State Codes and Statutes
Statutes > Virginia > Title-15-2 > Chapter-72 > 15-2-7217§ 15.2-7217. Security for payment of bonds; default.
The principal of and interest on any bonds issued by the Authority shall besecured by a pledge of the revenues and receipts out of which the same shallbe made payable, and may be secured by a trust indenture covering all or anypart of the Authority facilities from which revenues or receipts so pledgedmay be derived, including any enlargements of any additions to any suchprojects thereafter made. The resolution under which the bonds are authorizedto be issued and any such trust indenture may contain any agreements andprovisions respecting the maintenance of the projects covered thereby, thefixing and collection of rents for any portions thereof leased by theAuthority to others, the creation and maintenance of special funds from suchrevenues and the rights and remedies available in the event of default, allas the Board of Directors shall deem advisable not in conflict with theprovisions hereof. Each pledge, agreement and trust indenture made for thebenefit or security of any of the bonds of the Authority shall continueeffective until the principal of and interest on the bonds for the benefit ofwhich the same were made shall have been fully paid. In the event of defaultin such payment or in any agreements of the Authority made as a part of thecontract under which the bonds were issued, whether contained in theproceedings authorizing the bonds or in any trust indenture executed assecurity therefor, may be enforced by mandamus, suit, action, or proceedingat law or in equity to compel the Authority and the directors, officers,agents, or employees thereof to perform each and every term, provision, andcovenant contained in any trust indenture of the Authority, the appointmentof a receiver in equity, or by foreclosure of any such trust indenture, orany one or more of such remedies.
(2010, cc. 117, 210.)
