits of any contract andconveying or otherwise securing any property rights;
2. The setting aside of loan funding deposits, debt service reserves,capitalized interest accounts, cost of issuance accounts and sinking funds,and the regulation, investment, and disposition thereof;
3. Limitations on the purpose to which or the investments in which theproceeds of sale of any issue of bonds may be applied and restrictions toinvestments of revenues or bond proceeds in government obligations for whichprincipal and interest are unconditionally guaranteed by the United States ofAmerica;
4. Limitations on the issuance of additional bonds and the terms upon whichadditional bonds may be issued and secured and may rank on a parity with, orbe subordinate or superior to, other bonds;
5. The refunding or refinancing of outstanding bonds;
6. The procedure, if any, by which the terms of any contract with bondholdersmay be altered or amended and the amount of bonds the holders of which mustconsent thereto, and the manner in which consent shall be given;
7. Defining the acts or omissions which shall constitute a default in theduties of the Authority to bondholders and providing the rights or remediesof such holders in the event of a default which may include provisionsrestricting individual right of action by bondholders;
8. Providing for guarantees, pledges of property, letters of credit, or othersecurity, or insurance for the benefit of bondholders; and
9. Any other matter relating to the bonds which the Authority determinesappropriate.
E. No member of the Authority nor any person executing the bonds on behalf ofthe Authority shall be liable personally for the bonds or subject to anypersonal liability by reason of the issuance of the bonds.
F. The Authority may enter into agreements with agents, banks, insurers, orothers for the purpose of enhancing the marketability of, or as security for,its bonds.
G. A pledge by the Authority of revenues as security for an issue of bondsshall be valid and binding from the time the pledge is made.
The revenues pledged shall immediately be subject to the lien of the pledgewithout any physical delivery or further act, and the lien of any pledgeshall be valid and binding against any person having any claim of any kind intort, contract or otherwise against the Authority, irrespective of whetherthe person has notice.
No resolution, trust agreement or financing statement, continuationstatement, or other instrument adopted or entered into by the Authority needbe filed or recorded in any public record other than the records of theAuthority in order to perfect the lien against third persons, regardless ofany contrary provision of public general or public local law.
H. Except to the extent restricted by an applicable resolution or trustagreement, any holder of bonds issued under this chapter or a trustee actingunder a trust agreement entered into under this chapter, may, by any suitableform of legal proceedings, protect and enforce any rights granted under thelaws of Virginia or by any applicable resolution or trust agreement.
I. The Authority may issue bonds to refund any of its bonds then outstanding,including the payment of any redemption premium and any interest accrued orto accrue to the earliest or any subsequent date of redemption, purchase ormaturity of the bonds. Refunding bonds may be issued for the public purposesof realizing savings in the effective costs of debt service, directly orthrough a debt restructuring, for alleviating impending or actual default andmay be issued in one or more series in an amount in excess of that of thebonds to be refunded.
J. The franchise holder must agree that the franchise will not be relocateduntil any bonds issued hereunder are defeased.
K. In the event a major league baseball facility is planned, no bonds shallbe issued hereunder until the Authority has executed a long-term lease with amajor league baseball franchise. In the event a minor league baseballfacility is planned, the same requirements, mutatis mutandis, shall apply.
(1992, c. 823, § 15.1-227.78; 1996, cc. 950, 1038; 1997, c. 587.)
A. The Authority may at any time and from time to time issue bonds for anyvalid purpose, including the establishment of reserves and the payment ofinterest. In this chapter the term "bonds" includes notes of any kind,interim certificates, refunding bonds, or any other evidence of obligation.
B. The bonds of any issue shall be payable solely from the property orreceipts of the Authority, including, but not limited to:
1. Taxes, fees, charges, or other revenues payable to the Authority;
2. Payments by financial institutions, insurance companies, or otherspursuant to letters or line of credit, policies of insurance, or purchaseagreements;
3. Investment earnings from funds or accounts maintained pursuant to a bondresolution or trust agreement; and
4. Proceeds of refunding bonds.
C. Bonds shall be authorized by resolution of the Authority and may besecured by a trust agreement by and between the Authority and a corporatetrustee or trustees, which may be any trust company or bank having the powersof a trust company within or outside the Commonwealth. The bonds shall:
1. Be issued at, above, or below par value, for cash or other valuableconsideration, and mature at a time or times, whether as serial bonds or asterm bonds or both, not exceeding forty years from their respective dates ofissue;
2. Bear interest at the fixed or variable rate or rates determined by themethod provided in the resolution or trust agreement;
3. Be payable at a time or times, in the denominations and form, and carrythe registration and privileges as to conversion and for the replacement ofmutilated, lost, or destroyed bonds as the resolution or trust agreement mayprovide;
4. Be payable in lawful money of the United States at a designated place;
5. Be subject to the terms of purchase, payment, redemption, refunding, orrefinancing that the resolution or trust agreement provides;
6. Be executed by the manual or facsimile signatures of the officers of theAuthority designated by the Authority which signatures shall be valid atdelivery even for one who has ceased to hold office; and
7. Be sold in the manner and upon the terms determined by the Authorityincluding private (negotiated) sale.
D. Any resolution or trust agreement may contain provisions which shall be apart of the contract with the holders of the bonds as to:
1. Pledging, assigning, or directing the use, investment, or disposition ofreceipts of the Authority or proceeds or benefits of any contract andconveying or otherwise securing any property rights;
2. The setting aside of loan funding deposits, debt service reserves,capitalized interest accounts, cost of issuance accounts and sinking funds,and the regulation, investment, and disposition thereof;
3. Limitations on the purpose to which or the investments in which theproceeds of sale of any issue of bonds may be applied and restrictions toinvestments of revenues or bond proceeds in government obligations for whichprincipal and interest are unconditionally guaranteed by the United States ofAmerica;
4. Limitations on the issuance of additional bonds and the terms upon whichadditional bonds may be issued and secured and may rank on a parity with, orbe subordinate or superior to, other bonds;
5. The refunding or refinancing of outstanding bonds;
6. The procedure, if any, by which the terms of any contract with bondholdersmay be altered or amended and the amount of bonds the holders of which mustconsent thereto, and the manner in which consent shall be given;
7. Defining the acts or omissions which shall constitute a default in theduties of the Authority to bondholders and providing the rights or remediesof such holders in the event of a default which may include provisionsrestricting individual right of action by bondholders;
8. Providing for guarantees, pledges of property, letters of credit, or othersecurity, or insurance for the benefit of bondholders; and
9. Any other matter relating to the bonds which the Authority determinesappropriate.
E. No member of the Authority nor any person executing the bonds on behalf ofthe Authority shall be liable personally for the bonds or subject to anypersonal liability by reason of the issuance of the bonds.
F. The Authority may enter into agreements with agents, banks, insurers, orothers for the purpose of enhancing the marketability of, or as security for,its bonds.
G. A pledge by the Authority of revenues as security for an issue of bondsshall be valid and binding from the time the pledge is made.
The revenues pledged shall immediately be subject to the lien of the pledgewithout any physical delivery or further act, and the lien of any pledgeshall be valid and binding against any person having any claim of any kind intort, contract or otherwise against the Authority, irrespective of whetherthe person has notice.
No resolution, trust agreement or financing statement, continuationstatement, or other instrument adopted or entered into by the Authority needbe filed or recorded in any public record other than the records of theAuthority in order to perfect the lien against third persons, regardless ofany contrary provision of public general or public local law.
H. Except to the extent restricted by an applicable resolution or trustagreement, any holder of bonds issued under this chapter or a trustee actingunder a trust agreement entered into under this chapter, may, by any suitableform of legal proceedings, protect and enforce any rights granted under thelaws of Virginia or by any applicable resolution or trust agreement.
I. The Authority may issue bonds to refund any of its bonds then outstanding,including the payment of any redemption premium and any interest accrued orto accrue to the earliest or any subsequent date of redemption, purchase ormaturity of the bonds. Refunding bonds may be issued for the public purposesof realizing savings in the effective costs of debt service, directly orthrough a debt restructuring, for alleviating impending or actual default andmay be issued in one or more series in an amount in excess of that of thebonds to be refunded.
J. The franchise holder must agree that the franchise will not be relocateduntil any bonds issued hereunder are defeased.
K. In the event a major league baseball facility is planned, no bonds shallbe issued hereunder until the Authority has executed a long-term lease with amajor league baseball franchise. In the event a minor league baseballfacility is planned, the same requirements, mutatis mutandis, shall apply.
(1992, c. 823, § 15.1-227.78; 1996, cc. 950, 1038; 1997, c. 587.)
A. The Authority may at any time and from time to time issue bonds for anyvalid purpose, including the establishment of reserves and the payment ofinterest. In this chapter the term "bonds" includes notes of any kind,interim certificates, refunding bonds, or any other evidence of obligation.
B. The bonds of any issue shall be payable solely from the property orreceipts of the Authority, including, but not limited to:
1. Taxes, fees, charges, or other revenues payable to the Authority;
2. Payments by financial institutions, insurance companies, or otherspursuant to letters or line of credit, policies of insurance, or purchaseagreements;
3. Investment earnings from funds or accounts maintained pursuant to a bondresolution or trust agreement; and
4. Proceeds of refunding bonds.
C. Bonds shall be authorized by resolution of the Authority and may besecured by a trust agreement by and between the Authority and a corporatetrustee or trustees, which may be any trust company or bank having the powersof a trust company within or outside the Commonwealth. The bonds shall:
1. Be issued at, above, or below par value, for cash or other valuableconsideration, and mature at a time or times, whether as serial bonds or asterm bonds or both, not exceeding forty years from their respective dates ofissue;
2. Bear interest at the fixed or variable rate or rates determined by themethod provided in the resolution or trust agreement;
3. Be payable at a time or times, in the denominations and form, and carrythe registration and privileges as to conversion and for the replacement ofmutilated, lost, or destroyed bonds as the resolution or trust agreement mayprovide;
4. Be payable in lawful money of the United States at a designated place;
5. Be subject to the terms of purchase, payment, redemption, refunding, orrefinancing that the resolution or trust agreement provides;
6. Be executed by the manual or facsimile signatures of the officers of theAuthority designated by the Authority which signatures shall be valid atdelivery even for one who has ceased to hold office; and
7. Be sold in the manner and upon the terms determined by the Authorityincluding private (negotiated) sale.
D. Any resolution or trust agreement may contain provisions which shall be apart of the contract with the holders of the bonds as to:
1. Pledging, assigning, or directing the use, investment, or disposition ofreceipts of the Authority or proceeds or benefits of any contract andconveying or otherwise securing any property rights;
2. The setting aside of loan funding deposits, debt service reserves,capitalized interest accounts, cost of issuance accounts and sinking funds,and the regulation, investment, and disposition thereof;
3. Limitations on the purpose to which or the investments in which theproceeds of sale of any issue of bonds may be applied and restrictions toinvestments of revenues or bond proceeds in government obligations for whichprincipal and interest are unconditionally guaranteed by the United States ofAmerica;
4. Limitations on the issuance of additional bonds and the terms upon whichadditional bonds may be issued and secured and may rank on a parity with, orbe subordinate or superior to, other bonds;
5. The refunding or refinancing of outstanding bonds;
6. The procedure, if any, by which the terms of any contract with bondholdersmay be altered or amended and the amount of bonds the holders of which mustconsent thereto, and the manner in which consent shall be given;
7. Defining the acts or omissions which shall constitute a default in theduties of the Authority to bondholders and providing the rights or remediesof such holders in the event of a default which may include provisionsrestricting individual right of action by bondholders;
8. Providing for guarantees, pledges of property, letters of credit, or othersecurity, or insurance for the benefit of bondholders; and
9. Any other matter relating to the bonds which the Authority determinesappropriate.
E. No member of the Authority nor any person executing the bonds on behalf ofthe Authority shall be liable personally for the bonds or subject to anypersonal liability by reason of the issuance of the bonds.
F. The Authority may enter into agreements with agents, banks, insurers, orothers for the purpose of enhancing the marketability of, or as security for,its bonds.
G. A pledge by the Authority of revenues as security for an issue of bondsshall be valid and binding from the time the pledge is made.
The revenues pledged shall immediately be subject to the lien of the pledgewithout any physical delivery or further act, and the lien of any pledgeshall be valid and binding against any person having any claim of any kind intort, contract or otherwise against the Authority, irrespective of whetherthe person has notice.
No resolution, trust agreement or financing statement, continuationstatement, or other instrument adopted or entered into by the Authority needbe filed or recorded in any public record other than the records of theAuthority in order to perfect the lien against third persons, regardless ofany contrary provision of public general or public local law.
H. Except to the extent restricted by an applicable resolution or trustagreement, any holder of bonds issued under this chapter or a trustee actingunder a trust agreement entered into under this chapter, may, by any suitableform of legal proceedings, protect and enforce any rights granted under thelaws of Virginia or by any applicable resolution or trust agreement.
I. The Authority may issue bonds to refund any of its bonds then outstanding,including the payment of any redemption premium and any interest accrued orto accrue to the earliest or any subsequent date of redemption, purchase ormaturity of the bonds. Refunding bonds may be issued for the public purposesof realizing savings in the effective costs of debt service, directly orthrough a debt restructuring, for alleviating impending or actual default andmay be issued in one or more series in an amount in excess of that of thebonds to be refunded.
J. The franchise holder must agree that the franchise will not be relocateduntil any bonds issued hereunder are defeased.
K. In the event a major league baseball facility is planned, no bonds shallbe issued hereunder until the Authority has executed a long-term lease with amajor league baseball franchise. In the event a minor league baseballfacility is planned, the same requirements, mutatis mutandis, shall apply.
(1992, c. 823, § 15.1-227.78; 1996, cc. 950, 1038; 1997, c. 587.)
