10.1-1604 - Form, terms, and execution of bonds. - Virginia Statutes

§ 10.1-1604. Form, terms, and execution of bonds.

A. The bonds of each issue shall be dated, shall bear interest at rates fixedby the Authority, shall mature at a time not exceeding forty years from theirdate, as determined by the Authority, and may be made redeemable beforematurity, at the option of the Authority, at a price and under terms andconditions fixed by the Authority prior to the issuance of the bonds. TheAuthority shall determine the form of bonds and manner of execution of thebonds and shall fix the denomination of the bonds and the place of payment ofprincipal and interest, which may be at any bank or trust company.

B. The bonds shall be signed by the chairman or vice-chairman of theAuthority, or if authorized by the Authority, shall bear his facsimilesignature, and the official seal of the Authority, or, if authorized by theAuthority, a facsimile signature thereof shall be impressed or imprintedthereon and attested by the secretary or any assistant secretary of theAuthority, or, if authorized by the Authority, with the facsimile signatureof such secretary or assistant secretary. Any coupons attached to bondsissued by the Authority shall bear the signature or facsimile signature ofthe chairman or vice-chairman of the Authority. If any officer whosesignature or facsimile signature appears on any bonds or coupons ceases to bean officer before the delivery of the bonds, the signature or facsimile shallnevertheless be valid for all purposes. Any bonds may bear the facsimilesignature of, or may be signed by, persons who are the proper officers tosign the bonds at the actual time of the execution of such bonds although atthe date of the bonds such persons may not have been officers.

(1986, c. 360, § 10-158.6; 1988, c. 891.)