§ 62.1-140. Definitions; bond resolution; form and requisites of bonds; saleand disposition of proceeds; temporary bonds.
A. As used in this section and in §§ 62.1-141 through 62.1-146, the term"port facility" means harbors, seaports and all facilities used inconnection therewith and shall include all those facilities named in §§62.1-132.18 and 62.1-132.19.
The term "cost" as used in this chapter embraces the cost of construction,the cost of the acquisition of all land, rights-of-way, property, rights,easements and interests acquired by the Authority for such construction, thecost of all machinery and equipment, financing charges, interest prior to andduring construction and, if deemed advisable by the Authority, for one yearafter completion of construction, engineering and legal expenses, cost ofplans, specifications, surveys and estimates of cost and of revenues, otherexpenses necessary or incident to determining the feasibility orpracticability of constructing any port facility, administrative expense, thecreation of a working capital fund for placing the port facility in operationand such other expense as may be necessary or incident to the construction ofsuch port facility, the financing of such construction and the placing of thesame in operation.
The term "bonds" as used in this chapter means obligations of the Authorityfor the payment of borrowed money. For purposes of the limitations imposedby subsections B and C of § 62.1-140, contingent obligations to reimburseproviders for amounts drawn under credit facilities, letters of credit, linesof credit, guarantees, standby bond purchase agreements, or other credit orliquidity enhancement facilities, including any such enhancement facilityobtained by the Authority for deposit into any reserve account or fundrelating to any bonds, shall not constitute bonds.
For purposes of the limitations imposed by subsections B and C of § 62.1-140,the term "revenue bonds" means bonds for which only the revenues of portfacilities are pledged to the payment of the principal of and interest onsaid bonds.
B. The Authority is hereby authorized to provide by resolution for theissuance, at one time or from time to time, of bonds of the Authority for thepurpose of paying all or any part of the cost of any Authority project forthe acquisition, construction, reconstruction or control of port facilitiesor of any portion or portions thereof, provided that the total principalamount of bonds, including refunding bonds, outstanding at any time shall notexceed $200 million, excluding from such limit any revenue bonds.
All of the bonds of one or more series of the bonds of the Authority at anytime outstanding may be refunded by the Authority by the issuance of itsrefunding bonds in such amount as the Authority may deem necessary, but notexceeding an amount sufficient to provide for the payment of the principal ofthe bonds so to be refunded, together with all unpaid interest accrued and toaccrue and with any redemption premium thereon and all costs and expensesincident to the authorization and issuance of such bonds as determined by theAuthority. The proceeds of any such refunding bonds may, in the discretion ofthe Authority, be applied to the purchase or retirement at maturity orredemption of such outstanding revenue bonds either on their earliest or anysubsequent redemption date or upon the purchase or at the maturity thereof,and may, pending such application, be placed in trust in accordance with theprovisions of § 62.1-143 of this chapter to be applied to such purchase orretirement at maturity or redemption on such date as may be determined by theAuthority. All refunding bonds may have all of the attributes of revenuebonds to the extent that such other provisions of this chapter relating torevenue bonds may be applicable to refunding bonds.
C. The principal of and the interest on all bonds issued by the Authoritypursuant to the provisions of this chapter shall be payable solely from thefunds herein provided for such payment. The bonds of each issue shall bedated, shall bear interest at the prevailing rate of interest at the time,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 made redeemablebefore maturity, at the option of the Authority, at such price or prices andunder such terms and conditions as may be fixed by the Authority prior to theissuance of the bonds. The Authority shall determine the form of the bonds,including any interest coupons to be attached thereto, and shall fix thedenomination or denominations of the bonds and the place or places of paymentof principal and interest, which may be at any bank or trust company withinor without the Commonwealth.
All bonds shall be signed by the Executive Director of the Authority or shallbear his facsimile signature, and the official seal of the Authority or afacsimile thereof shall be impressed or imprinted thereon and attested by thesecretary of the Authority, and any coupons attached thereto shall bear thefacsimile signature of the Executive Director of the Authority. In case anyofficer whose signature or a facsimile of whose signature shall appear on anybonds or coupons shall cease to be such officer before the delivery of suchbonds, such signature or such facsimile shall nevertheless be valid andsufficient for all purposes the same as if he had remained in office untilsuch delivery. All bonds issued under the provisions of this chapter shallhave and are hereby declared to have all the qualities and incidents ofnegotiable instruments under the negotiable instruments law of theCommonwealth. The bonds may be issued in coupon or in registered form, orboth, as the Authority may determine, and provision may be made for theregistration of any coupon bonds as to principal alone and also as to bothprincipal and interest, for the reconversion into coupon bonds of any bondsregistered as to both principal and interest, and for the interchange ofregistered and coupon bonds. The Authority may sell such bonds in suchmanner, either at public or private sale, and for such price, as it maydetermine will best effect the purposes of this chapter.
The proceeds of the bonds of each issue shall be used solely for the paymentof the cost of acquisition, construction, reconstruction and control of portfacilities or the portion thereof for which such bonds shall have beenissued, or, in the case of refunding bonds, to refund such bonds includingany unpaid interest accrued and to accrue and any redemption premium thereonand all costs and expenses incident to the authorization and issuance of suchbonds as shall be determined by the Authority upon the issuance of suchrefunding bonds, and shall be disbursed in such manner and under suchrestrictions, if any, as the Authority may provide in the resolutionauthorizing the issuance of such bonds or in the trust agreement hereinaftermentioned securing the same. If the proceeds of the bonds of any issue, byerror of estimates or otherwise, shall be less than such cost, additionalbonds may in like manner be issued to provide the amount of such deficit, andunless otherwise provided in the resolution authorizing the issuance of suchbonds or in the trust agreement securing the same, shall be deemed to be ofthe same issue and shall be entitled to payment from the same fund withoutpreference or priority of the bonds first issued. If the proceeds of thebonds of any issue shall exceed such cost, the surplus shall be deposited tothe credit of the sinking fund for such bonds, or, if such bonds shall havebeen issued for paying the cost of a portion of the project, such surplus maybe applied to the payment of the cost of any remaining portion of the project.
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.
The Authority shall not issue any bonds, other than revenue bonds or anyrefunding bonds issued by the Authority pursuant to the second paragraph ofsubsection B of § 62.1-140, which are not specifically authorized by a billor resolution passed by a majority vote of those elected to each house of theGeneral Assembly. Refunding bonds may only be issued with the consent of theGovernor. However, the Governor, in his sole discretion, may approve bondswhich have not been authorized by the General Assembly if such bonds are tofinance capital projects that emerge between legislative sessions, providedthe debt is required to stimulate commerce consistent with § 62.1-132.3 andprovided that:
1. The total amount of such bonds added to the total amount of Virginia PortAuthority bonds currently authorized does not exceed the limit in § 62.1-140B;
2. Funds are available within the appropriations, if needed, without adverseeffect on other projects or programs, or from unappropriated nongeneral fundrevenues or balances;
3. In the Governor's opinion such action may result in a measurable benefitto the Commonwealth;
4. The authorization includes a detailed description of the project, theproject need, the total project costs, the estimated operating costs, and thefund sources for the project and its operating costs;
5. The requirements of Chapter 11.1 (§ 10.1-1182 et seq.), Title 10.1,regarding environmental impact statements, will be met as a precondition forthe approval of the project; and
6. The authorization of any such debt as provided for in this section shallbe promptly communicated to the Chairmen of the House Appropriations andSenate Finance Committees.
(Code 1950, § 62-106.12; 1954, c. 667; 1958, cc. 174, 488; 1968, c. 659;1972, c. 423; 1981, cc. 589, 590; 1991, c. 246; 1993, c. 656.)
§ 62.1-140. Definitions; bond resolution; form and requisites of bonds; saleand disposition of proceeds; temporary bonds.
A. As used in this section and in §§ 62.1-141 through 62.1-146, the term"port facility" means harbors, seaports and all facilities used inconnection therewith and shall include all those facilities named in §§62.1-132.18 and 62.1-132.19.
The term "cost" as used in this chapter embraces the cost of construction,the cost of the acquisition of all land, rights-of-way, property, rights,easements and interests acquired by the Authority for such construction, thecost of all machinery and equipment, financing charges, interest prior to andduring construction and, if deemed advisable by the Authority, for one yearafter completion of construction, engineering and legal expenses, cost ofplans, specifications, surveys and estimates of cost and of revenues, otherexpenses necessary or incident to determining the feasibility orpracticability of constructing any port facility, administrative expense, thecreation of a working capital fund for placing the port facility in operationand such other expense as may be necessary or incident to the construction ofsuch port facility, the financing of such construction and the placing of thesame in operation.
The term "bonds" as used in this chapter means obligations of the Authorityfor the payment of borrowed money. For purposes of the limitations imposedby subsections B and C of § 62.1-140, contingent obligations to reimburseproviders for amounts drawn under credit facilities, letters of credit, linesof credit, guarantees, standby bond purchase agreements, or other credit orliquidity enhancement facilities, including any such enhancement facilityobtained by the Authority for deposit into any reserve account or fundrelating to any bonds, shall not constitute bonds.
For purposes of the limitations imposed by subsections B and C of § 62.1-140,the term "revenue bonds" means bonds for which only the revenues of portfacilities are pledged to the payment of the principal of and interest onsaid bonds.
B. The Authority is hereby authorized to provide by resolution for theissuance, at one time or from time to time, of bonds of the Authority for thepurpose of paying all or any part of the cost of any Authority project forthe acquisition, construction, reconstruction or control of port facilitiesor of any portion or portions thereof, provided that the total principalamount of bonds, including refunding bonds, outstanding at any time shall notexceed $200 million, excluding from such limit any revenue bonds.
All of the bonds of one or more series of the bonds of the Authority at anytime outstanding may be refunded by the Authority by the issuance of itsrefunding bonds in such amount as the Authority may deem necessary, but notexceeding an amount sufficient to provide for the payment of the principal ofthe bonds so to be refunded, together with all unpaid interest accrued and toaccrue and with any redemption premium thereon and all costs and expensesincident to the authorization and issuance of such bonds as determined by theAuthority. The proceeds of any such refunding bonds may, in the discretion ofthe Authority, be applied to the purchase or retirement at maturity orredemption of such outstanding revenue bonds either on their earliest or anysubsequent redemption date or upon the purchase or at the maturity thereof,and may, pending such application, be placed in trust in accordance with theprovisions of § 62.1-143 of this chapter to be applied to such purchase orretirement at maturity or redemption on such date as may be determined by theAuthority. All refunding bonds may have all of the attributes of revenuebonds to the extent that such other provisions of this chapter relating torevenue bonds may be applicable to refunding bonds.
C. The principal of and the interest on all bonds issued by the Authoritypursuant to the provisions of this chapter shall be payable solely from thefunds herein provided for such payment. The bonds of each issue shall bedated, shall bear interest at the prevailing rate of interest at the time,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 made redeemablebefore maturity, at the option of the Authority, at such price or prices andunder such terms and conditions as may be fixed by the Authority prior to theissuance of the bonds. The Authority shall determine the form of the bonds,including any interest coupons to be attached thereto, and shall fix thedenomination or denominations of the bonds and the place or places of paymentof principal and interest, which may be at any bank or trust company withinor without the Commonwealth.
All bonds shall be signed by the Executive Director of the Authority or shallbear his facsimile signature, and the official seal of the Authority or afacsimile thereof shall be impressed or imprinted thereon and attested by thesecretary of the Authority, and any coupons attached thereto shall bear thefacsimile signature of the Executive Director of the Authority. In case anyofficer whose signature or a facsimile of whose signature shall appear on anybonds or coupons shall cease to be such officer before the delivery of suchbonds, such signature or such facsimile shall nevertheless be valid andsufficient for all purposes the same as if he had remained in office untilsuch delivery. All bonds issued under the provisions of this chapter shallhave and are hereby declared to have all the qualities and incidents ofnegotiable instruments under the negotiable instruments law of theCommonwealth. The bonds may be issued in coupon or in registered form, orboth, as the Authority may determine, and provision may be made for theregistration of any coupon bonds as to principal alone and also as to bothprincipal and interest, for the reconversion into coupon bonds of any bondsregistered as to both principal and interest, and for the interchange ofregistered and coupon bonds. The Authority may sell such bonds in suchmanner, either at public or private sale, and for such price, as it maydetermine will best effect the purposes of this chapter.
The proceeds of the bonds of each issue shall be used solely for the paymentof the cost of acquisition, construction, reconstruction and control of portfacilities or the portion thereof for which such bonds shall have beenissued, or, in the case of refunding bonds, to refund such bonds includingany unpaid interest accrued and to accrue and any redemption premium thereonand all costs and expenses incident to the authorization and issuance of suchbonds as shall be determined by the Authority upon the issuance of suchrefunding bonds, and shall be disbursed in such manner and under suchrestrictions, if any, as the Authority may provide in the resolutionauthorizing the issuance of such bonds or in the trust agreement hereinaftermentioned securing the same. If the proceeds of the bonds of any issue, byerror of estimates or otherwise, shall be less than such cost, additionalbonds may in like manner be issued to provide the amount of such deficit, andunless otherwise provided in the resolution authorizing the issuance of suchbonds or in the trust agreement securing the same, shall be deemed to be ofthe same issue and shall be entitled to payment from the same fund withoutpreference or priority of the bonds first issued. If the proceeds of thebonds of any issue shall exceed such cost, the surplus shall be deposited tothe credit of the sinking fund for such bonds, or, if such bonds shall havebeen issued for paying the cost of a portion of the project, such surplus maybe applied to the payment of the cost of any remaining portion of the project.
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.
The Authority shall not issue any bonds, other than revenue bonds or anyrefunding bonds issued by the Authority pursuant to the second paragraph ofsubsection B of § 62.1-140, which are not specifically authorized by a billor resolution passed by a majority vote of those elected to each house of theGeneral Assembly. Refunding bonds may only be issued with the consent of theGovernor. However, the Governor, in his sole discretion, may approve bondswhich have not been authorized by the General Assembly if such bonds are tofinance capital projects that emerge between legislative sessions, providedthe debt is required to stimulate commerce consistent with § 62.1-132.3 andprovided that:
1. The total amount of such bonds added to the total amount of Virginia PortAuthority bonds currently authorized does not exceed the limit in § 62.1-140B;
2. Funds are available within the appropriations, if needed, without adverseeffect on other projects or programs, or from unappropriated nongeneral fundrevenues or balances;
3. In the Governor's opinion such action may result in a measurable benefitto the Commonwealth;
4. The authorization includes a detailed description of the project, theproject need, the total project costs, the estimated operating costs, and thefund sources for the project and its operating costs;
5. The requirements of Chapter 11.1 (§ 10.1-1182 et seq.), Title 10.1,regarding environmental impact statements, will be met as a precondition forthe approval of the project; and
6. The authorization of any such debt as provided for in this section shallbe promptly communicated to the Chairmen of the House Appropriations andSenate Finance Committees.
(Code 1950, § 62-106.12; 1954, c. 667; 1958, cc. 174, 488; 1968, c. 659;1972, c. 423; 1981, cc. 589, 590; 1991, c. 246; 1993, c. 656.)
§ 62.1-140. Definitions; bond resolution; form and requisites of bonds; saleand disposition of proceeds; temporary bonds.
A. As used in this section and in §§ 62.1-141 through 62.1-146, the term"port facility" means harbors, seaports and all facilities used inconnection therewith and shall include all those facilities named in §§62.1-132.18 and 62.1-132.19.
The term "cost" as used in this chapter embraces the cost of construction,the cost of the acquisition of all land, rights-of-way, property, rights,easements and interests acquired by the Authority for such construction, thecost of all machinery and equipment, financing charges, interest prior to andduring construction and, if deemed advisable by the Authority, for one yearafter completion of construction, engineering and legal expenses, cost ofplans, specifications, surveys and estimates of cost and of revenues, otherexpenses necessary or incident to determining the feasibility orpracticability of constructing any port facility, administrative expense, thecreation of a working capital fund for placing the port facility in operationand such other expense as may be necessary or incident to the construction ofsuch port facility, the financing of such construction and the placing of thesame in operation.
The term "bonds" as used in this chapter means obligations of the Authorityfor the payment of borrowed money. For purposes of the limitations imposedby subsections B and C of § 62.1-140, contingent obligations to reimburseproviders for amounts drawn under credit facilities, letters of credit, linesof credit, guarantees, standby bond purchase agreements, or other credit orliquidity enhancement facilities, including any such enhancement facilityobtained by the Authority for deposit into any reserve account or fundrelating to any bonds, shall not constitute bonds.
For purposes of the limitations imposed by subsections B and C of § 62.1-140,the term "revenue bonds" means bonds for which only the revenues of portfacilities are pledged to the payment of the principal of and interest onsaid bonds.
B. The Authority is hereby authorized to provide by resolution for theissuance, at one time or from time to time, of bonds of the Authority for thepurpose of paying all or any part of the cost of any Authority project forthe acquisition, construction, reconstruction or control of port facilitiesor of any portion or portions thereof, provided that the total principalamount of bonds, including refunding bonds, outstanding at any time shall notexceed $200 million, excluding from such limit any revenue bonds.
All of the bonds of one or more series of the bonds of the Authority at anytime outstanding may be refunded by the Authority by the issuance of itsrefunding bonds in such amount as the Authority may deem necessary, but notexceeding an amount sufficient to provide for the payment of the principal ofthe bonds so to be refunded, together with all unpaid interest accrued and toaccrue and with any redemption premium thereon and all costs and expensesincident to the authorization and issuance of such bonds as determined by theAuthority. The proceeds of any such refunding bonds may, in the discretion ofthe Authority, be applied to the purchase or retirement at maturity orredemption of such outstanding revenue bonds either on their earliest or anysubsequent redemption date or upon the purchase or at the maturity thereof,and may, pending such application, be placed in trust in accordance with theprovisions of § 62.1-143 of this chapter to be applied to such purchase orretirement at maturity or redemption on such date as may be determined by theAuthority. All refunding bonds may have all of the attributes of revenuebonds to the extent that such other provisions of this chapter relating torevenue bonds may be applicable to refunding bonds.
C. The principal of and the interest on all bonds issued by the Authoritypursuant to the provisions of this chapter shall be payable solely from thefunds herein provided for such payment. The bonds of each issue shall bedated, shall bear interest at the prevailing rate of interest at the time,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 made redeemablebefore maturity, at the option of the Authority, at such price or prices andunder such terms and conditions as may be fixed by the Authority prior to theissuance of the bonds. The Authority shall determine the form of the bonds,including any interest coupons to be attached thereto, and shall fix thedenomination or denominations of the bonds and the place or places of paymentof principal and interest, which may be at any bank or trust company withinor without the Commonwealth.
All bonds shall be signed by the Executive Director of the Authority or shallbear his facsimile signature, and the official seal of the Authority or afacsimile thereof shall be impressed or imprinted thereon and attested by thesecretary of the Authority, and any coupons attached thereto shall bear thefacsimile signature of the Executive Director of the Authority. In case anyofficer whose signature or a facsimile of whose signature shall appear on anybonds or coupons shall cease to be such officer before the delivery of suchbonds, such signature or such facsimile shall nevertheless be valid andsufficient for all purposes the same as if he had remained in office untilsuch delivery. All bonds issued under the provisions of this chapter shallhave and are hereby declared to have all the qualities and incidents ofnegotiable instruments under the negotiable instruments law of theCommonwealth. The bonds may be issued in coupon or in registered form, orboth, as the Authority may determine, and provision may be made for theregistration of any coupon bonds as to principal alone and also as to bothprincipal and interest, for the reconversion into coupon bonds of any bondsregistered as to both principal and interest, and for the interchange ofregistered and coupon bonds. The Authority may sell such bonds in suchmanner, either at public or private sale, and for such price, as it maydetermine will best effect the purposes of this chapter.
The proceeds of the bonds of each issue shall be used solely for the paymentof the cost of acquisition, construction, reconstruction and control of portfacilities or the portion thereof for which such bonds shall have beenissued, or, in the case of refunding bonds, to refund such bonds includingany unpaid interest accrued and to accrue and any redemption premium thereonand all costs and expenses incident to the authorization and issuance of suchbonds as shall be determined by the Authority upon the issuance of suchrefunding bonds, and shall be disbursed in such manner and under suchrestrictions, if any, as the Authority may provide in the resolutionauthorizing the issuance of such bonds or in the trust agreement hereinaftermentioned securing the same. If the proceeds of the bonds of any issue, byerror of estimates or otherwise, shall be less than such cost, additionalbonds may in like manner be issued to provide the amount of such deficit, andunless otherwise provided in the resolution authorizing the issuance of suchbonds or in the trust agreement securing the same, shall be deemed to be ofthe same issue and shall be entitled to payment from the same fund withoutpreference or priority of the bonds first issued. If the proceeds of thebonds of any issue shall exceed such cost, the surplus shall be deposited tothe credit of the sinking fund for such bonds, or, if such bonds shall havebeen issued for paying the cost of a portion of the project, such surplus maybe applied to the payment of the cost of any remaining portion of the project.
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.
The Authority shall not issue any bonds, other than revenue bonds or anyrefunding bonds issued by the Authority pursuant to the second paragraph ofsubsection B of § 62.1-140, which are not specifically authorized by a billor resolution passed by a majority vote of those elected to each house of theGeneral Assembly. Refunding bonds may only be issued with the consent of theGovernor. However, the Governor, in his sole discretion, may approve bondswhich have not been authorized by the General Assembly if such bonds are tofinance capital projects that emerge between legislative sessions, providedthe debt is required to stimulate commerce consistent with § 62.1-132.3 andprovided that:
1. The total amount of such bonds added to the total amount of Virginia PortAuthority bonds currently authorized does not exceed the limit in § 62.1-140B;
2. Funds are available within the appropriations, if needed, without adverseeffect on other projects or programs, or from unappropriated nongeneral fundrevenues or balances;
3. In the Governor's opinion such action may result in a measurable benefitto the Commonwealth;
4. The authorization includes a detailed description of the project, theproject need, the total project costs, the estimated operating costs, and thefund sources for the project and its operating costs;
5. The requirements of Chapter 11.1 (§ 10.1-1182 et seq.), Title 10.1,regarding environmental impact statements, will be met as a precondition forthe approval of the project; and
6. The authorization of any such debt as provided for in this section shallbe promptly communicated to the Chairmen of the House Appropriations andSenate Finance Committees.
(Code 1950, § 62-106.12; 1954, c. 667; 1958, cc. 174, 488; 1968, c. 659;1972, c. 423; 1981, cc. 589, 590; 1991, c. 246; 1993, c. 656.)
