A. If the Authority deems it proper to create a reserve fund or funds frombond proceeds or other funds of the Authority to support an issuance of bondsin accordance with the provisions of this section, all moneys held in suchreserve fund, except as hereinafter provided, shall be pledged solely for thepayment of the principal of and interest on the bonds secured in whole or inpart by such a fund. Any income or interest earned on, or increment to, anyreserve fund may be transferred by the Authority to other funds or accountsof the Authority to the extent it does not reduce the amount of the reservefund below its minimum requirement.
B. In order to assure further the maintenance of reserve funds established inaccordance with the provisions of this section, the chairman of the Authorityshall annually, on or before November 15, make and deliver to the Governorand the Secretary of Finance a certificate stating the sum, if any, requiredto restore each reserve fund to its minimum requirement. The Governor shallsubmit to the presiding officer of each house of the General Assembly printedcopies of a budget including the sum, if any, required to restore eachreserve fund to its minimum requirement; such submission shall be made at thetime the Governor presents his budget and budget bill to the General Assemblypursuant to §§ 2.2-1508 and 2.2-1509. All sums, if any, which may beappropriated by the General Assembly for any restoration and paid to theAuthority shall be deposited by the Authority in the applicable reserve fund.All sums paid to the Authority pursuant to this section shall constitute andbe accounted for as advances by the Commonwealth to the Authority and,subject to the rights of the holders of any bonds of the Authority, shall berepaid to the Commonwealth without interest from available revenues of theAuthority in excess of the amounts required for payment of bonds or otherobligations of the Authority, maintenance of reserve funds, and operatingexpenses.
C. The Authority shall not at any time issue bonds secured in whole or inpart by any reserve fund referred to in subsection A if, upon the issuance ofthe bonds, the amount in the reserve fund will be less than its minimumrequirement unless the Authority, at the time of the issuance of the bonds,deposits in the fund an amount which, together with the amount then in thefund, will not be less than the fund's minimum reserve requirement.
D. The total principal amount of bonds outstanding at any one time, securedby a reserve fund in accordance with the provisions of this section, shallnot exceed the sum of $300 million without the prior approval of the GeneralAssembly.
E. Nothing in this section shall be construed as limiting the power of theAuthority to issue bonds (i) not secured by a reserve fund or (ii) secured bya reserve fund not described in this section.
A. If the Authority deems it proper to create a reserve fund or funds frombond proceeds or other funds of the Authority to support an issuance of bondsin accordance with the provisions of this section, all moneys held in suchreserve fund, except as hereinafter provided, shall be pledged solely for thepayment of the principal of and interest on the bonds secured in whole or inpart by such a fund. Any income or interest earned on, or increment to, anyreserve fund may be transferred by the Authority to other funds or accountsof the Authority to the extent it does not reduce the amount of the reservefund below its minimum requirement.
B. In order to assure further the maintenance of reserve funds established inaccordance with the provisions of this section, the chairman of the Authorityshall annually, on or before November 15, make and deliver to the Governorand the Secretary of Finance a certificate stating the sum, if any, requiredto restore each reserve fund to its minimum requirement. The Governor shallsubmit to the presiding officer of each house of the General Assembly printedcopies of a budget including the sum, if any, required to restore eachreserve fund to its minimum requirement; such submission shall be made at thetime the Governor presents his budget and budget bill to the General Assemblypursuant to §§ 2.2-1508 and 2.2-1509. All sums, if any, which may beappropriated by the General Assembly for any restoration and paid to theAuthority shall be deposited by the Authority in the applicable reserve fund.All sums paid to the Authority pursuant to this section shall constitute andbe accounted for as advances by the Commonwealth to the Authority and,subject to the rights of the holders of any bonds of the Authority, shall berepaid to the Commonwealth without interest from available revenues of theAuthority in excess of the amounts required for payment of bonds or otherobligations of the Authority, maintenance of reserve funds, and operatingexpenses.
C. The Authority shall not at any time issue bonds secured in whole or inpart by any reserve fund referred to in subsection A if, upon the issuance ofthe bonds, the amount in the reserve fund will be less than its minimumrequirement unless the Authority, at the time of the issuance of the bonds,deposits in the fund an amount which, together with the amount then in thefund, will not be less than the fund's minimum reserve requirement.
D. The total principal amount of bonds outstanding at any one time, securedby a reserve fund in accordance with the provisions of this section, shallnot exceed the sum of $300 million without the prior approval of the GeneralAssembly.
E. Nothing in this section shall be construed as limiting the power of theAuthority to issue bonds (i) not secured by a reserve fund or (ii) secured bya reserve fund not described in this section.
A. If the Authority deems it proper to create a reserve fund or funds frombond proceeds or other funds of the Authority to support an issuance of bondsin accordance with the provisions of this section, all moneys held in suchreserve fund, except as hereinafter provided, shall be pledged solely for thepayment of the principal of and interest on the bonds secured in whole or inpart by such a fund. Any income or interest earned on, or increment to, anyreserve fund may be transferred by the Authority to other funds or accountsof the Authority to the extent it does not reduce the amount of the reservefund below its minimum requirement.
B. In order to assure further the maintenance of reserve funds established inaccordance with the provisions of this section, the chairman of the Authorityshall annually, on or before November 15, make and deliver to the Governorand the Secretary of Finance a certificate stating the sum, if any, requiredto restore each reserve fund to its minimum requirement. The Governor shallsubmit to the presiding officer of each house of the General Assembly printedcopies of a budget including the sum, if any, required to restore eachreserve fund to its minimum requirement; such submission shall be made at thetime the Governor presents his budget and budget bill to the General Assemblypursuant to §§ 2.2-1508 and 2.2-1509. All sums, if any, which may beappropriated by the General Assembly for any restoration and paid to theAuthority shall be deposited by the Authority in the applicable reserve fund.All sums paid to the Authority pursuant to this section shall constitute andbe accounted for as advances by the Commonwealth to the Authority and,subject to the rights of the holders of any bonds of the Authority, shall berepaid to the Commonwealth without interest from available revenues of theAuthority in excess of the amounts required for payment of bonds or otherobligations of the Authority, maintenance of reserve funds, and operatingexpenses.
C. The Authority shall not at any time issue bonds secured in whole or inpart by any reserve fund referred to in subsection A if, upon the issuance ofthe bonds, the amount in the reserve fund will be less than its minimumrequirement unless the Authority, at the time of the issuance of the bonds,deposits in the fund an amount which, together with the amount then in thefund, will not be less than the fund's minimum reserve requirement.
D. The total principal amount of bonds outstanding at any one time, securedby a reserve fund in accordance with the provisions of this section, shallnot exceed the sum of $300 million without the prior approval of the GeneralAssembly.
E. Nothing in this section shall be construed as limiting the power of theAuthority to issue bonds (i) not secured by a reserve fund or (ii) secured bya reserve fund not described in this section.
