15.2-4910 - Security for payment of bonds; default. - Virginia Statutes

§ 15.2-4910. Security for payment of bonds; default.

The principal of and interest on any bonds issued by the authority shall besecured by a pledge of the revenues and receipts out of which the same shallbe made payable, and may be secured by a trust indenture covering all or anypart of the authority facilities from which revenues or receipts so pledgedmay be derived, including any enlargements of and additions to any suchprojects thereafter made. The resolution under which the bonds are authorizedto be issued and any such trust indenture may contain any agreements andprovisions respecting the maintenance of the projects covered thereby, thefixing and collection of rents for any portions thereof leased by theauthority to others, the creation and maintenance of special funds from suchrevenues and the rights and remedies available in the event of default, allas the board of directors shall deem advisable not in conflict with theprovisions hereof. Each pledge, agreement and trust indenture made for thebenefit or security of any of the bonds of the authority shall continueeffective until the principal of and interest on such bonds have been fullypaid. In the event of default in such payment or in any agreements of theauthority made as a part of the contract under which the bonds were issued,whether contained in the proceedings authorizing the bonds or in any trustindenture executed as security therefor, such payment or agreements may beenforced by writ of mandamus, or by a suit, action or proceeding at law or inequity to compel the authority and the directors, officers, agents oremployees thereof to perform the terms, provisions, and covenants containedin any trust indenture of the authority, by the appointment of a receiver inequity or by foreclosure of any such trust indenture or any one or more ofsaid remedies.

(1966, c. 651, § 15.1-1381; 1997, c. 587.)