The Authority may, with the consent of the Governor, provide for the issuanceof revenue bonds of the Authority for the purpose of paying all or any partof the cost of any one or more projects or portions thereof. The principal ofand the interest on such bonds shall be payable solely from the fundsprovided in this article for such payment. Any bonds of the Authority issuedpursuant to this article shall not constitute a debt of the Commonwealth, orany political subdivision thereof other than the Authority, and shall sostate on their face. Neither the members of the Authority nor any personexecuting the bonds shall be liable personally by reason of the issuancethereof. The bonds of each issue shall be dated, shall bear interest, shallmature at such time not exceeding forty years from their date as determinedby the Authority, and may be made redeemable before maturity, at the optionof the Authority, at such price and under such terms and conditions asdetermined by the Authority, prior to the issuance of the bonds. TheAuthority shall determine the form and the manner of execution of the bonds,including any interest coupons to be attached thereto, and shall fix thedenominations of the bonds and the places of payment of principal andinterest, which may be at any bank or trust company within or without theCommonwealth. In case any officer whose signature or a facsimile of whosesignature appears on any bonds or coupons shall cease to be such officerbefore the delivery of the bonds, such signature or such facsimile shallnevertheless be valid and sufficient for all purposes as if he had remainedin office until such delivery. The bonds may be issued in coupon or inregistered form or both, as the Authority may determine, and provision may bemade for the registration of any coupon bonds as to principal alone and alsoas to both principal and interest, for the reconversion into coupon bonds ofany bonds registered as to both principal and interest, and for theinterchange of registered and coupon bonds. The Authority may sell such bondsin a manner, either at public or private sale, and for such price as itdetermines will best effect the purposes of this article.
The proceeds of the bonds of each issue shall be used solely for the paymentof the cost of the projects for which such bonds shall have been issued, andshall be disbursed in the manner and under the restrictions, if any, theAuthority may provide in the resolution authorizing the issuance of suchbonds or in the trust agreement securing the bonds. If the proceeds of thebonds of any issue, by error of estimates or otherwise, is less than thecost, additional bonds may be issued to provide the amount of such deficit,and, unless otherwise provided in the resolution authorizing the issuance ofthe bonds or in the trust agreement securing the bonds, shall be deemed to beentitled to payment from the same fund without preference or priority of thebonds first issued. If the proceeds of the bonds of any issue shall exceedsuch cost, the surplus shall be deposited to the credit of the sinking fundfor such bonds, or may be applied to the payment of the cost of anyadditional projects.
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 articlewithout 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 than those proceedings,conditions or things that are specifically required by this article.
(1981, c. 569, § 2.1-234.14; 1998, cc. 498, 504; 2001, c. 844.)
The Authority may, with the consent of the Governor, provide for the issuanceof revenue bonds of the Authority for the purpose of paying all or any partof the cost of any one or more projects or portions thereof. The principal ofand the interest on such bonds shall be payable solely from the fundsprovided in this article for such payment. Any bonds of the Authority issuedpursuant to this article shall not constitute a debt of the Commonwealth, orany political subdivision thereof other than the Authority, and shall sostate on their face. Neither the members of the Authority nor any personexecuting the bonds shall be liable personally by reason of the issuancethereof. The bonds of each issue shall be dated, shall bear interest, shallmature at such time not exceeding forty years from their date as determinedby the Authority, and may be made redeemable before maturity, at the optionof the Authority, at such price and under such terms and conditions asdetermined by the Authority, prior to the issuance of the bonds. TheAuthority shall determine the form and the manner of execution of the bonds,including any interest coupons to be attached thereto, and shall fix thedenominations of the bonds and the places of payment of principal andinterest, which may be at any bank or trust company within or without theCommonwealth. In case any officer whose signature or a facsimile of whosesignature appears on any bonds or coupons shall cease to be such officerbefore the delivery of the bonds, such signature or such facsimile shallnevertheless be valid and sufficient for all purposes as if he had remainedin office until such delivery. The bonds may be issued in coupon or inregistered form or both, as the Authority may determine, and provision may bemade for the registration of any coupon bonds as to principal alone and alsoas to both principal and interest, for the reconversion into coupon bonds ofany bonds registered as to both principal and interest, and for theinterchange of registered and coupon bonds. The Authority may sell such bondsin a manner, either at public or private sale, and for such price as itdetermines will best effect the purposes of this article.
The proceeds of the bonds of each issue shall be used solely for the paymentof the cost of the projects for which such bonds shall have been issued, andshall be disbursed in the manner and under the restrictions, if any, theAuthority may provide in the resolution authorizing the issuance of suchbonds or in the trust agreement securing the bonds. If the proceeds of thebonds of any issue, by error of estimates or otherwise, is less than thecost, additional bonds may be issued to provide the amount of such deficit,and, unless otherwise provided in the resolution authorizing the issuance ofthe bonds or in the trust agreement securing the bonds, shall be deemed to beentitled to payment from the same fund without preference or priority of thebonds first issued. If the proceeds of the bonds of any issue shall exceedsuch cost, the surplus shall be deposited to the credit of the sinking fundfor such bonds, or may be applied to the payment of the cost of anyadditional projects.
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 articlewithout 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 than those proceedings,conditions or things that are specifically required by this article.
(1981, c. 569, § 2.1-234.14; 1998, cc. 498, 504; 2001, c. 844.)
The Authority may, with the consent of the Governor, provide for the issuanceof revenue bonds of the Authority for the purpose of paying all or any partof the cost of any one or more projects or portions thereof. The principal ofand the interest on such bonds shall be payable solely from the fundsprovided in this article for such payment. Any bonds of the Authority issuedpursuant to this article shall not constitute a debt of the Commonwealth, orany political subdivision thereof other than the Authority, and shall sostate on their face. Neither the members of the Authority nor any personexecuting the bonds shall be liable personally by reason of the issuancethereof. The bonds of each issue shall be dated, shall bear interest, shallmature at such time not exceeding forty years from their date as determinedby the Authority, and may be made redeemable before maturity, at the optionof the Authority, at such price and under such terms and conditions asdetermined by the Authority, prior to the issuance of the bonds. TheAuthority shall determine the form and the manner of execution of the bonds,including any interest coupons to be attached thereto, and shall fix thedenominations of the bonds and the places of payment of principal andinterest, which may be at any bank or trust company within or without theCommonwealth. In case any officer whose signature or a facsimile of whosesignature appears on any bonds or coupons shall cease to be such officerbefore the delivery of the bonds, such signature or such facsimile shallnevertheless be valid and sufficient for all purposes as if he had remainedin office until such delivery. The bonds may be issued in coupon or inregistered form or both, as the Authority may determine, and provision may bemade for the registration of any coupon bonds as to principal alone and alsoas to both principal and interest, for the reconversion into coupon bonds ofany bonds registered as to both principal and interest, and for theinterchange of registered and coupon bonds. The Authority may sell such bondsin a manner, either at public or private sale, and for such price as itdetermines will best effect the purposes of this article.
The proceeds of the bonds of each issue shall be used solely for the paymentof the cost of the projects for which such bonds shall have been issued, andshall be disbursed in the manner and under the restrictions, if any, theAuthority may provide in the resolution authorizing the issuance of suchbonds or in the trust agreement securing the bonds. If the proceeds of thebonds of any issue, by error of estimates or otherwise, is less than thecost, additional bonds may be issued to provide the amount of such deficit,and, unless otherwise provided in the resolution authorizing the issuance ofthe bonds or in the trust agreement securing the bonds, shall be deemed to beentitled to payment from the same fund without preference or priority of thebonds first issued. If the proceeds of the bonds of any issue shall exceedsuch cost, the surplus shall be deposited to the credit of the sinking fundfor such bonds, or may be applied to the payment of the cost of anyadditional projects.
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 articlewithout 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 than those proceedings,conditions or things that are specifically required by this article.
(1981, c. 569, § 2.1-234.14; 1998, cc. 498, 504; 2001, c. 844.)
