15.2-5431.14 - Issuance of revenue bonds.
§ 15.2-5431.14. Issuance of revenue bonds.
An authority may provide by resolution for the issuance of revenue bonds ofthe authority for the purpose of paying the whole or any part of the cost ofany project. The principal of and the interest on the bonds shall be payablesolely from the funds provided for in this chapter for such payment. The fullfaith and credit of the locality shall not be pledged to support the bonds.The bonds of each issue may be dated, may mature at any time or times notexceeding 40 years from their date or dates, may be subject to redemption orrepurchase at such price or prices and under such terms and conditions, andmay contain such other provisions, all as determined before their issuance bythe authority or in such manner as the authority may provide. The bonds maybear interest payable at such time or times and at such rate or rates asdetermined by the authority or in such manner as the authority may provide,including the determination by reference to indices or formulas or by agentsdesignated by the authority under guidelines established by it. The authorityshall determine the form of the bonds, including any interest coupons to beattached thereto, and the manner of execution of the bonds, 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 outside the Commonwealth. If any officer whose signature or a facsimile ofwhose signature appears on any bonds or coupons, ceases to be an officerbefore the delivery of such bonds, his signature or facsimile shallnevertheless be valid and sufficient for all purposes the same as if he hadremained in office until delivery. All revenue bonds issued under theprovisions of this chapter shall have, as between successive holders, all thequalities and incidents of negotiable instruments under the negotiableinstruments law of the Commonwealth. The bonds may be issued in coupon,bearer, registered or book entry form, or any combination of such forms, asthe authority may determine. Provision may be made for the registration ofany coupon bonds as to principal alone and also as to both principal andinterest, and for the reconversion into coupon bonds of any bonds registeredas to both principal and interest. The issuance of such bonds shall not besubject to any limitations or conditions contained in any other law, and theauthority may sell such bonds in such manner, either at a public or a privatesale, and for such price, as it may determine to be for the best interest ofthe authority and the political subdivisions to be served thereby.
(2003, c. 643.)