Except as otherwise provided in this chapter, money in the Fund shall be usedsolely to make loans to local governments to finance or refinance the cost ofany project. The local governments to which loans are to be made, thepurposes of the loan, and the amount of each such loan, shall be designatedin writing by the Board to the Authority following consultation with theAuthority. No loan from the Fund shall exceed the total cost of the projectto be financed or the outstanding principal amount of the indebtedness to berefinanced plus reasonable financing expenses.
Except as otherwise provided in this chapter, the Authority shall determinethe interest rate and terms and conditions of any loan from the Fund, whichmay vary between local governments. Each loan shall be evidenced byappropriate bonds or notes of the local government payable to the Fund. Thebonds or notes shall have been duly authorized by the local government andexecuted by its authorized legal representatives. The Authority is authorizedto require in connection with any loan from the Fund such documents,instruments, certificates, legal opinions and other information as it maydeem necessary or convenient. In addition to any other terms or conditionswhich the Authority may establish, the Authority may require, as a conditionto making any loan from the Fund, that the local government receiving theloan covenant perform any of the following:
1. Establish and collect rents, rates, fees, and charges to produce revenuesufficient to pay all or a specified portion of (i) the costs of operation,maintenance, replacement, renewal, and repairs of the project; (ii) anyoutstanding indebtedness incurred for the purposes of the project, includingthe principal of, premium, if any, and interest on the loan from the Fund tothe local government; and (iii) any amounts necessary to create and maintainany required reserve, including any rate stabilization fund deemed necessaryor appropriate by the Authority to offset the need, in whole or in part, forfuture increases in rents, rates, fees, or charges.
2. Create and maintain a special fund or funds for the payment of theprincipal of, premium, if any, and interest on the loan from the Fund to thelocal government and any other amounts becoming due under any agreemententered into in connection with the loan, or for the operation, maintenance,repair, or replacement of the project or any portions thereof or otherproperty of the local government, and deposit into any fund or funds amountssufficient to make any payments on the loan as they become due and payable.
3. Create and maintain other special funds as required by the Authority.
4. Perform other acts otherwise permitted by applicable law to secure paymentof the principal of, premium, if any, and interest on the loan from the Fundto the local government and to provide for the remedies of the Fund in theevent of any default by the local government in the payment of the loan,including, without limitation, any of the following:
a. The procurement of insurance, guarantees, letters of credit and otherforms of collateral, security, liquidity arrangements or credit supports forthe loan from any source, public or private, and the payment therefor ofpremiums, fees, or other charges;
b. The combination of one or more projects, or the combination of one or moreprojects with one or more other undertakings, facilities, utilities, orsystems, for the purpose of operations and financing, and the pledging of therevenues from such combined projects, undertakings, facilities, utilities,and systems to secure the loan from the Fund to the local government made inconnection with such combination or any part or parts thereof;
c. The maintenance, replacement, renewal, and repair of the project; and
d. The procurement of casualty and liability insurance.
5. Obtain a review of the accounting and the internal controls from theAuditor of Public Accounts or his legally authorized representatives. TheAuthority may request additional reviews at any time during the term of theloan. In addition, anyone receiving a report in accordance with § 5.1-30.9may request an additional review as set forth in this section.
All local governments borrowing money from the Fund are authorized to performany acts, take any action, adopt any proceedings and make and carry out anycontracts that are contemplated by this chapter. Such contracts need not beidentical among all local governments, but may be structured as determined bythe Authority according to the needs of the contracting local governments andthe Fund.
Subject to the rights, if any, of the registered owners of any of the bondsof the Authority, the Authority may consent to and approve any modificationin the terms of any loan to any local government.
Except as otherwise provided in this chapter, money in the Fund shall be usedsolely to make loans to local governments to finance or refinance the cost ofany project. The local governments to which loans are to be made, thepurposes of the loan, and the amount of each such loan, shall be designatedin writing by the Board to the Authority following consultation with theAuthority. No loan from the Fund shall exceed the total cost of the projectto be financed or the outstanding principal amount of the indebtedness to berefinanced plus reasonable financing expenses.
Except as otherwise provided in this chapter, the Authority shall determinethe interest rate and terms and conditions of any loan from the Fund, whichmay vary between local governments. Each loan shall be evidenced byappropriate bonds or notes of the local government payable to the Fund. Thebonds or notes shall have been duly authorized by the local government andexecuted by its authorized legal representatives. The Authority is authorizedto require in connection with any loan from the Fund such documents,instruments, certificates, legal opinions and other information as it maydeem necessary or convenient. In addition to any other terms or conditionswhich the Authority may establish, the Authority may require, as a conditionto making any loan from the Fund, that the local government receiving theloan covenant perform any of the following:
1. Establish and collect rents, rates, fees, and charges to produce revenuesufficient to pay all or a specified portion of (i) the costs of operation,maintenance, replacement, renewal, and repairs of the project; (ii) anyoutstanding indebtedness incurred for the purposes of the project, includingthe principal of, premium, if any, and interest on the loan from the Fund tothe local government; and (iii) any amounts necessary to create and maintainany required reserve, including any rate stabilization fund deemed necessaryor appropriate by the Authority to offset the need, in whole or in part, forfuture increases in rents, rates, fees, or charges.
2. Create and maintain a special fund or funds for the payment of theprincipal of, premium, if any, and interest on the loan from the Fund to thelocal government and any other amounts becoming due under any agreemententered into in connection with the loan, or for the operation, maintenance,repair, or replacement of the project or any portions thereof or otherproperty of the local government, and deposit into any fund or funds amountssufficient to make any payments on the loan as they become due and payable.
3. Create and maintain other special funds as required by the Authority.
4. Perform other acts otherwise permitted by applicable law to secure paymentof the principal of, premium, if any, and interest on the loan from the Fundto the local government and to provide for the remedies of the Fund in theevent of any default by the local government in the payment of the loan,including, without limitation, any of the following:
a. The procurement of insurance, guarantees, letters of credit and otherforms of collateral, security, liquidity arrangements or credit supports forthe loan from any source, public or private, and the payment therefor ofpremiums, fees, or other charges;
b. The combination of one or more projects, or the combination of one or moreprojects with one or more other undertakings, facilities, utilities, orsystems, for the purpose of operations and financing, and the pledging of therevenues from such combined projects, undertakings, facilities, utilities,and systems to secure the loan from the Fund to the local government made inconnection with such combination or any part or parts thereof;
c. The maintenance, replacement, renewal, and repair of the project; and
d. The procurement of casualty and liability insurance.
5. Obtain a review of the accounting and the internal controls from theAuditor of Public Accounts or his legally authorized representatives. TheAuthority may request additional reviews at any time during the term of theloan. In addition, anyone receiving a report in accordance with § 5.1-30.9may request an additional review as set forth in this section.
All local governments borrowing money from the Fund are authorized to performany acts, take any action, adopt any proceedings and make and carry out anycontracts that are contemplated by this chapter. Such contracts need not beidentical among all local governments, but may be structured as determined bythe Authority according to the needs of the contracting local governments andthe Fund.
Subject to the rights, if any, of the registered owners of any of the bondsof the Authority, the Authority may consent to and approve any modificationin the terms of any loan to any local government.
Except as otherwise provided in this chapter, money in the Fund shall be usedsolely to make loans to local governments to finance or refinance the cost ofany project. The local governments to which loans are to be made, thepurposes of the loan, and the amount of each such loan, shall be designatedin writing by the Board to the Authority following consultation with theAuthority. No loan from the Fund shall exceed the total cost of the projectto be financed or the outstanding principal amount of the indebtedness to berefinanced plus reasonable financing expenses.
Except as otherwise provided in this chapter, the Authority shall determinethe interest rate and terms and conditions of any loan from the Fund, whichmay vary between local governments. Each loan shall be evidenced byappropriate bonds or notes of the local government payable to the Fund. Thebonds or notes shall have been duly authorized by the local government andexecuted by its authorized legal representatives. The Authority is authorizedto require in connection with any loan from the Fund such documents,instruments, certificates, legal opinions and other information as it maydeem necessary or convenient. In addition to any other terms or conditionswhich the Authority may establish, the Authority may require, as a conditionto making any loan from the Fund, that the local government receiving theloan covenant perform any of the following:
1. Establish and collect rents, rates, fees, and charges to produce revenuesufficient to pay all or a specified portion of (i) the costs of operation,maintenance, replacement, renewal, and repairs of the project; (ii) anyoutstanding indebtedness incurred for the purposes of the project, includingthe principal of, premium, if any, and interest on the loan from the Fund tothe local government; and (iii) any amounts necessary to create and maintainany required reserve, including any rate stabilization fund deemed necessaryor appropriate by the Authority to offset the need, in whole or in part, forfuture increases in rents, rates, fees, or charges.
2. Create and maintain a special fund or funds for the payment of theprincipal of, premium, if any, and interest on the loan from the Fund to thelocal government and any other amounts becoming due under any agreemententered into in connection with the loan, or for the operation, maintenance,repair, or replacement of the project or any portions thereof or otherproperty of the local government, and deposit into any fund or funds amountssufficient to make any payments on the loan as they become due and payable.
3. Create and maintain other special funds as required by the Authority.
4. Perform other acts otherwise permitted by applicable law to secure paymentof the principal of, premium, if any, and interest on the loan from the Fundto the local government and to provide for the remedies of the Fund in theevent of any default by the local government in the payment of the loan,including, without limitation, any of the following:
a. The procurement of insurance, guarantees, letters of credit and otherforms of collateral, security, liquidity arrangements or credit supports forthe loan from any source, public or private, and the payment therefor ofpremiums, fees, or other charges;
b. The combination of one or more projects, or the combination of one or moreprojects with one or more other undertakings, facilities, utilities, orsystems, for the purpose of operations and financing, and the pledging of therevenues from such combined projects, undertakings, facilities, utilities,and systems to secure the loan from the Fund to the local government made inconnection with such combination or any part or parts thereof;
c. The maintenance, replacement, renewal, and repair of the project; and
d. The procurement of casualty and liability insurance.
5. Obtain a review of the accounting and the internal controls from theAuditor of Public Accounts or his legally authorized representatives. TheAuthority may request additional reviews at any time during the term of theloan. In addition, anyone receiving a report in accordance with § 5.1-30.9may request an additional review as set forth in this section.
All local governments borrowing money from the Fund are authorized to performany acts, take any action, adopt any proceedings and make and carry out anycontracts that are contemplated by this chapter. Such contracts need not beidentical among all local governments, but may be structured as determined bythe Authority according to the needs of the contracting local governments andthe Fund.
Subject to the rights, if any, of the registered owners of any of the bondsof the Authority, the Authority may consent to and approve any modificationin the terms of any loan to any local government.
