15.2-5713 - Same; for water or sewer systems, etc. - Virginia Statutes

§ 15.2-5713. Same; for water or sewer systems, etc.

An authority created under the provisions of this chapter is herebyauthorized to provide by resolution, at one time or from time to time, forthe issuance of revenue bonds of the authority for the purpose of paying thewhole or any part of the cost of any water system, sewer system, sewagedisposal system, or garbage and refuse collection and disposal system, or anycombination of any thereof and for improvement and maintenance of any suchsystem. The principal of and the interest on such bonds shall be payablesolely from the funds herein provided for such payment. The bonds of eachissue shall be dated, shall bear interest at such rate or rates as may beauthorized by law, shall mature at such time or times not exceeding twentyyears from their date or dates, as may be determined by the authority, andmay be made redeemable before maturity, at the option of the authority, atsuch price or prices and under such terms and conditions as may be fixed bythe authority prior to the issuance of the bonds.

Revenue bonds issued under the provisions of this chapter shall not be deemedto constitute a debt of the Commonwealth or of any incorporating orparticipating locality, or a pledge of the faith and credit of theCommonwealth or of any incorporating or participating locality.

(Code 1950, § 15-714.11; 1954, c. 540; 1962, c. 623, § 15.1-1238; 1997, c.587.)