State Codes and Statutes
Statutes > Virginia > Title-15-2 > Chapter-70 > 15-2-7003§ 15.2-7003. Issuance of revenue bonds.
The Authority is hereby authorized to provide by resolution for the issuancefrom time to time of revenue bonds of the Authority for the purpose of payingall or any part of the cost of Authority facilities or any project or portionof such facilities. The principal of and interest on such bonds shall bepayable solely from the revenues pledged for such payment. The bonds of eachissue or series shall be dated, shall bear interest at such rate or rates notexceeding six percent per year, shall mature at such time or times notexceeding 50 years from the date or dates thereof, as may be determined bythe Authority, and may contain provisions reserving the right of theAuthority to redeem such bonds before maturity at such price or prices andupon such terms and conditions as may be fixed by the Authority in theresolution authorizing such bonds. Such bonds may be issued in coupon orregistered form or both as prescribed by the Authority, and provisions may bemade for the registration of coupon bonds as to principal only or as to bothprincipal and interest and for the reconversion of registered bonds intocoupon bonds. Such bonds may be issued in any denomination or denominationsand may be made payable at any bank or trust company within or without theCommonwealth as the Authority may determine. Such bonds and the couponsattached to coupon bonds shall be signed in such manner either manually or byfacsimile signature as shall be determined by the Authority, and sealed withthe seal of the Authority or a facsimile thereof. In case any officer whosesignature or facsimile thereof shall appear on any bonds or coupons shallcease to be such officer before the delivery of such bonds, such signature orsuch facsimile signature shall nevertheless be valid and sufficient for allpurposes, the same as if such officer or officers had remained in officeuntil the delivery thereof. The Authority may sell such bonds in such mannereither at public or private sale and for such price or prices as theAuthority may determine, but no such sale shall be made at a price so low asto require the payment of interest on the money received therefor at morethan six percent per year, computed with relation to the absolute maturity ofthe bonds in accordance with standard tables of bond values, excluding,however, from such computation the amount of any premium to be paid on theredemption of any bonds prior to maturity. Prior to the preparation ofdefinitive bonds, the Authority may, under like restrictions, issue interimreceipts or temporary bonds, with or without coupons, exchangeable fordefinitive bonds when such bonds shall have been executed and are availablefor delivery. The Authority may also provide for the replacement of any bondsthat shall have become mutilated, destroyed, or lost.
(2009, c. 471.)
