15.2-5125 - Issuance of revenue bonds. - Virginia Statutes

§ 15.2-5125. Issuance of revenue bonds.

An authority may provide by resolution for the issuance of revenue bonds ofthe authority for the purpose of paying the whole or any part of the cost ofany system. A community development authority created under Article 6 (§15.2-5152 et seq.) of this chapter may provide by resolution for the issuanceof revenue bonds of the authority for the purpose of paying the whole or anypart of the cost of such facilities which may be provided by the authorityunder § 15.2-5158. The principal of and the interest on the bonds shall bepayable solely from the funds provided for in this chapter for such payment.The full faith and credit of a political subdivision shall not be pledged tosupport the bonds. The bonds of each issue may be dated, may mature at anytime or times not exceeding forty years from their date or dates, may besubject to redemption or repurchase at such price or prices and under suchterms and conditions, and may contain such other provisions, all asdetermined before their issuance by the authority or in such manner as theauthority may provide. The bonds may bear interest payable at such time ortimes and at such rate or rates as determined by the authority or in suchmanner as the authority may provide, including the determination by referenceto indices or formulas or by agents designated by the authority underguidelines established by it. The authority shall determine the form of thebonds, including any interest coupons to be attached thereto, and the mannerof execution of the bonds, and shall fix the denomination or denominations ofthe bonds and the place or places of payment of principal and interest, whichmay be at any bank or trust company within or outside the Commonwealth. Ifany officer whose signature or a facsimile of whose signature appears on anybonds or coupons, ceases to be an officer before the delivery of such bonds,his signature or facsimile shall nevertheless be valid and sufficient for allpurposes the same as if he had remained in office until delivery. All revenuebonds issued under the provisions of this chapter shall have, as betweensuccessive holders, all the qualities and incidents of negotiable instrumentsunder the negotiable instruments law of the Commonwealth. The bonds may beissued in coupon, bearer, registered or book entry form, or any combinationof such forms, as the authority may determine. Provision may be made for theregistration of any coupon bonds as to principal alone and also as to bothprincipal and interest, and for the reconversion into coupon bonds of anybonds registered as to both principal and interest. The issuance of suchbonds shall not be subject to any limitations or conditions contained in anyother law, and the authority may sell such bonds in such manner, either at apublic or a private sale, and for such price, as it may determine to be forthe best interest of the authority and the political subdivisions to beserved thereby.

(Code 1950, § 15-764.14; 1950, p. 1321; 1958, c. 484; 1962, c. 623, §15.1-1252; 1970, c. 617; 1993, c. 850; 1997, cc. 527, 573, 587; 2009, c. 473.)