15.2-7010 - Authority obligations to be negotiable instruments; enforcement of bonds. - Virginia Statutes

§ 15.2-7010. Authority obligations to be negotiable instruments; enforcementof bonds.

Notwithstanding the provisions of this chapter, or any provisions of the lawsof the Commonwealth, and any recitals in any bonds, interim receipts, or anyother obligations issued under the provisions of this chapter, all suchbonds, interim receipts, or other obligations shall be deemed to benegotiable instruments under the laws of the Commonwealth. The provisions ofthis chapter, and of any resolution or resolutions or indentures providingfor the issuance and security of any revenue bonds, interim receipts, orother obligations issued as herein set forth, shall constitute a contractwith the holder or holders of any such revenue bonds, interim receipts, orother obligations, and the agreements and covenants of the Authority underthis chapter and under any such resolution, resolutions, or indentures shallbe enforceable by any holder or holders of revenue bonds, interim receipts,or other obligations issued under the provisions of this chapter and anyrepresentative of such holder or holders, and any trustee appointed under thebond resolution and authorized so to do may, by suit, action, injunction,mandamus, or other proceeding issued by a court of competent jurisdiction,enforce any and all rights of such holders under the laws of the Commonwealthor granted by this chapter and in any such bond resolution or indenture, andmay compel performance of all duties required to be performed by this chapterand by such bond resolutions or indenture by the Authority or by any officeror agent thereof, including the fixing, charging, and collecting of fees,tolls, rents, rates, and other charges for the use of the Authorityfacilities.

(2009, c. 471.)