In order to provide funds for the purchase of local school bonds asauthorized by § 22.1-166, to provide funds for the making of loans to localschool boards as authorized by § 22.1-166.1, or to provide funds for themaking of grants to local school boards as authorized by § 22.1-166.2, theBoard of Commissioners is hereby authorized to provide by resolution, at onetime or from time to time, for the issuance of bonds of the Authority in suchamount or amounts as the Board of Commissioners shall determine. Such bondsof the Authority shall be payable solely from funds of the Authority,including, without limitation, all or any combination of the followingsources: (i) payments of principal of and interest on local school bondspurchased by the Authority, (ii) the proceeds of the sale of any such localschool bonds, (iii) payments of principal of and interest on obligationstransferred to the Authority from the Literary Fund, (iv) the proceeds of thesale of any such obligations, (v) any moneys transferred to the Authorityfrom the Literary Fund, (vi) payments of principal of and interest on loansmade to local school boards, and (vii) any funds authorized by the GeneralAssembly from the Literary Fund or otherwise appropriated by the GeneralAssembly, as shall be provided by the resolution of the Board ofCommissioners authorizing any such bonds. Bonds of the Authority issued underthe provisions of this chapter shall not be deemed to constitute a debt ofthe Commonwealth or a pledge of the faith or credit of the Commonwealth, andall bonds of the Authority shall contain on the face thereof a statement tothe effect that neither the faith and credit nor the taxing power of theCommonwealth or of any political subdivision thereof is or shall be pledgedto the payment of the principal of or the interest on such bonds.
The bonds of each issue shall be dated, shall bear interest and shall matureat such time or times, not exceeding thirty years from their date or dates,as may be determined by the Board of Commissioners and may be made redeemablebefore maturity, at the option of the Board of Commissioners, at such priceor prices and under such terms and conditions as may be fixed by the Board ofCommissioners prior to the issuance of the bonds. The principal and interestof such bonds may be made payable in any lawful medium. The Board ofCommissioners shall determine the form of the bonds, including any interestcoupons to be attached thereto, and the manner of execution of the bonds andshall fix the denomination or denominations of the bonds and the place orplaces of payment of principal and interest thereof, which may be at theoffice of the State Treasurer or at any bank or trust company within orwithout the Commonwealth. If any officer whose signature or a facsimile ofwhose signature appears on any bonds or coupons shall cease to be suchofficer before the delivery of such bonds, such signature or such facsimileshall nevertheless be valid and sufficient for all purposes the same as if hehad remained in office until such delivery. All bonds issued under theprovisions of this chapter shall have and are hereby declared to have, asbetween successive holders, all the qualities and incidents of negotiableinstruments under the negotiable instruments law of the Commonwealth. Thebonds may be issued in coupon or in registered form or both, as the Board ofCommissioners may determine, and provision may be made for the registrationof any coupon bonds as to principal alone and as to both principal andinterest and for the reconversion of any bonds registered as to bothprincipal and interest into coupon bonds. The Board of Commissioners may sellsuch bonds in such manner, either at public or at private sale, and for suchprice as it may determine to be for the best interests of the Authority. Theproceeds of such bonds shall be disbursed for the purposes for which suchbonds were issued under such restrictions, if any, as the resolutionauthorizing the issuance of such bonds or the trust indenture provided for in§ 22.1-171 may provide. Prior to the preparation of definitive bonds, theBoard of Commissioners may under like restrictions issue temporary bonds,with or without coupons, exchangeable for definitive bonds when such bondsshall have been executed and are available for delivery. The Board ofCommissioners may also provide for the replacement of any bond which shallbecome mutilated or shall be destroyed or lost. Such bonds may be issuedwithout any other proceedings or the happening of any other conditions orthings than the proceedings, conditions, and things which are specified andrequired by this chapter.
(Code 1950, § 22-29.7; 1962, c. 194; 1972, c. 745; 1980, c. 559; 1990, c.909.)
In order to provide funds for the purchase of local school bonds asauthorized by § 22.1-166, to provide funds for the making of loans to localschool boards as authorized by § 22.1-166.1, or to provide funds for themaking of grants to local school boards as authorized by § 22.1-166.2, theBoard of Commissioners is hereby authorized to provide by resolution, at onetime or from time to time, for the issuance of bonds of the Authority in suchamount or amounts as the Board of Commissioners shall determine. Such bondsof the Authority shall be payable solely from funds of the Authority,including, without limitation, all or any combination of the followingsources: (i) payments of principal of and interest on local school bondspurchased by the Authority, (ii) the proceeds of the sale of any such localschool bonds, (iii) payments of principal of and interest on obligationstransferred to the Authority from the Literary Fund, (iv) the proceeds of thesale of any such obligations, (v) any moneys transferred to the Authorityfrom the Literary Fund, (vi) payments of principal of and interest on loansmade to local school boards, and (vii) any funds authorized by the GeneralAssembly from the Literary Fund or otherwise appropriated by the GeneralAssembly, as shall be provided by the resolution of the Board ofCommissioners authorizing any such bonds. Bonds of the Authority issued underthe provisions of this chapter shall not be deemed to constitute a debt ofthe Commonwealth or a pledge of the faith or credit of the Commonwealth, andall bonds of the Authority shall contain on the face thereof a statement tothe effect that neither the faith and credit nor the taxing power of theCommonwealth or of any political subdivision thereof is or shall be pledgedto the payment of the principal of or the interest on such bonds.
The bonds of each issue shall be dated, shall bear interest and shall matureat such time or times, not exceeding thirty years from their date or dates,as may be determined by the Board of Commissioners and may be made redeemablebefore maturity, at the option of the Board of Commissioners, at such priceor prices and under such terms and conditions as may be fixed by the Board ofCommissioners prior to the issuance of the bonds. The principal and interestof such bonds may be made payable in any lawful medium. The Board ofCommissioners shall determine the form of the bonds, including any interestcoupons to be attached thereto, and the manner of execution of the bonds andshall fix the denomination or denominations of the bonds and the place orplaces of payment of principal and interest thereof, which may be at theoffice of the State Treasurer or at any bank or trust company within orwithout the Commonwealth. If any officer whose signature or a facsimile ofwhose signature appears on any bonds or coupons shall cease to be suchofficer before the delivery of such bonds, such signature or such facsimileshall nevertheless be valid and sufficient for all purposes the same as if hehad remained in office until such delivery. All bonds issued under theprovisions of this chapter shall have and are hereby declared to have, asbetween successive holders, all the qualities and incidents of negotiableinstruments under the negotiable instruments law of the Commonwealth. Thebonds may be issued in coupon or in registered form or both, as the Board ofCommissioners may determine, and provision may be made for the registrationof any coupon bonds as to principal alone and as to both principal andinterest and for the reconversion of any bonds registered as to bothprincipal and interest into coupon bonds. The Board of Commissioners may sellsuch bonds in such manner, either at public or at private sale, and for suchprice as it may determine to be for the best interests of the Authority. Theproceeds of such bonds shall be disbursed for the purposes for which suchbonds were issued under such restrictions, if any, as the resolutionauthorizing the issuance of such bonds or the trust indenture provided for in§ 22.1-171 may provide. Prior to the preparation of definitive bonds, theBoard of Commissioners may under like restrictions issue temporary bonds,with or without coupons, exchangeable for definitive bonds when such bondsshall have been executed and are available for delivery. The Board ofCommissioners may also provide for the replacement of any bond which shallbecome mutilated or shall be destroyed or lost. Such bonds may be issuedwithout any other proceedings or the happening of any other conditions orthings than the proceedings, conditions, and things which are specified andrequired by this chapter.
(Code 1950, § 22-29.7; 1962, c. 194; 1972, c. 745; 1980, c. 559; 1990, c.909.)
In order to provide funds for the purchase of local school bonds asauthorized by § 22.1-166, to provide funds for the making of loans to localschool boards as authorized by § 22.1-166.1, or to provide funds for themaking of grants to local school boards as authorized by § 22.1-166.2, theBoard of Commissioners is hereby authorized to provide by resolution, at onetime or from time to time, for the issuance of bonds of the Authority in suchamount or amounts as the Board of Commissioners shall determine. Such bondsof the Authority shall be payable solely from funds of the Authority,including, without limitation, all or any combination of the followingsources: (i) payments of principal of and interest on local school bondspurchased by the Authority, (ii) the proceeds of the sale of any such localschool bonds, (iii) payments of principal of and interest on obligationstransferred to the Authority from the Literary Fund, (iv) the proceeds of thesale of any such obligations, (v) any moneys transferred to the Authorityfrom the Literary Fund, (vi) payments of principal of and interest on loansmade to local school boards, and (vii) any funds authorized by the GeneralAssembly from the Literary Fund or otherwise appropriated by the GeneralAssembly, as shall be provided by the resolution of the Board ofCommissioners authorizing any such bonds. Bonds of the Authority issued underthe provisions of this chapter shall not be deemed to constitute a debt ofthe Commonwealth or a pledge of the faith or credit of the Commonwealth, andall bonds of the Authority shall contain on the face thereof a statement tothe effect that neither the faith and credit nor the taxing power of theCommonwealth or of any political subdivision thereof is or shall be pledgedto the payment of the principal of or the interest on such bonds.
The bonds of each issue shall be dated, shall bear interest and shall matureat such time or times, not exceeding thirty years from their date or dates,as may be determined by the Board of Commissioners and may be made redeemablebefore maturity, at the option of the Board of Commissioners, at such priceor prices and under such terms and conditions as may be fixed by the Board ofCommissioners prior to the issuance of the bonds. The principal and interestof such bonds may be made payable in any lawful medium. The Board ofCommissioners shall determine the form of the bonds, including any interestcoupons to be attached thereto, and the manner of execution of the bonds andshall fix the denomination or denominations of the bonds and the place orplaces of payment of principal and interest thereof, which may be at theoffice of the State Treasurer or at any bank or trust company within orwithout the Commonwealth. If any officer whose signature or a facsimile ofwhose signature appears on any bonds or coupons shall cease to be suchofficer before the delivery of such bonds, such signature or such facsimileshall nevertheless be valid and sufficient for all purposes the same as if hehad remained in office until such delivery. All bonds issued under theprovisions of this chapter shall have and are hereby declared to have, asbetween successive holders, all the qualities and incidents of negotiableinstruments under the negotiable instruments law of the Commonwealth. Thebonds may be issued in coupon or in registered form or both, as the Board ofCommissioners may determine, and provision may be made for the registrationof any coupon bonds as to principal alone and as to both principal andinterest and for the reconversion of any bonds registered as to bothprincipal and interest into coupon bonds. The Board of Commissioners may sellsuch bonds in such manner, either at public or at private sale, and for suchprice as it may determine to be for the best interests of the Authority. Theproceeds of such bonds shall be disbursed for the purposes for which suchbonds were issued under such restrictions, if any, as the resolutionauthorizing the issuance of such bonds or the trust indenture provided for in§ 22.1-171 may provide. Prior to the preparation of definitive bonds, theBoard of Commissioners may under like restrictions issue temporary bonds,with or without coupons, exchangeable for definitive bonds when such bondsshall have been executed and are available for delivery. The Board ofCommissioners may also provide for the replacement of any bond which shallbecome mutilated or shall be destroyed or lost. Such bonds may be issuedwithout any other proceedings or the happening of any other conditions orthings than the proceedings, conditions, and things which are specified andrequired by this chapter.
(Code 1950, § 22-29.7; 1962, c. 194; 1972, c. 745; 1980, c. 559; 1990, c.909.)
