§ 2.2-2205. Form, terms, execution and sale of bonds; use of proceeds;interim receipts or temporary bonds; lost or destroyed bonds; faith andcredit of state and political subdivisions not pledged; expenses.
The bonds of each issue shall be dated, shall bear interest at such rates asare fixed by the Authority, or as may be determined in such manner as theAuthority may provide, including the determination by agents designated bythe Authority under guidelines established by the Authority, shall mature atsuch time not exceeding forty years from their date as may be determined bythe Authority, and may be made redeemable before maturity, at the option ofthe Authority, at such price and under such terms and conditions as may befixed by the Authority prior to the issuance of the bonds. The Authorityshall determine the form of bonds and their manner of execution, and shallfix the denomination of the bonds and the place of payment of principal andinterest, which may be at any bank or trust company within or without theCommonwealth. The bonds shall be signed by the chairman or vice-chairman ofthe Authority or, if so authorized by the Authority, shall bear his facsimilesignature, and the official seal of the Authority, or, if so authorized bythe Authority, a facsimile thereof shall be impressed or imprinted thereonand attested by the secretary or any assistant secretary of the Authority,or, if so authorized by the Authority, with the facsimile signature of suchsecretary or assistant secretary. Any coupons attached to bonds issued by theAuthority shall bear the signature of the chairman or vice-chairman of theAuthority or a facsimile thereof. In case any officer whose signature or afacsimile of whose signature appears on any bonds or coupons ceases to be anofficer before the delivery of the bonds, his signature or facsimile shallnevertheless be valid and sufficient for all purposes the same as if he hadremained in office until such delivery and any bonds may bear the facsimilesignature of, or may be signed by, such persons as at the actual time of theexecution of such bonds shall be the proper officers to sign such bondsalthough at the date of such bonds such persons may not have been suchofficers. The bonds may be issued in coupon or in registered form, or both,as the Authority may determine, and provision may be made for theregistration of any coupon bonds as to principal alone and also as to bothprincipal and interest, for the reconversion into coupon bonds of any bondsregistered as to both principal and interest, and for the interchange ofregistered and coupon bonds. Bonds issued in registered form may be issuedunder a system of book-entry for recording the ownership and transfer ofownership of rights to receive payment of principal of, and premium on, ifany, and interest on such bonds. The Authority may contract for the servicesof one or more banks, trust companies, financial institutions or otherentities or persons, within or without the Commonwealth for theauthentication, registration, transfer, exchange and payment of the bonds, ormay provide such services itself. The Authority may sell such bonds in suchmanner, either at public or private sale, and for such price as it maydetermine will best effect the purposes of this article.
The proceeds of the bonds of each issue shall be used solely for thepurposes, and in furtherance of the powers, of the Authority as may beprovided in the resolution authorizing the issuance of such bonds or in atrust agreement authorized by § 2.2-2206 securing the bonds.
In addition to the above powers, the Authority may issue interim receipts ortemporary bonds as provided in § 15.2-2616 and execute and deliver new bondsin place of bonds mutilated, lost or destroyed, as provided in § 15.2-2621.
No obligation of the Authority shall be deemed to constitute a debt, orpledge of the faith and credit, of the Commonwealth or of any politicalsubdivision thereof, but shall be payable solely from the revenues and otherfunds of the Authority pledged thereto. All such obligations shall contain onthe face thereof a statement to the effect that the Commonwealth, anypolitical subdivision thereof and the Authority shall not be obligated to paythe same or the interest thereon except from revenues and other funds of theAuthority pledged thereto, and that neither the faith and credit nor thetaxing power of the Commonwealth or of any political subdivision thereof ispledged to the payment of the principal of or the interest on suchobligations.
All expenses incurred in carrying out the provisions of the act shall bepayable solely from funds provided under the provisions of this act, and noliability shall be incurred by the Authority beyond the extent to whichmoneys have been provided under the provisions of this article.
§ 2.2-2205. Form, terms, execution and sale of bonds; use of proceeds;interim receipts or temporary bonds; lost or destroyed bonds; faith andcredit of state and political subdivisions not pledged; expenses.
The bonds of each issue shall be dated, shall bear interest at such rates asare fixed by the Authority, or as may be determined in such manner as theAuthority may provide, including the determination by agents designated bythe Authority under guidelines established by the Authority, shall mature atsuch time not exceeding forty years from their date as may be determined bythe Authority, and may be made redeemable before maturity, at the option ofthe Authority, at such price and under such terms and conditions as may befixed by the Authority prior to the issuance of the bonds. The Authorityshall determine the form of bonds and their manner of execution, and shallfix the denomination of the bonds and the place of payment of principal andinterest, which may be at any bank or trust company within or without theCommonwealth. The bonds shall be signed by the chairman or vice-chairman ofthe Authority or, if so authorized by the Authority, shall bear his facsimilesignature, and the official seal of the Authority, or, if so authorized bythe Authority, a facsimile thereof shall be impressed or imprinted thereonand attested by the secretary or any assistant secretary of the Authority,or, if so authorized by the Authority, with the facsimile signature of suchsecretary or assistant secretary. Any coupons attached to bonds issued by theAuthority shall bear the signature of the chairman or vice-chairman of theAuthority or a facsimile thereof. In case any officer whose signature or afacsimile of whose signature appears on any bonds or coupons ceases to be anofficer before the delivery of the bonds, his signature or facsimile shallnevertheless be valid and sufficient for all purposes the same as if he hadremained in office until such delivery and any bonds may bear the facsimilesignature of, or may be signed by, such persons as at the actual time of theexecution of such bonds shall be the proper officers to sign such bondsalthough at the date of such bonds such persons may not have been suchofficers. The bonds may be issued in coupon or in registered form, or both,as the Authority may determine, and provision may be made for theregistration of any coupon bonds as to principal alone and also as to bothprincipal and interest, for the reconversion into coupon bonds of any bondsregistered as to both principal and interest, and for the interchange ofregistered and coupon bonds. Bonds issued in registered form may be issuedunder a system of book-entry for recording the ownership and transfer ofownership of rights to receive payment of principal of, and premium on, ifany, and interest on such bonds. The Authority may contract for the servicesof one or more banks, trust companies, financial institutions or otherentities or persons, within or without the Commonwealth for theauthentication, registration, transfer, exchange and payment of the bonds, ormay provide such services itself. The Authority may sell such bonds in suchmanner, either at public or private sale, and for such price as it maydetermine will best effect the purposes of this article.
The proceeds of the bonds of each issue shall be used solely for thepurposes, and in furtherance of the powers, of the Authority as may beprovided in the resolution authorizing the issuance of such bonds or in atrust agreement authorized by § 2.2-2206 securing the bonds.
In addition to the above powers, the Authority may issue interim receipts ortemporary bonds as provided in § 15.2-2616 and execute and deliver new bondsin place of bonds mutilated, lost or destroyed, as provided in § 15.2-2621.
No obligation of the Authority shall be deemed to constitute a debt, orpledge of the faith and credit, of the Commonwealth or of any politicalsubdivision thereof, but shall be payable solely from the revenues and otherfunds of the Authority pledged thereto. All such obligations shall contain onthe face thereof a statement to the effect that the Commonwealth, anypolitical subdivision thereof and the Authority shall not be obligated to paythe same or the interest thereon except from revenues and other funds of theAuthority pledged thereto, and that neither the faith and credit nor thetaxing power of the Commonwealth or of any political subdivision thereof ispledged to the payment of the principal of or the interest on suchobligations.
All expenses incurred in carrying out the provisions of the act shall bepayable solely from funds provided under the provisions of this act, and noliability shall be incurred by the Authority beyond the extent to whichmoneys have been provided under the provisions of this article.
§ 2.2-2205. Form, terms, execution and sale of bonds; use of proceeds;interim receipts or temporary bonds; lost or destroyed bonds; faith andcredit of state and political subdivisions not pledged; expenses.
The bonds of each issue shall be dated, shall bear interest at such rates asare fixed by the Authority, or as may be determined in such manner as theAuthority may provide, including the determination by agents designated bythe Authority under guidelines established by the Authority, shall mature atsuch time not exceeding forty years from their date as may be determined bythe Authority, and may be made redeemable before maturity, at the option ofthe Authority, at such price and under such terms and conditions as may befixed by the Authority prior to the issuance of the bonds. The Authorityshall determine the form of bonds and their manner of execution, and shallfix the denomination of the bonds and the place of payment of principal andinterest, which may be at any bank or trust company within or without theCommonwealth. The bonds shall be signed by the chairman or vice-chairman ofthe Authority or, if so authorized by the Authority, shall bear his facsimilesignature, and the official seal of the Authority, or, if so authorized bythe Authority, a facsimile thereof shall be impressed or imprinted thereonand attested by the secretary or any assistant secretary of the Authority,or, if so authorized by the Authority, with the facsimile signature of suchsecretary or assistant secretary. Any coupons attached to bonds issued by theAuthority shall bear the signature of the chairman or vice-chairman of theAuthority or a facsimile thereof. In case any officer whose signature or afacsimile of whose signature appears on any bonds or coupons ceases to be anofficer before the delivery of the bonds, his signature or facsimile shallnevertheless be valid and sufficient for all purposes the same as if he hadremained in office until such delivery and any bonds may bear the facsimilesignature of, or may be signed by, such persons as at the actual time of theexecution of such bonds shall be the proper officers to sign such bondsalthough at the date of such bonds such persons may not have been suchofficers. The bonds may be issued in coupon or in registered form, or both,as the Authority may determine, and provision may be made for theregistration of any coupon bonds as to principal alone and also as to bothprincipal and interest, for the reconversion into coupon bonds of any bondsregistered as to both principal and interest, and for the interchange ofregistered and coupon bonds. Bonds issued in registered form may be issuedunder a system of book-entry for recording the ownership and transfer ofownership of rights to receive payment of principal of, and premium on, ifany, and interest on such bonds. The Authority may contract for the servicesof one or more banks, trust companies, financial institutions or otherentities or persons, within or without the Commonwealth for theauthentication, registration, transfer, exchange and payment of the bonds, ormay provide such services itself. The Authority may sell such bonds in suchmanner, either at public or private sale, and for such price as it maydetermine will best effect the purposes of this article.
The proceeds of the bonds of each issue shall be used solely for thepurposes, and in furtherance of the powers, of the Authority as may beprovided in the resolution authorizing the issuance of such bonds or in atrust agreement authorized by § 2.2-2206 securing the bonds.
In addition to the above powers, the Authority may issue interim receipts ortemporary bonds as provided in § 15.2-2616 and execute and deliver new bondsin place of bonds mutilated, lost or destroyed, as provided in § 15.2-2621.
No obligation of the Authority shall be deemed to constitute a debt, orpledge of the faith and credit, of the Commonwealth or of any politicalsubdivision thereof, but shall be payable solely from the revenues and otherfunds of the Authority pledged thereto. All such obligations shall contain onthe face thereof a statement to the effect that the Commonwealth, anypolitical subdivision thereof and the Authority shall not be obligated to paythe same or the interest thereon except from revenues and other funds of theAuthority pledged thereto, and that neither the faith and credit nor thetaxing power of the Commonwealth or of any political subdivision thereof ispledged to the payment of the principal of or the interest on suchobligations.
All expenses incurred in carrying out the provisions of the act shall bepayable solely from funds provided under the provisions of this act, and noliability shall be incurred by the Authority beyond the extent to whichmoneys have been provided under the provisions of this article.
