62.1-208 - Authorization, content and sale of bonds and credit enhancements.
§ 62.1-208. Authorization, content and sale of bonds and credit enhancements.
A. The bonds and credit enhancements of the Authority shall be authorized bya resolution of the Board of Directors.
B. The bonds shall bear the date or dates and mature at the time or timesthat the resolution provides, except that no bond shall mature more thanfifty years from its date of issue. The bonds may be in the denominations, beexecuted in the manner, be payable in the medium of payment, be payable atthe place or places and at the time or times, and be subject to redemption orrepurchase and contain such other provisions as may be determined by theAuthority prior to their issuance. The bonds may bear interest payable atsuch time or times and at such rate or rates as determined by the Authorityor as determined in such manner as the Authority may provide, including thedetermination by agents designated by the Authority under guidelinesestablished by it. Bonds may be sold by the Authority at public or privatesale at the price or prices that the Authority determines and approves.
C. The Authority may bring action pursuant to Article 6 (§ 15.2-2650 et seq.)of Chapter 26 of Title 15.2 to determine the validity of any issuance orproposed issuance of its bonds or credit enhancements under this chapter andthe legality and validity of all proceedings previously taken, or proposed ina resolution of the Authority to be taken, for the authorization, issuance,sale and delivery of bonds or credit enhancements and for the payment of theprincipal of and premium, if any, and interest on bonds or payments ofamounts due under credit enhancements of the Authority.
(1984, c. 699; 1985, c. 67; 1998, c. 399.)