15.2-5209 - Provisions to secure payment of bonds. - Virginia Statutes

§ 15.2-5209. Provisions to secure payment of bonds.

Any commission resolution authorizing the issuance of any bonds may containprovisions, which shall be a part of the contract with the holders of thebonds, (i) pledging any or all revenues of the hospital or health center tosecure the payment of the interest on such bonds and to create a sinking fundto retire the principal thereof at maturity; (ii) providing for the grantingof a lien on, or the creation of a security interest in, any property, realor personal, of the commission as security for the payment of the principalof, and interest on, such bonds and the due and punctual performance of anyagreements made in connection therewith; (iii) providing for such schedule offees and charges as will produce funds sufficient to pay operating costs anddebt service until such bonds are retired; and (iv) prescribing the rights,obligations, powers and duties of the commission, the trustee under any trustindenture under which the bonds are issued, and the bondholders, inconnection with or pertaining to such bonds.

(Code 1950, § 32-283; 1979, c. 719, § 15.1-1523; 1994, c. 759; 1997, c. 587.)