State Codes and Statutes
Statutes > Virginia > Title-15-2 > Chapter-70 > 15-2-7007§ 15.2-7007. Trust agreement.
In the discretion of the Authority, any bonds issued under the provisions ofthis chapter may be secured by a trust agreement or indenture by and betweenthe Authority and a corporate trustee, which may be any trust company or bankhaving the powers of a trust company within or without the Commonwealth to beselected by the Authority in such manner as it may elect. Such trustagreement or the resolution providing for the issuance of such bonds maypledge or assign all or any portion of the tolls and other revenues to bereceived by the Authority from the ownership and operation of Authorityfacilities; but shall not convey or mortgage any Authority facilities or anypart thereof. It shall be lawful for any bank or trust company incorporatedunder the laws of the Commonwealth that may act as depositary of the proceedsof bonds or of revenues to furnish such indemnifying bonds or to pledge suchsecurities as may be required by the Authority. Any such resolution, trustagreement, or indenture may set forth the rights and remedies of thebondholders and of the trustee, and may restrict the individual right ofaction by bondholders. In addition to the foregoing, any such resolution,trust agreement or indenture may contain such other provisions as theAuthority may deem reasonable and proper for the security of the bondholders.All expenses incurred in carrying out the provisions of such trust agreementor resolution may be treated as a part of the cost of the operation of theAuthority facilities or portion thereof.
All or any portion of the revenues derived from the ownership and operationof Authority facilities, as may be provided for in the resolution authorizingthe issuance of such bonds or in the trust agreement or indenture securingthe same, may be pledged to, and charged with, the payment of the principalof and the interest on such bonds as the same shall become due, and theredemption price or the purchase price of bonds retired by call or purchaseas therein provided. Such pledge shall be valid and binding from the timewhen the pledge is made; the revenues or other moneys so pledged andthereafter received by the Authority shall immediately be subject to the lienof such pledge without any physical delivery thereof or further act, and thelien of any such pledge shall be valid and binding as against all partieshaving claims of any kind in tort, contract, or otherwise against theAuthority, irrespective of whether such parties have notice thereof. Neitherthe resolution nor any trust agreement nor indenture by which a pledge iscreated need be filed or recorded except in the records of the Authority.
(2009, c. 471.)
