§ 33.1-293. Revenue refunding bonds and revenue bonds for combined purposes.
Notwithstanding any of the other provisions of this article and withoutregard to any other restrictions or limitations contained in this article,the Board is hereby authorized to provide by resolution (a) for the issuanceof revenue refunding bonds of the Commonwealth for the purpose of refundingany revenue bonds issued under the provisions of this article and thenoutstanding, including interest to the earliest call date of such outstandingbonds and premiums, if any, payable on such call date, and (b) for theissuance of a single issue of revenue bonds of the Commonwealth for thecombined purpose of providing funds (i) to pay the cost of either or both ofthe projects described in paragraphs (b) and (j) of subdivision (2) of §33.1-268 of this article in event the Board has decided or shall decide toconstruct either or both of said projects under authority heretofore granted,and (ii) to refund revenue bonds of the Commonwealth theretofore issued underthe provisions of this article and then outstanding, including interest tothe earliest call date of such outstanding bonds and premiums, if any,payable on such call date. For the purposes of this section, the word"project" shall, in relation to the project described in said paragraph(j), include approach highways thereto and bus facilities for thetransportation of passengers through or over said project if the Board shalldeem it advisable to construct such approach highways or acquire such busfacilities; and the term "cost of the project" shall, in relation to theprojects described in said paragraphs (b) and (j), include an amountsufficient to reimburse the Board for expenditures or advances theretoforemade by the Board on account of the cost of either or both of said projects,and shall, in relation to the project described in said paragraph (j),include provision of a sum, deemed by the Board to be sufficient for thepurpose, to be utilized by the Board for the payment of employment severancebenefits to employees of the Board rendering services in connection with theprojects mentioned in paragraphs (g) and (i) of subdivision (2) of said §33.1-268 and shall include the cost of constructing approach highways and ofproviding bus facilities if the Board shall deem it expedient to constructsuch approach highways or acquire such facilities as a part of the projectdescribed in said paragraph (j). In the event bonds shall be issued for thecombined purpose set forth in clause (b) of this section, such amount of theproceeds of such bonds as may be required, together with other fundsavailable for such purpose, for the redemption of the outstanding bonds to berefunded shall be deposited by the Board in trust with the trustee under thetrust indenture securing such outstanding bonds for the sole and exclusivepurpose of paying and redeeming such bonds, and the balance of such proceedsshall be used solely for the payment of the cost of the project or projectsto be constructed.
The issuance of such bonds, the maturities and other details thereof, therights of the holders thereof and the duties of the Commonwealth and of theBoard in respect to the same shall be governed by the foregoing provisions ofthis article insofar as the same may be applicable.
(Code 1950, § 33-253; 1954, c. 319; 1970, c. 322.)
§ 33.1-293. Revenue refunding bonds and revenue bonds for combined purposes.
Notwithstanding any of the other provisions of this article and withoutregard to any other restrictions or limitations contained in this article,the Board is hereby authorized to provide by resolution (a) for the issuanceof revenue refunding bonds of the Commonwealth for the purpose of refundingany revenue bonds issued under the provisions of this article and thenoutstanding, including interest to the earliest call date of such outstandingbonds and premiums, if any, payable on such call date, and (b) for theissuance of a single issue of revenue bonds of the Commonwealth for thecombined purpose of providing funds (i) to pay the cost of either or both ofthe projects described in paragraphs (b) and (j) of subdivision (2) of §33.1-268 of this article in event the Board has decided or shall decide toconstruct either or both of said projects under authority heretofore granted,and (ii) to refund revenue bonds of the Commonwealth theretofore issued underthe provisions of this article and then outstanding, including interest tothe earliest call date of such outstanding bonds and premiums, if any,payable on such call date. For the purposes of this section, the word"project" shall, in relation to the project described in said paragraph(j), include approach highways thereto and bus facilities for thetransportation of passengers through or over said project if the Board shalldeem it advisable to construct such approach highways or acquire such busfacilities; and the term "cost of the project" shall, in relation to theprojects described in said paragraphs (b) and (j), include an amountsufficient to reimburse the Board for expenditures or advances theretoforemade by the Board on account of the cost of either or both of said projects,and shall, in relation to the project described in said paragraph (j),include provision of a sum, deemed by the Board to be sufficient for thepurpose, to be utilized by the Board for the payment of employment severancebenefits to employees of the Board rendering services in connection with theprojects mentioned in paragraphs (g) and (i) of subdivision (2) of said §33.1-268 and shall include the cost of constructing approach highways and ofproviding bus facilities if the Board shall deem it expedient to constructsuch approach highways or acquire such facilities as a part of the projectdescribed in said paragraph (j). In the event bonds shall be issued for thecombined purpose set forth in clause (b) of this section, such amount of theproceeds of such bonds as may be required, together with other fundsavailable for such purpose, for the redemption of the outstanding bonds to berefunded shall be deposited by the Board in trust with the trustee under thetrust indenture securing such outstanding bonds for the sole and exclusivepurpose of paying and redeeming such bonds, and the balance of such proceedsshall be used solely for the payment of the cost of the project or projectsto be constructed.
The issuance of such bonds, the maturities and other details thereof, therights of the holders thereof and the duties of the Commonwealth and of theBoard in respect to the same shall be governed by the foregoing provisions ofthis article insofar as the same may be applicable.
(Code 1950, § 33-253; 1954, c. 319; 1970, c. 322.)
§ 33.1-293. Revenue refunding bonds and revenue bonds for combined purposes.
Notwithstanding any of the other provisions of this article and withoutregard to any other restrictions or limitations contained in this article,the Board is hereby authorized to provide by resolution (a) for the issuanceof revenue refunding bonds of the Commonwealth for the purpose of refundingany revenue bonds issued under the provisions of this article and thenoutstanding, including interest to the earliest call date of such outstandingbonds and premiums, if any, payable on such call date, and (b) for theissuance of a single issue of revenue bonds of the Commonwealth for thecombined purpose of providing funds (i) to pay the cost of either or both ofthe projects described in paragraphs (b) and (j) of subdivision (2) of §33.1-268 of this article in event the Board has decided or shall decide toconstruct either or both of said projects under authority heretofore granted,and (ii) to refund revenue bonds of the Commonwealth theretofore issued underthe provisions of this article and then outstanding, including interest tothe earliest call date of such outstanding bonds and premiums, if any,payable on such call date. For the purposes of this section, the word"project" shall, in relation to the project described in said paragraph(j), include approach highways thereto and bus facilities for thetransportation of passengers through or over said project if the Board shalldeem it advisable to construct such approach highways or acquire such busfacilities; and the term "cost of the project" shall, in relation to theprojects described in said paragraphs (b) and (j), include an amountsufficient to reimburse the Board for expenditures or advances theretoforemade by the Board on account of the cost of either or both of said projects,and shall, in relation to the project described in said paragraph (j),include provision of a sum, deemed by the Board to be sufficient for thepurpose, to be utilized by the Board for the payment of employment severancebenefits to employees of the Board rendering services in connection with theprojects mentioned in paragraphs (g) and (i) of subdivision (2) of said §33.1-268 and shall include the cost of constructing approach highways and ofproviding bus facilities if the Board shall deem it expedient to constructsuch approach highways or acquire such facilities as a part of the projectdescribed in said paragraph (j). In the event bonds shall be issued for thecombined purpose set forth in clause (b) of this section, such amount of theproceeds of such bonds as may be required, together with other fundsavailable for such purpose, for the redemption of the outstanding bonds to berefunded shall be deposited by the Board in trust with the trustee under thetrust indenture securing such outstanding bonds for the sole and exclusivepurpose of paying and redeeming such bonds, and the balance of such proceedsshall be used solely for the payment of the cost of the project or projectsto be constructed.
The issuance of such bonds, the maturities and other details thereof, therights of the holders thereof and the duties of the Commonwealth and of theBoard in respect to the same shall be governed by the foregoing provisions ofthis article insofar as the same may be applicable.
(Code 1950, § 33-253; 1954, c. 319; 1970, c. 322.)
