The Authority shall have the power to issue bonds from time to time in itsdiscretion, for any of its purposes, including the payment of all or any partof the cost of Authority infrastructure and facilities; including the paymentor retirement of bonds previously issued by it and including the costs of theissuance of such bonds. The Authority may issue such types of bonds as it maydetermine, including, without limitation, bonds payable, both as to principaland interest: (i) from its revenues and receipts generally and (ii)exclusively from the revenues and receipts of certain designated operationsor facilities whether or not they are financed in whole or in part from theproceeds of such bonds. Any such bonds may be additionally secured (a) by apledge of any grant or contribution from the Commonwealth, or any politicalsubdivision, agency, or instrumentality thereof, any federal agency or anyunit, private corporation, co-partnership, association, or individual, orother entity, or (b) by mortgage or encumbrance of any property or facilitiesof the Authority. Unless otherwise provided in the proceedings authorizingthe issuance of the bonds, or in the trust indenture securing the same, allbonds shall be payable solely and exclusively from the revenues and receiptsof the Authority. Bonds may be executed and delivered by the Authority at anytime and from time to time, may be in such form and denominations and of suchterms and maturities, may be in registered, book entry, or bearer form eitheras to principal or interest or both, may be payable in such installments andat such time or times, may be payable at such place or places whether withinor without the Commonwealth, may bear interest at such rate or rates, may bepayable at such time or times, and at such place or places, may be evidencedin such manner, and may contain such provisions not inconsistent herewith,all as shall be provided and specified by the Board of Directors inauthorizing each particular bond issue including any designation of an agentor officer of the Authority to establish such provisions under guidelinesestablished by the Authority.
If deemed advisable by the Board of Directors, there may be retained in theproceedings under which any bonds of the Authority are authorized to beissued an option to redeem all or any part thereof as may be specified insuch proceedings, at such price or prices and after such notice or noticesand on such terms and conditions as may be set forth in such proceedings andas may be briefly recited on the face of the bonds, but nothing hereincontained shall be construed to confer on the Authority any right or optionto redeem any bonds except as may be provided in the proceedings under whichthey shall be issued. Any bonds of the Authority may be sold at public orprivate sale in such manner and from time to time as may be determined by theBoard of Directors of the Authority to be most advantageous, and theAuthority may pay all costs, premiums, and commissions that its Board ofDirectors may deem necessary or advantageous in connection with the issuancethereof. Issuance by the Authority of one or more series of bonds for one ormore purposes shall not preclude it from issuing other bonds in connectionwith the same facility or any other facility, but the proceedings whereunderany subsequent bonds may be issued shall recognize and protect any priorpledge or mortgage made for any prior issue of bonds. Any bonds of theAuthority at any time outstanding may from time to time be refunded by theAuthority by the issuance of its refunding bonds in such amount as the Boardof Directors may deem necessary, but not exceeding an amount sufficient torefund the principal of the bonds so to be refunded, together with any unpaidinterest thereon and any costs, including insurance costs, premiums, orcommissions necessary to be paid in connection therewith. Any such refundingmay be effected whether the bonds to be refunded shall have then matured orshall thereafter mature, either by sale of the refunding bonds and theapplication of the proceeds thereof to the payment of the bonds to berefunded thereby, or by the exchange of the refunding bonds for the bonds tobe refunded thereby.
All bonds shall be signed on behalf of the Authority by the chairman orvice-chairman of the Authority, or shall bear the facsimile signature of suchofficer, and shall bear the official seal of the Authority, or a facsimilethereof shall be impressed or imprinted thereon and shall be attested to bythe manual or facsimile signature of the secretary (or thesecretary-treasurer) or assistant secretary (or assistantsecretary-treasurer) of the Authority. Any coupons attached thereto shallbear the signature or facsimile signature of such chairman. In case anyofficer whose signature or a facsimile of whose signature appears on anybonds or coupons shall cease to be such officer before the delivery of suchbonds, such signature or facsimile signature nevertheless shall be valid andsufficient for all purposes as if such officer had remained in office untilsuch delivery. When the signatures of both the chairman or the vice-chairmanand the secretary (or the secretary-treasurer) or the assistant secretary (orthe assistant secretary-treasurer) are facsimiles, the bonds must beauthenticated by a corporate trustee or other authenticating agent approvedby the Authority.
If the proceeds derived from a particular bond issue, due to error ofestimates or otherwise, shall be less than the cost of the Authorityfacilities or infrastructure for which such bonds were issued, additionalbonds may in like manner be issued to provide the amount of such deficit,and, unless otherwise provided in the proceedings authorizing the issuance ofthe bonds of such issue or in the trust indenture securing the same, shall bedeemed to be of the same issue and shall be entitled to payment from the samefund without preference or priority of the bonds of the first issue. If theproceeds of the bonds of any issue shall exceed such cost, the surplus may bedeposited to the credit of the sinking fund for such bonds or may be appliedto the payment of the cost of any additions, improvements, or enlargements ofthe Authority facilities or infrastructure for which such bonds shall havebeen issued.
Prior to the preparation of definitive bonds, the Authority may, under likerestrictions, issue interim receipts or temporary bonds with or withoutcoupons, exchangeable for definitive bonds when such bonds shall have beenexecuted and are available for delivery. The Authority may also provide forthe replacement of any bonds that shall become mutilated or shall bedestroyed or lost. Bonds may be issued under the provisions of this chapterwithout obtaining the consent of any department, division, commission, board,bureau, or agency of the Commonwealth, and without any other proceedings orthe happening of any other conditions or things other than those proceedings,conditions, or things that are specifically required by this chapter.
All bonds issued under the provisions of this chapter shall have and arehereby declared to have all the qualities and incidents of and shall be andare hereby made negotiable instruments under the Uniform Commercial Code ofVirginia (§ 8.1A-101 et seq.), subject only to provisions respectingregistration of the bonds.
The interest income from and any profit made on the sale of the obligationsissued under the provisions of this Act shall at all times be free and exemptfrom taxation by the Commonwealth and by any municipality, county, or otherpolitical subdivision thereof.
The Authority shall have the power to issue bonds from time to time in itsdiscretion, for any of its purposes, including the payment of all or any partof the cost of Authority infrastructure and facilities; including the paymentor retirement of bonds previously issued by it and including the costs of theissuance of such bonds. The Authority may issue such types of bonds as it maydetermine, including, without limitation, bonds payable, both as to principaland interest: (i) from its revenues and receipts generally and (ii)exclusively from the revenues and receipts of certain designated operationsor facilities whether or not they are financed in whole or in part from theproceeds of such bonds. Any such bonds may be additionally secured (a) by apledge of any grant or contribution from the Commonwealth, or any politicalsubdivision, agency, or instrumentality thereof, any federal agency or anyunit, private corporation, co-partnership, association, or individual, orother entity, or (b) by mortgage or encumbrance of any property or facilitiesof the Authority. Unless otherwise provided in the proceedings authorizingthe issuance of the bonds, or in the trust indenture securing the same, allbonds shall be payable solely and exclusively from the revenues and receiptsof the Authority. Bonds may be executed and delivered by the Authority at anytime and from time to time, may be in such form and denominations and of suchterms and maturities, may be in registered, book entry, or bearer form eitheras to principal or interest or both, may be payable in such installments andat such time or times, may be payable at such place or places whether withinor without the Commonwealth, may bear interest at such rate or rates, may bepayable at such time or times, and at such place or places, may be evidencedin such manner, and may contain such provisions not inconsistent herewith,all as shall be provided and specified by the Board of Directors inauthorizing each particular bond issue including any designation of an agentor officer of the Authority to establish such provisions under guidelinesestablished by the Authority.
If deemed advisable by the Board of Directors, there may be retained in theproceedings under which any bonds of the Authority are authorized to beissued an option to redeem all or any part thereof as may be specified insuch proceedings, at such price or prices and after such notice or noticesand on such terms and conditions as may be set forth in such proceedings andas may be briefly recited on the face of the bonds, but nothing hereincontained shall be construed to confer on the Authority any right or optionto redeem any bonds except as may be provided in the proceedings under whichthey shall be issued. Any bonds of the Authority may be sold at public orprivate sale in such manner and from time to time as may be determined by theBoard of Directors of the Authority to be most advantageous, and theAuthority may pay all costs, premiums, and commissions that its Board ofDirectors may deem necessary or advantageous in connection with the issuancethereof. Issuance by the Authority of one or more series of bonds for one ormore purposes shall not preclude it from issuing other bonds in connectionwith the same facility or any other facility, but the proceedings whereunderany subsequent bonds may be issued shall recognize and protect any priorpledge or mortgage made for any prior issue of bonds. Any bonds of theAuthority at any time outstanding may from time to time be refunded by theAuthority by the issuance of its refunding bonds in such amount as the Boardof Directors may deem necessary, but not exceeding an amount sufficient torefund the principal of the bonds so to be refunded, together with any unpaidinterest thereon and any costs, including insurance costs, premiums, orcommissions necessary to be paid in connection therewith. Any such refundingmay be effected whether the bonds to be refunded shall have then matured orshall thereafter mature, either by sale of the refunding bonds and theapplication of the proceeds thereof to the payment of the bonds to berefunded thereby, or by the exchange of the refunding bonds for the bonds tobe refunded thereby.
All bonds shall be signed on behalf of the Authority by the chairman orvice-chairman of the Authority, or shall bear the facsimile signature of suchofficer, and shall bear the official seal of the Authority, or a facsimilethereof shall be impressed or imprinted thereon and shall be attested to bythe manual or facsimile signature of the secretary (or thesecretary-treasurer) or assistant secretary (or assistantsecretary-treasurer) of the Authority. Any coupons attached thereto shallbear the signature or facsimile signature of such chairman. In case anyofficer whose signature or a facsimile of whose signature appears on anybonds or coupons shall cease to be such officer before the delivery of suchbonds, such signature or facsimile signature nevertheless shall be valid andsufficient for all purposes as if such officer had remained in office untilsuch delivery. When the signatures of both the chairman or the vice-chairmanand the secretary (or the secretary-treasurer) or the assistant secretary (orthe assistant secretary-treasurer) are facsimiles, the bonds must beauthenticated by a corporate trustee or other authenticating agent approvedby the Authority.
If the proceeds derived from a particular bond issue, due to error ofestimates or otherwise, shall be less than the cost of the Authorityfacilities or infrastructure for which such bonds were issued, additionalbonds may in like manner be issued to provide the amount of such deficit,and, unless otherwise provided in the proceedings authorizing the issuance ofthe bonds of such issue or in the trust indenture securing the same, shall bedeemed to be of the same issue and shall be entitled to payment from the samefund without preference or priority of the bonds of the first issue. If theproceeds of the bonds of any issue shall exceed such cost, the surplus may bedeposited to the credit of the sinking fund for such bonds or may be appliedto the payment of the cost of any additions, improvements, or enlargements ofthe Authority facilities or infrastructure for which such bonds shall havebeen issued.
Prior to the preparation of definitive bonds, the Authority may, under likerestrictions, issue interim receipts or temporary bonds with or withoutcoupons, exchangeable for definitive bonds when such bonds shall have beenexecuted and are available for delivery. The Authority may also provide forthe replacement of any bonds that shall become mutilated or shall bedestroyed or lost. Bonds may be issued under the provisions of this chapterwithout obtaining the consent of any department, division, commission, board,bureau, or agency of the Commonwealth, and without any other proceedings orthe happening of any other conditions or things other than those proceedings,conditions, or things that are specifically required by this chapter.
All bonds issued under the provisions of this chapter shall have and arehereby declared to have all the qualities and incidents of and shall be andare hereby made negotiable instruments under the Uniform Commercial Code ofVirginia (§ 8.1A-101 et seq.), subject only to provisions respectingregistration of the bonds.
The interest income from and any profit made on the sale of the obligationsissued under the provisions of this Act shall at all times be free and exemptfrom taxation by the Commonwealth and by any municipality, county, or otherpolitical subdivision thereof.
The Authority shall have the power to issue bonds from time to time in itsdiscretion, for any of its purposes, including the payment of all or any partof the cost of Authority infrastructure and facilities; including the paymentor retirement of bonds previously issued by it and including the costs of theissuance of such bonds. The Authority may issue such types of bonds as it maydetermine, including, without limitation, bonds payable, both as to principaland interest: (i) from its revenues and receipts generally and (ii)exclusively from the revenues and receipts of certain designated operationsor facilities whether or not they are financed in whole or in part from theproceeds of such bonds. Any such bonds may be additionally secured (a) by apledge of any grant or contribution from the Commonwealth, or any politicalsubdivision, agency, or instrumentality thereof, any federal agency or anyunit, private corporation, co-partnership, association, or individual, orother entity, or (b) by mortgage or encumbrance of any property or facilitiesof the Authority. Unless otherwise provided in the proceedings authorizingthe issuance of the bonds, or in the trust indenture securing the same, allbonds shall be payable solely and exclusively from the revenues and receiptsof the Authority. Bonds may be executed and delivered by the Authority at anytime and from time to time, may be in such form and denominations and of suchterms and maturities, may be in registered, book entry, or bearer form eitheras to principal or interest or both, may be payable in such installments andat such time or times, may be payable at such place or places whether withinor without the Commonwealth, may bear interest at such rate or rates, may bepayable at such time or times, and at such place or places, may be evidencedin such manner, and may contain such provisions not inconsistent herewith,all as shall be provided and specified by the Board of Directors inauthorizing each particular bond issue including any designation of an agentor officer of the Authority to establish such provisions under guidelinesestablished by the Authority.
If deemed advisable by the Board of Directors, there may be retained in theproceedings under which any bonds of the Authority are authorized to beissued an option to redeem all or any part thereof as may be specified insuch proceedings, at such price or prices and after such notice or noticesand on such terms and conditions as may be set forth in such proceedings andas may be briefly recited on the face of the bonds, but nothing hereincontained shall be construed to confer on the Authority any right or optionto redeem any bonds except as may be provided in the proceedings under whichthey shall be issued. Any bonds of the Authority may be sold at public orprivate sale in such manner and from time to time as may be determined by theBoard of Directors of the Authority to be most advantageous, and theAuthority may pay all costs, premiums, and commissions that its Board ofDirectors may deem necessary or advantageous in connection with the issuancethereof. Issuance by the Authority of one or more series of bonds for one ormore purposes shall not preclude it from issuing other bonds in connectionwith the same facility or any other facility, but the proceedings whereunderany subsequent bonds may be issued shall recognize and protect any priorpledge or mortgage made for any prior issue of bonds. Any bonds of theAuthority at any time outstanding may from time to time be refunded by theAuthority by the issuance of its refunding bonds in such amount as the Boardof Directors may deem necessary, but not exceeding an amount sufficient torefund the principal of the bonds so to be refunded, together with any unpaidinterest thereon and any costs, including insurance costs, premiums, orcommissions necessary to be paid in connection therewith. Any such refundingmay be effected whether the bonds to be refunded shall have then matured orshall thereafter mature, either by sale of the refunding bonds and theapplication of the proceeds thereof to the payment of the bonds to berefunded thereby, or by the exchange of the refunding bonds for the bonds tobe refunded thereby.
All bonds shall be signed on behalf of the Authority by the chairman orvice-chairman of the Authority, or shall bear the facsimile signature of suchofficer, and shall bear the official seal of the Authority, or a facsimilethereof shall be impressed or imprinted thereon and shall be attested to bythe manual or facsimile signature of the secretary (or thesecretary-treasurer) or assistant secretary (or assistantsecretary-treasurer) of the Authority. Any coupons attached thereto shallbear the signature or facsimile signature of such chairman. In case anyofficer whose signature or a facsimile of whose signature appears on anybonds or coupons shall cease to be such officer before the delivery of suchbonds, such signature or facsimile signature nevertheless shall be valid andsufficient for all purposes as if such officer had remained in office untilsuch delivery. When the signatures of both the chairman or the vice-chairmanand the secretary (or the secretary-treasurer) or the assistant secretary (orthe assistant secretary-treasurer) are facsimiles, the bonds must beauthenticated by a corporate trustee or other authenticating agent approvedby the Authority.
If the proceeds derived from a particular bond issue, due to error ofestimates or otherwise, shall be less than the cost of the Authorityfacilities or infrastructure for which such bonds were issued, additionalbonds may in like manner be issued to provide the amount of such deficit,and, unless otherwise provided in the proceedings authorizing the issuance ofthe bonds of such issue or in the trust indenture securing the same, shall bedeemed to be of the same issue and shall be entitled to payment from the samefund without preference or priority of the bonds of the first issue. If theproceeds of the bonds of any issue shall exceed such cost, the surplus may bedeposited to the credit of the sinking fund for such bonds or may be appliedto the payment of the cost of any additions, improvements, or enlargements ofthe Authority facilities or infrastructure for which such bonds shall havebeen issued.
Prior to the preparation of definitive bonds, the Authority may, under likerestrictions, issue interim receipts or temporary bonds with or withoutcoupons, exchangeable for definitive bonds when such bonds shall have beenexecuted and are available for delivery. The Authority may also provide forthe replacement of any bonds that shall become mutilated or shall bedestroyed or lost. Bonds may be issued under the provisions of this chapterwithout obtaining the consent of any department, division, commission, board,bureau, or agency of the Commonwealth, and without any other proceedings orthe happening of any other conditions or things other than those proceedings,conditions, or things that are specifically required by this chapter.
All bonds issued under the provisions of this chapter shall have and arehereby declared to have all the qualities and incidents of and shall be andare hereby made negotiable instruments under the Uniform Commercial Code ofVirginia (§ 8.1A-101 et seq.), subject only to provisions respectingregistration of the bonds.
The interest income from and any profit made on the sale of the obligationsissued under the provisions of this Act shall at all times be free and exemptfrom taxation by the Commonwealth and by any municipality, county, or otherpolitical subdivision thereof.
