15.2-5142 - Refunding bonds. - Virginia Statutes

§ 15.2-5142. Refunding bonds.

An authority may provide by resolution for the issuance of revenue refundingbonds of the authority to refund any revenue bonds outstanding and issuedunder this chapter, whether or not such outstanding bonds have matured or arethen subject to redemption. Proceeds of such revenue refunding bonds may beused to discharge the revenue bonds, or such revenue refunding bonds may beexchanged for the revenue bonds. Each such authority may provide byresolution for the issuance of a single issue of revenue bonds of theauthority for the combined purposes of (i) paying the cost of any system, orany combination thereof, or the improvement, extension, addition orreconstruction thereof, and (ii) refunding revenue bonds of the authoritywhich have been issued under the provisions of this chapter which areoutstanding, whether or not such outstanding bonds have matured or are thensubject to redemption. The issuance of such bonds, the maturities and otherdetails thereof, the rights and remedies of the bondholders, and the rights,powers, privileges, duties and obligations of the authority with respect tosuch bonds, shall be governed by the foregoing provisions of this chapter tothe extent that they are applicable.

(Code 1950, § 15-764.28; 1950, p. 1328; 1962, c. 623, § 15.1-1266; 1974, c.226; 1997, c. 587; 2009, c. 473.)