§ 62.1-215. Establishment of capital reserve funds.
A. 1. The Authority may create and establish one or more capital reservefunds and may pay into each capital reserve fund (i) any moneys appropriatedand made available by the Commonwealth for the purpose of such a fund, (ii)any proceeds of the sale of bonds of the Authority, to the extent provided inthe resolution authorizing the issuance of, or the trust indenture securing,the bonds, and (iii) any other moneys which may be made available to theAuthority for the purpose of such a fund from any other source. All moneysheld in any capital reserve fund, except as hereinafter provided, shall beused solely for the payment when due of the principal of and premium, if any,and interest on the bonds or obligations under credit enhancements issued bythe Authority secured in whole or in part by such a fund. If, however, moneysin any such fund are ever less than the minimum capital reserve fundrequirement established for the fund, the Authority shall not use the moneysfor any optional purchase or redemption of bonds. Any income or interestearned on, or increment to, any capital reserve fund due to its investmentmay be transferred by the Authority to other funds or accounts of theAuthority to the extent it does not reduce the amount of the capital reservefund below its minimal requirement.
2. The Authority shall not at any time issue bonds or credit enhancementssecured in whole or in part by any capital reserve fund, if upon the issuanceof the bonds or credit enhancements, the amount in the capital reserve fundwill be less than its minimal requirement unless the Authority, at the timeof issuance of the bonds or credit enhancements, deposits in the fund anamount which, together with the amount then in the fund, will not be lessthan the fund's minimal capital reserve requirement.
B. In order to assure further the maintenance of capital reserve funds, thechairman of the Authority shall annually, on or before December 1, make anddeliver to the Governor and the Secretary of Administration a certificatestating the sum, if any, required to restore each capital reserve fund to itsminimal requirement. Within five days after the beginning of each session ofthe General Assembly, the Governor shall submit to the presiding officer ofeach House of the General Assembly printed copies of a budget including thesum, if any, required to restore each capital reserve fund to its minimalrequirement. All sums, if any, which may be appropriated by the GeneralAssembly for any restoration and paid to the Authority shall be deposited bythe Authority in the applicable capital reserve fund. All amounts paid to theAuthority by the Commonwealth pursuant to the provisions of this sectionshall constitute and be accounted for as advances by the Commonwealth to theAuthority and, subject to the rights of the holders of any bonds of theAuthority or the beneficiaries of credit enhancements of the Authority, shallbe repaid to the Commonwealth without interest from available operatingrevenues of the Authority in excess of amounts required for the payment ofbonds, credit enhancements or other obligations of the Authority, themaintenance of capital reserve funds, and operating expenses. In addition, nobonds issued by the Authority to finance a professional sports facility shallbe secured by a capital reserve fund.
C. The Authority may create and establish other funds as necessary ordesirable for its corporate purposes.
D. Nothing in this section shall be construed as limiting the power of theAuthority to issue bonds or credit enhancements not secured by a capitalreserve fund.
§ 62.1-215. Establishment of capital reserve funds.
A. 1. The Authority may create and establish one or more capital reservefunds and may pay into each capital reserve fund (i) any moneys appropriatedand made available by the Commonwealth for the purpose of such a fund, (ii)any proceeds of the sale of bonds of the Authority, to the extent provided inthe resolution authorizing the issuance of, or the trust indenture securing,the bonds, and (iii) any other moneys which may be made available to theAuthority for the purpose of such a fund from any other source. All moneysheld in any capital reserve fund, except as hereinafter provided, shall beused solely for the payment when due of the principal of and premium, if any,and interest on the bonds or obligations under credit enhancements issued bythe Authority secured in whole or in part by such a fund. If, however, moneysin any such fund are ever less than the minimum capital reserve fundrequirement established for the fund, the Authority shall not use the moneysfor any optional purchase or redemption of bonds. Any income or interestearned on, or increment to, any capital reserve fund due to its investmentmay be transferred by the Authority to other funds or accounts of theAuthority to the extent it does not reduce the amount of the capital reservefund below its minimal requirement.
2. The Authority shall not at any time issue bonds or credit enhancementssecured in whole or in part by any capital reserve fund, if upon the issuanceof the bonds or credit enhancements, the amount in the capital reserve fundwill be less than its minimal requirement unless the Authority, at the timeof issuance of the bonds or credit enhancements, deposits in the fund anamount which, together with the amount then in the fund, will not be lessthan the fund's minimal capital reserve requirement.
B. In order to assure further the maintenance of capital reserve funds, thechairman of the Authority shall annually, on or before December 1, make anddeliver to the Governor and the Secretary of Administration a certificatestating the sum, if any, required to restore each capital reserve fund to itsminimal requirement. Within five days after the beginning of each session ofthe General Assembly, the Governor shall submit to the presiding officer ofeach House of the General Assembly printed copies of a budget including thesum, if any, required to restore each capital reserve fund to its minimalrequirement. All sums, if any, which may be appropriated by the GeneralAssembly for any restoration and paid to the Authority shall be deposited bythe Authority in the applicable capital reserve fund. All amounts paid to theAuthority by the Commonwealth pursuant to the provisions of this sectionshall constitute and be accounted for as advances by the Commonwealth to theAuthority and, subject to the rights of the holders of any bonds of theAuthority or the beneficiaries of credit enhancements of the Authority, shallbe repaid to the Commonwealth without interest from available operatingrevenues of the Authority in excess of amounts required for the payment ofbonds, credit enhancements or other obligations of the Authority, themaintenance of capital reserve funds, and operating expenses. In addition, nobonds issued by the Authority to finance a professional sports facility shallbe secured by a capital reserve fund.
C. The Authority may create and establish other funds as necessary ordesirable for its corporate purposes.
D. Nothing in this section shall be construed as limiting the power of theAuthority to issue bonds or credit enhancements not secured by a capitalreserve fund.
§ 62.1-215. Establishment of capital reserve funds.
A. 1. The Authority may create and establish one or more capital reservefunds and may pay into each capital reserve fund (i) any moneys appropriatedand made available by the Commonwealth for the purpose of such a fund, (ii)any proceeds of the sale of bonds of the Authority, to the extent provided inthe resolution authorizing the issuance of, or the trust indenture securing,the bonds, and (iii) any other moneys which may be made available to theAuthority for the purpose of such a fund from any other source. All moneysheld in any capital reserve fund, except as hereinafter provided, shall beused solely for the payment when due of the principal of and premium, if any,and interest on the bonds or obligations under credit enhancements issued bythe Authority secured in whole or in part by such a fund. If, however, moneysin any such fund are ever less than the minimum capital reserve fundrequirement established for the fund, the Authority shall not use the moneysfor any optional purchase or redemption of bonds. Any income or interestearned on, or increment to, any capital reserve fund due to its investmentmay be transferred by the Authority to other funds or accounts of theAuthority to the extent it does not reduce the amount of the capital reservefund below its minimal requirement.
2. The Authority shall not at any time issue bonds or credit enhancementssecured in whole or in part by any capital reserve fund, if upon the issuanceof the bonds or credit enhancements, the amount in the capital reserve fundwill be less than its minimal requirement unless the Authority, at the timeof issuance of the bonds or credit enhancements, deposits in the fund anamount which, together with the amount then in the fund, will not be lessthan the fund's minimal capital reserve requirement.
B. In order to assure further the maintenance of capital reserve funds, thechairman of the Authority shall annually, on or before December 1, make anddeliver to the Governor and the Secretary of Administration a certificatestating the sum, if any, required to restore each capital reserve fund to itsminimal requirement. Within five days after the beginning of each session ofthe General Assembly, the Governor shall submit to the presiding officer ofeach House of the General Assembly printed copies of a budget including thesum, if any, required to restore each capital reserve fund to its minimalrequirement. All sums, if any, which may be appropriated by the GeneralAssembly for any restoration and paid to the Authority shall be deposited bythe Authority in the applicable capital reserve fund. All amounts paid to theAuthority by the Commonwealth pursuant to the provisions of this sectionshall constitute and be accounted for as advances by the Commonwealth to theAuthority and, subject to the rights of the holders of any bonds of theAuthority or the beneficiaries of credit enhancements of the Authority, shallbe repaid to the Commonwealth without interest from available operatingrevenues of the Authority in excess of amounts required for the payment ofbonds, credit enhancements or other obligations of the Authority, themaintenance of capital reserve funds, and operating expenses. In addition, nobonds issued by the Authority to finance a professional sports facility shallbe secured by a capital reserve fund.
C. The Authority may create and establish other funds as necessary ordesirable for its corporate purposes.
D. Nothing in this section shall be construed as limiting the power of theAuthority to issue bonds or credit enhancements not secured by a capitalreserve fund.
