15.2-5431.30 - Refunding bonds. - Virginia Statutes

§ 15.2-5431.30. 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 project orthe improvement, extension, addition or reconstruction thereof, and (ii)refunding outstanding revenue bonds of the authority which have been issuedunder the provisions of this chapter, whether or not such outstanding bondshave matured or are then subject to redemption. The issuance of such bonds,the maturities and other details thereof, the rights and remedies of thebondholders, and the rights, powers, privileges, duties and obligations ofthe authority with respect to such bonds, shall be governed by the foregoingprovisions of this chapter to the extent that they are applicable.

(2003, c. 643.)