The Authority is hereby authorized to provide by resolution for the issuance,at one time or from time to time, of revenue bonds of the Authority for thepurpose of paying all or any part of the cost of Authority Facilities,including the refunding of federal appropriations not reimbursed to theUnited States Treasury by the Metropolitan Washington Airports. The principalof and the interest on such bonds shall be payable solely from the fundsherein provided for such payment. The bonds of each issue shall be dated,shall mature at such time or times not exceeding forty years from their dateor dates, as may be determined by the Authority, and may be subject toredemption or repurchase before maturity, at the option of the Authority, atsuch price or prices and under such terms and conditions as may be fixed bythe Authority prior to the issuance of the bonds. The bonds may bear interestpayable at such time or times and at such rate or rates as determined by theAuthority or as determined in such manner as the Authority may provide,including the determination by agents designated by the Authority underguidelines established by it. The Authority shall determine the form and themanner of execution of the bonds, including any interest coupons to beattached thereto, and shall fix the denomination or denominations of thebonds and the place or places of payment of principal and interest, which maybe at any bank or trust company within or without the Commonwealth ofVirginia. In case any officer whose signature or a facsimile of whosesignature shall appear on any bonds or coupons shall cease to be such officerbefore the delivery of such bonds, such signature or such facsimile shallnevertheless be valid and sufficient for all purposes the same as if he hadremained in office until such delivery. Notwithstanding any other provisionof this act or any recitals in any bonds issued under the provisions of thissection, all such bonds shall be deemed to be negotiable instruments underthe laws of the Commonwealth of Virginia. The bonds may be issued in couponor in registered form, or both, as the Authority may determine, and provisionmay be made for the registration of any coupon bonds as to principal aloneand also as to both principal and interest, for the reconversion into couponbonds of any bonds registered as to both principal and interest, and for theinterchange of registered and coupon bonds. The Authority may sell such bondsin such manner, either at public or negotiated sale, and for such price, asit may determine will best effect the purposes of this section.
The proceeds of the bonds shall be used solely for the payment of the cost ofAuthority Facilities, including improvements, and shall be disbursed in suchmanner and under such restrictions, if any, as the Authority may provide inthe resolution authorizing the issuance of such bonds or in the trustagreement hereinafter mentioned securing the same. If the proceeds of thebonds of any issue, by error of estimates or otherwise, shall be less thansuch cost, additional bonds may in like manner be issued to provide theamount of such deficit, and, unless otherwise provided in the resolutionauthorizing the issuance of such bonds or in the trust agreement securing thesame, shall be deemed to be of the same issue and shall be entitled topayment from the same fund without preference or priority of the bonds firstissued. If the proceeds of the bonds of any issue shall exceed such cost, thesurplus shall be deposited to the credit of the sinking fund for such bonds.
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 which shall become mutilated or shall bedestroyed or lost. Bonds may be issued under the provisions of this sectionwithout obtaining the consent of any agency of the Commonwealth of Virginia,and without any other proceedings, conditions or things not specificallyrequired by this section.
The Authority is hereby authorized to provide by resolution for the issuance,at one time or from time to time, of revenue bonds of the Authority for thepurpose of paying all or any part of the cost of Authority Facilities,including the refunding of federal appropriations not reimbursed to theUnited States Treasury by the Metropolitan Washington Airports. The principalof and the interest on such bonds shall be payable solely from the fundsherein provided for such payment. The bonds of each issue shall be dated,shall mature at such time or times not exceeding forty years from their dateor dates, as may be determined by the Authority, and may be subject toredemption or repurchase before maturity, at the option of the Authority, atsuch price or prices and under such terms and conditions as may be fixed bythe Authority prior to the issuance of the bonds. The bonds may bear interestpayable at such time or times and at such rate or rates as determined by theAuthority or as determined in such manner as the Authority may provide,including the determination by agents designated by the Authority underguidelines established by it. The Authority shall determine the form and themanner of execution of the bonds, including any interest coupons to beattached thereto, and shall fix the denomination or denominations of thebonds and the place or places of payment of principal and interest, which maybe at any bank or trust company within or without the Commonwealth ofVirginia. In case any officer whose signature or a facsimile of whosesignature shall appear on any bonds or coupons shall cease to be such officerbefore the delivery of such bonds, such signature or such facsimile shallnevertheless be valid and sufficient for all purposes the same as if he hadremained in office until such delivery. Notwithstanding any other provisionof this act or any recitals in any bonds issued under the provisions of thissection, all such bonds shall be deemed to be negotiable instruments underthe laws of the Commonwealth of Virginia. The bonds may be issued in couponor in registered form, or both, as the Authority may determine, and provisionmay be made for the registration of any coupon bonds as to principal aloneand also as to both principal and interest, for the reconversion into couponbonds of any bonds registered as to both principal and interest, and for theinterchange of registered and coupon bonds. The Authority may sell such bondsin such manner, either at public or negotiated sale, and for such price, asit may determine will best effect the purposes of this section.
The proceeds of the bonds shall be used solely for the payment of the cost ofAuthority Facilities, including improvements, and shall be disbursed in suchmanner and under such restrictions, if any, as the Authority may provide inthe resolution authorizing the issuance of such bonds or in the trustagreement hereinafter mentioned securing the same. If the proceeds of thebonds of any issue, by error of estimates or otherwise, shall be less thansuch cost, additional bonds may in like manner be issued to provide theamount of such deficit, and, unless otherwise provided in the resolutionauthorizing the issuance of such bonds or in the trust agreement securing thesame, shall be deemed to be of the same issue and shall be entitled topayment from the same fund without preference or priority of the bonds firstissued. If the proceeds of the bonds of any issue shall exceed such cost, thesurplus shall be deposited to the credit of the sinking fund for such bonds.
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 which shall become mutilated or shall bedestroyed or lost. Bonds may be issued under the provisions of this sectionwithout obtaining the consent of any agency of the Commonwealth of Virginia,and without any other proceedings, conditions or things not specificallyrequired by this section.
The Authority is hereby authorized to provide by resolution for the issuance,at one time or from time to time, of revenue bonds of the Authority for thepurpose of paying all or any part of the cost of Authority Facilities,including the refunding of federal appropriations not reimbursed to theUnited States Treasury by the Metropolitan Washington Airports. The principalof and the interest on such bonds shall be payable solely from the fundsherein provided for such payment. The bonds of each issue shall be dated,shall mature at such time or times not exceeding forty years from their dateor dates, as may be determined by the Authority, and may be subject toredemption or repurchase before maturity, at the option of the Authority, atsuch price or prices and under such terms and conditions as may be fixed bythe Authority prior to the issuance of the bonds. The bonds may bear interestpayable at such time or times and at such rate or rates as determined by theAuthority or as determined in such manner as the Authority may provide,including the determination by agents designated by the Authority underguidelines established by it. The Authority shall determine the form and themanner of execution of the bonds, including any interest coupons to beattached thereto, and shall fix the denomination or denominations of thebonds and the place or places of payment of principal and interest, which maybe at any bank or trust company within or without the Commonwealth ofVirginia. In case any officer whose signature or a facsimile of whosesignature shall appear on any bonds or coupons shall cease to be such officerbefore the delivery of such bonds, such signature or such facsimile shallnevertheless be valid and sufficient for all purposes the same as if he hadremained in office until such delivery. Notwithstanding any other provisionof this act or any recitals in any bonds issued under the provisions of thissection, all such bonds shall be deemed to be negotiable instruments underthe laws of the Commonwealth of Virginia. The bonds may be issued in couponor in registered form, or both, as the Authority may determine, and provisionmay be made for the registration of any coupon bonds as to principal aloneand also as to both principal and interest, for the reconversion into couponbonds of any bonds registered as to both principal and interest, and for theinterchange of registered and coupon bonds. The Authority may sell such bondsin such manner, either at public or negotiated sale, and for such price, asit may determine will best effect the purposes of this section.
The proceeds of the bonds shall be used solely for the payment of the cost ofAuthority Facilities, including improvements, and shall be disbursed in suchmanner and under such restrictions, if any, as the Authority may provide inthe resolution authorizing the issuance of such bonds or in the trustagreement hereinafter mentioned securing the same. If the proceeds of thebonds of any issue, by error of estimates or otherwise, shall be less thansuch cost, additional bonds may in like manner be issued to provide theamount of such deficit, and, unless otherwise provided in the resolutionauthorizing the issuance of such bonds or in the trust agreement securing thesame, shall be deemed to be of the same issue and shall be entitled topayment from the same fund without preference or priority of the bonds firstissued. If the proceeds of the bonds of any issue shall exceed such cost, thesurplus shall be deposited to the credit of the sinking fund for such bonds.
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 which shall become mutilated or shall bedestroyed or lost. Bonds may be issued under the provisions of this sectionwithout obtaining the consent of any agency of the Commonwealth of Virginia,and without any other proceedings, conditions or things not specificallyrequired by this section.
