§ 15.2-7013. Powers of City of Richmond and Counties of Henrico andChesterfield with respect to revenue bonds issued by the Authority.
A. The City of Richmond and the Counties of Henrico and Chesterfield each mayenter into and perform from time to time contracts and agreements with theAuthority to aid the Authority to pay the principal of and interest onrevenue bonds or revenue refunding bonds issued by the Authority if, when,and as the revenues of the Authority may not be sufficient to pay suchprincipal or interest when due. No such contract or agreement shall be deemedto be lending or granting credit to or in aid of any person, association,company, or corporation within the meaning of Section 10 of Article X of theConstitution of Virginia; nor shall any such contract or agreement be deemedto be a pledge of the faith and credit or of the taxing power of the City ofRichmond, the County of Henrico, or the County of Chesterfield for thepayment of such principal or interest except as may be otherwise provided insuch contracts or agreements. Any holder of bonds, notes, certificates, orother evidences of borrowing issued by the Authority under the provisions ofthis chapter or of any coupons appertaining thereto, and the representativesof such holders and the trustee under any bond resolution or indenture, mayeither at law or in equity, by suit, action, mandamus, or other proceedings,protect and enforce any and all rights of the Authority under or by virtue ofany such contract or agreement.
B. Funds to perform any such contract or agreement may be provided from timeto time by the City of Richmond, the County of Henrico, or the County ofChesterfield by appropriations of general or specific tax revenue, or byappropriations of accumulated funds allocated for public improvementsgenerally, or allocated to the purposes of such contract or agreement, or byappropriations of the proceeds from the sale of bonds, which may be issuedfrom time to time as hereinafter provided.
C. The City of Richmond, the County of Henrico, the County of Chesterfield,or any of them may issue bonds for the purpose of providing funds to performany contract or agreement entered into with the Authority pursuant to theprovisions of this chapter. Such bonds shall mature at such time or times notexceeding 40 years from their date or dates, as may be determined by thegoverning body of the City of Richmond, the County of Henrico, or the Countyof Chesterfield issuing such bonds, and may be redeemable before maturity, atthe option of the governing body of the City of Richmond, the County ofHenrico, or the County of Chesterfield, at such price or prices and undersuch terms and conditions as may be prescribed by such governing body priorto the issuance of the bonds. The City of Richmond, the County of Henrico,and the County of Chesterfield may provide for the issuance of refundingbonds for the purpose of refunding any outstanding bonds that shall have beenissued pursuant to the provisions of this subsection, including the paymentof any redemption premium thereon, and any interest accrued or to accrue tothe date of redemption of such bonds.
D. The authority of the City of Richmond, the County of Henrico, and theCounty of Chesterfield to contract and to issue bonds pursuant to thischapter is in addition to any existing authority to contract and issue bonds,anything in the laws of Virginia, including the Charter of the City ofRichmond, to the contrary notwithstanding, all of which laws and Charter arehereby amended or modified so as to effectuate the powers conferred by thischapter.
E. The governing bodies of the City of Richmond and of the Counties ofHenrico and Chesterfield may exercise any of the powers granted by thischapter by resolution, and all proceedings of the Council of the City ofRichmond and the Boards of Supervisors of the Counties of Henrico andChesterfield authorizing the execution of contracts hereunder and providingfor the issuance of bonds pursuant to the provisions of this chapter shallnot be subject to the provisions of the Charter of the City or the Code ofVirginia permitting a referendum on actions taken by said Council and Boardsexcept as required by the Constitution of Virginia, but all such proceedingsshall take effect immediately upon the adoption thereof.
§ 15.2-7013. Powers of City of Richmond and Counties of Henrico andChesterfield with respect to revenue bonds issued by the Authority.
A. The City of Richmond and the Counties of Henrico and Chesterfield each mayenter into and perform from time to time contracts and agreements with theAuthority to aid the Authority to pay the principal of and interest onrevenue bonds or revenue refunding bonds issued by the Authority if, when,and as the revenues of the Authority may not be sufficient to pay suchprincipal or interest when due. No such contract or agreement shall be deemedto be lending or granting credit to or in aid of any person, association,company, or corporation within the meaning of Section 10 of Article X of theConstitution of Virginia; nor shall any such contract or agreement be deemedto be a pledge of the faith and credit or of the taxing power of the City ofRichmond, the County of Henrico, or the County of Chesterfield for thepayment of such principal or interest except as may be otherwise provided insuch contracts or agreements. Any holder of bonds, notes, certificates, orother evidences of borrowing issued by the Authority under the provisions ofthis chapter or of any coupons appertaining thereto, and the representativesof such holders and the trustee under any bond resolution or indenture, mayeither at law or in equity, by suit, action, mandamus, or other proceedings,protect and enforce any and all rights of the Authority under or by virtue ofany such contract or agreement.
B. Funds to perform any such contract or agreement may be provided from timeto time by the City of Richmond, the County of Henrico, or the County ofChesterfield by appropriations of general or specific tax revenue, or byappropriations of accumulated funds allocated for public improvementsgenerally, or allocated to the purposes of such contract or agreement, or byappropriations of the proceeds from the sale of bonds, which may be issuedfrom time to time as hereinafter provided.
C. The City of Richmond, the County of Henrico, the County of Chesterfield,or any of them may issue bonds for the purpose of providing funds to performany contract or agreement entered into with the Authority pursuant to theprovisions of this chapter. Such bonds shall mature at such time or times notexceeding 40 years from their date or dates, as may be determined by thegoverning body of the City of Richmond, the County of Henrico, or the Countyof Chesterfield issuing such bonds, and may be redeemable before maturity, atthe option of the governing body of the City of Richmond, the County ofHenrico, or the County of Chesterfield, at such price or prices and undersuch terms and conditions as may be prescribed by such governing body priorto the issuance of the bonds. The City of Richmond, the County of Henrico,and the County of Chesterfield may provide for the issuance of refundingbonds for the purpose of refunding any outstanding bonds that shall have beenissued pursuant to the provisions of this subsection, including the paymentof any redemption premium thereon, and any interest accrued or to accrue tothe date of redemption of such bonds.
D. The authority of the City of Richmond, the County of Henrico, and theCounty of Chesterfield to contract and to issue bonds pursuant to thischapter is in addition to any existing authority to contract and issue bonds,anything in the laws of Virginia, including the Charter of the City ofRichmond, to the contrary notwithstanding, all of which laws and Charter arehereby amended or modified so as to effectuate the powers conferred by thischapter.
E. The governing bodies of the City of Richmond and of the Counties ofHenrico and Chesterfield may exercise any of the powers granted by thischapter by resolution, and all proceedings of the Council of the City ofRichmond and the Boards of Supervisors of the Counties of Henrico andChesterfield authorizing the execution of contracts hereunder and providingfor the issuance of bonds pursuant to the provisions of this chapter shallnot be subject to the provisions of the Charter of the City or the Code ofVirginia permitting a referendum on actions taken by said Council and Boardsexcept as required by the Constitution of Virginia, but all such proceedingsshall take effect immediately upon the adoption thereof.
§ 15.2-7013. Powers of City of Richmond and Counties of Henrico andChesterfield with respect to revenue bonds issued by the Authority.
A. The City of Richmond and the Counties of Henrico and Chesterfield each mayenter into and perform from time to time contracts and agreements with theAuthority to aid the Authority to pay the principal of and interest onrevenue bonds or revenue refunding bonds issued by the Authority if, when,and as the revenues of the Authority may not be sufficient to pay suchprincipal or interest when due. No such contract or agreement shall be deemedto be lending or granting credit to or in aid of any person, association,company, or corporation within the meaning of Section 10 of Article X of theConstitution of Virginia; nor shall any such contract or agreement be deemedto be a pledge of the faith and credit or of the taxing power of the City ofRichmond, the County of Henrico, or the County of Chesterfield for thepayment of such principal or interest except as may be otherwise provided insuch contracts or agreements. Any holder of bonds, notes, certificates, orother evidences of borrowing issued by the Authority under the provisions ofthis chapter or of any coupons appertaining thereto, and the representativesof such holders and the trustee under any bond resolution or indenture, mayeither at law or in equity, by suit, action, mandamus, or other proceedings,protect and enforce any and all rights of the Authority under or by virtue ofany such contract or agreement.
B. Funds to perform any such contract or agreement may be provided from timeto time by the City of Richmond, the County of Henrico, or the County ofChesterfield by appropriations of general or specific tax revenue, or byappropriations of accumulated funds allocated for public improvementsgenerally, or allocated to the purposes of such contract or agreement, or byappropriations of the proceeds from the sale of bonds, which may be issuedfrom time to time as hereinafter provided.
C. The City of Richmond, the County of Henrico, the County of Chesterfield,or any of them may issue bonds for the purpose of providing funds to performany contract or agreement entered into with the Authority pursuant to theprovisions of this chapter. Such bonds shall mature at such time or times notexceeding 40 years from their date or dates, as may be determined by thegoverning body of the City of Richmond, the County of Henrico, or the Countyof Chesterfield issuing such bonds, and may be redeemable before maturity, atthe option of the governing body of the City of Richmond, the County ofHenrico, or the County of Chesterfield, at such price or prices and undersuch terms and conditions as may be prescribed by such governing body priorto the issuance of the bonds. The City of Richmond, the County of Henrico,and the County of Chesterfield may provide for the issuance of refundingbonds for the purpose of refunding any outstanding bonds that shall have beenissued pursuant to the provisions of this subsection, including the paymentof any redemption premium thereon, and any interest accrued or to accrue tothe date of redemption of such bonds.
D. The authority of the City of Richmond, the County of Henrico, and theCounty of Chesterfield to contract and to issue bonds pursuant to thischapter is in addition to any existing authority to contract and issue bonds,anything in the laws of Virginia, including the Charter of the City ofRichmond, to the contrary notwithstanding, all of which laws and Charter arehereby amended or modified so as to effectuate the powers conferred by thischapter.
E. The governing bodies of the City of Richmond and of the Counties ofHenrico and Chesterfield may exercise any of the powers granted by thischapter by resolution, and all proceedings of the Council of the City ofRichmond and the Boards of Supervisors of the Counties of Henrico andChesterfield authorizing the execution of contracts hereunder and providingfor the issuance of bonds pursuant to the provisions of this chapter shallnot be subject to the provisions of the Charter of the City or the Code ofVirginia permitting a referendum on actions taken by said Council and Boardsexcept as required by the Constitution of Virginia, but all such proceedingsshall take effect immediately upon the adoption thereof.
