5.1-2.7 - Revenue bonds generally.
§ 5.1-2.7. Revenue bonds generally.
The Board is hereby authorized to provide for the issuance, at one time orfrom time to time, of revenue bonds of the Board for the purpose of payingall or any part of the cost of any one or more airport projects or of anyportion or portions thereof. The principal of and the interest on such bondsshall be payable solely from the funds provided in this chapter for suchpayment. Any bonds of the Board issued pursuant to this chapter shall notconstitute a debt of the Commonwealth, or any political subdivision thereofother than the Board, and shall so state on their face. Neither thecommissioners of the Board nor any person executing such bonds shall beliable personally thereon by reason of the issuance thereof. The bonds ofeach issue shall be dated, shall bear interest at such rate or rates as maybe determined by the Board, shall mature at such time or times not exceedingforty years from their date or dates, as may be determined by the Board, andmay be made redeemable before maturity, at the option of the Board, at suchprice or prices and under such terms and conditions as may be fixed by theBoard prior to the issuance of the bonds. The Board shall determine the formand the manner of execution of the bonds, including any interest coupons tobe attached thereto, and shall fix the denomination or denominations of thebonds and the place or places of payment of principal and interest, which maybe at any bank or trust company within or without the Commonwealth. In caseany officer whose signature or a facsimile of whose signature shall appear onany bonds or coupons shall cease to be such officer before the delivery ofsuch bonds, such signature or such facsimile shall nevertheless be valid andsufficient for all purposes the same as if he had remained in office untilsuch delivery. The bonds may be issued in coupon or in registered form orboth, as the Board 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 Board may sell such bonds in such manner,either at public or private sale, and for such price as it may determine willbest effect the purposes of this chapter.
The proceeds of the bonds of each issue shall be used solely for the paymentof the cost of the airport project or projects for which such bonds shallhave been issued, and shall be disbursed in such manner and under suchrestrictions, if any, as the Board may provide in the resolution authorizingthe issuance of such bonds or in the trust agreement hereinafter mentionedsecuring the same. If the proceeds of the bonds of any issue, by error ofestimates or otherwise, shall be less than such cost, additional bonds may inlike manner be issued to provide the amount of such deficit, and, unlessotherwise provided in the resolution authorizing the issuance of such bondsor in the trust agreement securing the same, shall be deemed to be of thesame 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 may be applied to thepayment of the cost of any additional airport project or projects.
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 chapter 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 chapter.
(1980, c. 750; 1982, c. 563.)