33.1-302 - Turnpike revenue bonds.
§ 33.1-302. Turnpike revenue bonds.
The Board is hereby authorized to provide by resolution, at one time or fromtime to time, for the issuance of turnpike revenue bonds of the Commonwealthfor the purpose of paying all or any part of the cost of any turnpikeproject. The principal of and the interest on such bonds shall be payablesolely from the funds herein provided for such payment and any other fundsmade available to the Board for such purpose. The bonds of each issue shallbe dated, shall bear interest at such rate or rates not exceeding six percentum per annum, shall mature at such time or times not exceeding fortyyears from their date or dates, as may be determined by the Board, and may bemade redeemable before maturity, at the option of the Board, at such price orprices and under such terms and conditions as may be fixed by the Board priorto the issuance of bonds. The Board 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. The bonds shall be signed by the CommonwealthTransportation Commissioner or shall bear his facsimile signature, and theofficial seal of the Board shall be impressed thereon and attested by thesecretary of the Board, and any coupons attached thereto shall bear thefacsimile signature of the chairman of the Board. In case any officer whosesignature or a facsimile of whose signature shall appear on any bonds orcoupons shall cease to be such officer before the delivery of such bonds,such signature or such facsimile shall nevertheless be valid and sufficientfor all purposes the same as if he had remained in office until suchdelivery. All bonds issued under the provisions of this article shall haveand are hereby declared to have all the qualities and incidents of negotiableinstruments under the negotiable instruments law of the Commonwealth. Thebonds may be issued in coupon or in registered form, or both, as the Boardmay determine, and provision may be made for the registration of any couponbonds as to principal alone and also as to both principal and interest, andfor the reconversion into coupon bonds of any bonds registered as to bothprincipal and interest. The Board may sell such bonds in such manner and forsuch price as it may determine will best effect the purposes of this article.
The proceeds of the bonds of each issue shall be used solely for the paymentof the cost of the turnpike project for which such bonds shall have beenissued, and shall be disbursed in such manner and under such restrictions, ifany, as the Board may provide in the resolution authorizing the issuance ofsuch bonds or in the trust agreement hereinafter mentioned securing the same.If the proceeds of the bonds of any issue, by error of estimates orotherwise, shall be less than such cost, additional bonds may in like mannerbe issued to provide the amount of such deficit, and unless otherwiseprovided in the resolution authorizing the issuance of such bonds or in thetrust agreement securing the same, shall be deemed to be of the same issueand shall be entitled to payment from the same fund without preference orpriority of the bonds first issued. If the proceeds of the bonds of any issueshall exceed such cost, the surplus shall be deposited to the credit of thesinking fund for such bonds.
Prior to the preparation of definitive bonds the Board 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 Board may also provide for thereplacement of any bonds which shall become mutilated or shall be destroyedor lost. Bonds may be issued under the provisions of this article withoutobtaining the consent of any department, division, commission, board, bureauor agency of the Commonwealth, and without any other proceedings or thehappening of any other conditions or things than those proceedings,conditions or things which are specifically required by this article.
(Code 1950, § 33-255.7; 1952, c. 223; 1954, c. 520; 1958, c. 485; 1962, c.552; 1970, c. 322.)