§ 2.2-2222. 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 asshall be fixed by the Authority, shall mature at such time not exceedingforty years from their date as may be determined by the Authority, and may bemade redeemable before maturity, at the option of the Authority, at suchprice or prices and under such terms and conditions as may be fixed by theAuthority prior to the issuance of the bonds. The Authority shall determinethe form of bonds and their manner of execution, and shall fix thedenomination of the bonds and the place of payment of principal and interest,which may be at any bank or trust company within or without the Commonwealth.The bonds shall be signed by the chairman or vice-chairman of the Authority,or if so authorized by the Authority, shall bear his facsimile signature, andthe official seal of the Authority, or, if so authorized by the Authority, afacsimile signature thereof shall be impressed or imprinted thereon andattested by the secretary or any assistant secretary of the Authority, or, ifso 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 shall appear on any bonds or coupons shall ceaseto be such officer before the delivery of such bonds, such signature or suchfacsimile shall nevertheless be valid and sufficient for all purposes thesame as if he had remained in office until such delivery and any bonds maybear the facsimile signature of, or may be signed by, such persons as at theactual time of the execution of such bonds shall be the proper officers tosign such bonds although at the date of such bonds such persons may not havebeen such officers. 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. 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 thetrust agreement authorized by § 2.2-2223 securing the bonds.
In addition to the above powers, the Authority may issue interim receipts ortemporary bonds as provided in § 15.2-2616 and to execute and deliver newbonds in 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 revenue and otherfunds of the Authority pledged thereto. All such obligations shall contain onthe face thereof a statement to the effect that the Commonwealth, politicalsubdivisions thereof and the Authority shall not be obligated to pay the sameor the interest thereon except from revenues and other funds of the Authoritypledged thereto, and that neither the faith and credit nor the taxing powerof the Commonwealth or of any political subdivision thereof is pledged to thepayment of the principal of or the interest on such obligations.
All expenses incurred in carrying out the provisions of this article shall bepayable solely from funds provided under the provisions of this article andno liability shall be incurred by the Authority beyond the extent to whichmoneys have been provided under the provisions of this article.
§ 2.2-2222. 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 asshall be fixed by the Authority, shall mature at such time not exceedingforty years from their date as may be determined by the Authority, and may bemade redeemable before maturity, at the option of the Authority, at suchprice or prices and under such terms and conditions as may be fixed by theAuthority prior to the issuance of the bonds. The Authority shall determinethe form of bonds and their manner of execution, and shall fix thedenomination of the bonds and the place of payment of principal and interest,which may be at any bank or trust company within or without the Commonwealth.The bonds shall be signed by the chairman or vice-chairman of the Authority,or if so authorized by the Authority, shall bear his facsimile signature, andthe official seal of the Authority, or, if so authorized by the Authority, afacsimile signature thereof shall be impressed or imprinted thereon andattested by the secretary or any assistant secretary of the Authority, or, ifso 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 shall appear on any bonds or coupons shall ceaseto be such officer before the delivery of such bonds, such signature or suchfacsimile shall nevertheless be valid and sufficient for all purposes thesame as if he had remained in office until such delivery and any bonds maybear the facsimile signature of, or may be signed by, such persons as at theactual time of the execution of such bonds shall be the proper officers tosign such bonds although at the date of such bonds such persons may not havebeen such officers. 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. 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 thetrust agreement authorized by § 2.2-2223 securing the bonds.
In addition to the above powers, the Authority may issue interim receipts ortemporary bonds as provided in § 15.2-2616 and to execute and deliver newbonds in 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 revenue and otherfunds of the Authority pledged thereto. All such obligations shall contain onthe face thereof a statement to the effect that the Commonwealth, politicalsubdivisions thereof and the Authority shall not be obligated to pay the sameor the interest thereon except from revenues and other funds of the Authoritypledged thereto, and that neither the faith and credit nor the taxing powerof the Commonwealth or of any political subdivision thereof is pledged to thepayment of the principal of or the interest on such obligations.
All expenses incurred in carrying out the provisions of this article shall bepayable solely from funds provided under the provisions of this article andno liability shall be incurred by the Authority beyond the extent to whichmoneys have been provided under the provisions of this article.
§ 2.2-2222. 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 asshall be fixed by the Authority, shall mature at such time not exceedingforty years from their date as may be determined by the Authority, and may bemade redeemable before maturity, at the option of the Authority, at suchprice or prices and under such terms and conditions as may be fixed by theAuthority prior to the issuance of the bonds. The Authority shall determinethe form of bonds and their manner of execution, and shall fix thedenomination of the bonds and the place of payment of principal and interest,which may be at any bank or trust company within or without the Commonwealth.The bonds shall be signed by the chairman or vice-chairman of the Authority,or if so authorized by the Authority, shall bear his facsimile signature, andthe official seal of the Authority, or, if so authorized by the Authority, afacsimile signature thereof shall be impressed or imprinted thereon andattested by the secretary or any assistant secretary of the Authority, or, ifso 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 shall appear on any bonds or coupons shall ceaseto be such officer before the delivery of such bonds, such signature or suchfacsimile shall nevertheless be valid and sufficient for all purposes thesame as if he had remained in office until such delivery and any bonds maybear the facsimile signature of, or may be signed by, such persons as at theactual time of the execution of such bonds shall be the proper officers tosign such bonds although at the date of such bonds such persons may not havebeen such officers. 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. 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 thetrust agreement authorized by § 2.2-2223 securing the bonds.
In addition to the above powers, the Authority may issue interim receipts ortemporary bonds as provided in § 15.2-2616 and to execute and deliver newbonds in 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 revenue and otherfunds of the Authority pledged thereto. All such obligations shall contain onthe face thereof a statement to the effect that the Commonwealth, politicalsubdivisions thereof and the Authority shall not be obligated to pay the sameor the interest thereon except from revenues and other funds of the Authoritypledged thereto, and that neither the faith and credit nor the taxing powerof the Commonwealth or of any political subdivision thereof is pledged to thepayment of the principal of or the interest on such obligations.
All expenses incurred in carrying out the provisions of this article shall bepayable solely from funds provided under the provisions of this article andno liability shall be incurred by the Authority beyond the extent to whichmoneys have been provided under the provisions of this article.
