§ 62.1-209. Provisions of resolution or trust indenture authorizing issuanceof bonds.
A. Bonds may be secured by a trust indenture between the Authority and acorporate trustee, which may be any bank having the power of a trust companyor any trust company within or without the Commonwealth. A trust indenturemay contain provisions for protecting and enforcing the rights and remediesof the bondholders that are reasonable and proper and not in violation oflaw, including covenants setting forth the duties of the Authority inrelation to the exercise of its powers and the custody, safekeeping andapplication of all money. The Authority may provide by the trust indenturefor the payment of the proceeds of the bonds and all or any part of therevenues of the Authority to the trustee under the trust indenture or to someother depository, and for the method of their disbursement with whateversafeguards and restrictions as the Authority specifies. All expenses incurredin carrying out the trust indenture may be treated as part of the operatingexpenses of the Authority.
B. Any resolution or trust indenture pursuant to which bonds are issued maycontain provisions, which shall be part of the contract or contracts with theholders of such bonds as to:
1. Pledging all or any part of the revenue of the Authority to secure thepayment of the bonds, subject to any agreements with bondholders that thenexist;
2. Pledging all or any part of the assets of, or funds under control of theAuthority, including local obligations owned by the Authority, to secure thepayment of the bonds, subject to any agreements with bondholders that thenexist;
3. The use and disposition of the gross income from, and payment of theprincipal of and premium, if any, and interest on local obligations owned bythe Authority;
4. The establishment of reserves, sinking funds and other funds and accountsand the regulation and disposition thereof;
5. Limitations on the purposes to which the proceeds from the sale of thebonds may be applied, and limitations pledging the proceeds to secure thepayment of the bonds;
6. Limitations on the issuance of additional bonds, the terms on whichadditional bonds may be issued and secured, and the refunding of outstandingor other bonds;
7. The procedure, if any, by which the terms of any contract with bondholdersmay be amended or abrogated, the amount of bonds, if any, the holders ofwhich must consent thereto, and the manner in which any consent may be given;
8. Limitations on the amount of money to be expended by the Authority foroperating expenses of the Authority;
9. Vesting in a trustee or trustees any property, rights, powers and dutiesin trust that the Authority may determine, and limiting or abrogating theright of bondholders to appoint a trustee or limit the rights, powers andduties of the trustees;
10. Defining the acts or omissions which shall constitute a default, theobligations or duties of the Authority to the holders of the bonds, and therights and remedies of the holders of the bonds in the event of default,including as a matter of right the appointment of a receiver; these rightsand remedies may include the general laws of the Commonwealth and otherprovisions of this chapter;
11. Requiring the Authority or the trustees under the trust indenture to filea petition with the Governor and to take any and all other actions requiredunder § 15.2-2659 or § 62.1-216.1 to obtain payment of all sums necessary tocover any default as to any principal of and premium, if any, and interest onlocal obligations owned by the Authority or held by a trustee to which §15.2-2659 or § 62.1-216.1 shall be applicable; and
12. Any other matter, of like or different character, relating to the termsof the bonds or the security or protection of the holders of the bonds.
(1984, c. 699; 1986, c. 415; 1997, c. 319; 1998, c. 399; 2003, c. 561.)
§ 62.1-209. Provisions of resolution or trust indenture authorizing issuanceof bonds.
A. Bonds may be secured by a trust indenture between the Authority and acorporate trustee, which may be any bank having the power of a trust companyor any trust company within or without the Commonwealth. A trust indenturemay contain provisions for protecting and enforcing the rights and remediesof the bondholders that are reasonable and proper and not in violation oflaw, including covenants setting forth the duties of the Authority inrelation to the exercise of its powers and the custody, safekeeping andapplication of all money. The Authority may provide by the trust indenturefor the payment of the proceeds of the bonds and all or any part of therevenues of the Authority to the trustee under the trust indenture or to someother depository, and for the method of their disbursement with whateversafeguards and restrictions as the Authority specifies. All expenses incurredin carrying out the trust indenture may be treated as part of the operatingexpenses of the Authority.
B. Any resolution or trust indenture pursuant to which bonds are issued maycontain provisions, which shall be part of the contract or contracts with theholders of such bonds as to:
1. Pledging all or any part of the revenue of the Authority to secure thepayment of the bonds, subject to any agreements with bondholders that thenexist;
2. Pledging all or any part of the assets of, or funds under control of theAuthority, including local obligations owned by the Authority, to secure thepayment of the bonds, subject to any agreements with bondholders that thenexist;
3. The use and disposition of the gross income from, and payment of theprincipal of and premium, if any, and interest on local obligations owned bythe Authority;
4. The establishment of reserves, sinking funds and other funds and accountsand the regulation and disposition thereof;
5. Limitations on the purposes to which the proceeds from the sale of thebonds may be applied, and limitations pledging the proceeds to secure thepayment of the bonds;
6. Limitations on the issuance of additional bonds, the terms on whichadditional bonds may be issued and secured, and the refunding of outstandingor other bonds;
7. The procedure, if any, by which the terms of any contract with bondholdersmay be amended or abrogated, the amount of bonds, if any, the holders ofwhich must consent thereto, and the manner in which any consent may be given;
8. Limitations on the amount of money to be expended by the Authority foroperating expenses of the Authority;
9. Vesting in a trustee or trustees any property, rights, powers and dutiesin trust that the Authority may determine, and limiting or abrogating theright of bondholders to appoint a trustee or limit the rights, powers andduties of the trustees;
10. Defining the acts or omissions which shall constitute a default, theobligations or duties of the Authority to the holders of the bonds, and therights and remedies of the holders of the bonds in the event of default,including as a matter of right the appointment of a receiver; these rightsand remedies may include the general laws of the Commonwealth and otherprovisions of this chapter;
11. Requiring the Authority or the trustees under the trust indenture to filea petition with the Governor and to take any and all other actions requiredunder § 15.2-2659 or § 62.1-216.1 to obtain payment of all sums necessary tocover any default as to any principal of and premium, if any, and interest onlocal obligations owned by the Authority or held by a trustee to which §15.2-2659 or § 62.1-216.1 shall be applicable; and
12. Any other matter, of like or different character, relating to the termsof the bonds or the security or protection of the holders of the bonds.
(1984, c. 699; 1986, c. 415; 1997, c. 319; 1998, c. 399; 2003, c. 561.)
§ 62.1-209. Provisions of resolution or trust indenture authorizing issuanceof bonds.
A. Bonds may be secured by a trust indenture between the Authority and acorporate trustee, which may be any bank having the power of a trust companyor any trust company within or without the Commonwealth. A trust indenturemay contain provisions for protecting and enforcing the rights and remediesof the bondholders that are reasonable and proper and not in violation oflaw, including covenants setting forth the duties of the Authority inrelation to the exercise of its powers and the custody, safekeeping andapplication of all money. The Authority may provide by the trust indenturefor the payment of the proceeds of the bonds and all or any part of therevenues of the Authority to the trustee under the trust indenture or to someother depository, and for the method of their disbursement with whateversafeguards and restrictions as the Authority specifies. All expenses incurredin carrying out the trust indenture may be treated as part of the operatingexpenses of the Authority.
B. Any resolution or trust indenture pursuant to which bonds are issued maycontain provisions, which shall be part of the contract or contracts with theholders of such bonds as to:
1. Pledging all or any part of the revenue of the Authority to secure thepayment of the bonds, subject to any agreements with bondholders that thenexist;
2. Pledging all or any part of the assets of, or funds under control of theAuthority, including local obligations owned by the Authority, to secure thepayment of the bonds, subject to any agreements with bondholders that thenexist;
3. The use and disposition of the gross income from, and payment of theprincipal of and premium, if any, and interest on local obligations owned bythe Authority;
4. The establishment of reserves, sinking funds and other funds and accountsand the regulation and disposition thereof;
5. Limitations on the purposes to which the proceeds from the sale of thebonds may be applied, and limitations pledging the proceeds to secure thepayment of the bonds;
6. Limitations on the issuance of additional bonds, the terms on whichadditional bonds may be issued and secured, and the refunding of outstandingor other bonds;
7. The procedure, if any, by which the terms of any contract with bondholdersmay be amended or abrogated, the amount of bonds, if any, the holders ofwhich must consent thereto, and the manner in which any consent may be given;
8. Limitations on the amount of money to be expended by the Authority foroperating expenses of the Authority;
9. Vesting in a trustee or trustees any property, rights, powers and dutiesin trust that the Authority may determine, and limiting or abrogating theright of bondholders to appoint a trustee or limit the rights, powers andduties of the trustees;
10. Defining the acts or omissions which shall constitute a default, theobligations or duties of the Authority to the holders of the bonds, and therights and remedies of the holders of the bonds in the event of default,including as a matter of right the appointment of a receiver; these rightsand remedies may include the general laws of the Commonwealth and otherprovisions of this chapter;
11. Requiring the Authority or the trustees under the trust indenture to filea petition with the Governor and to take any and all other actions requiredunder § 15.2-2659 or § 62.1-216.1 to obtain payment of all sums necessary tocover any default as to any principal of and premium, if any, and interest onlocal obligations owned by the Authority or held by a trustee to which §15.2-2659 or § 62.1-216.1 shall be applicable; and
12. Any other matter, of like or different character, relating to the termsof the bonds or the security or protection of the holders of the bonds.
(1984, c. 699; 1986, c. 415; 1997, c. 319; 1998, c. 399; 2003, c. 561.)
