15.2-7219 - Contracts concerning interest rates and investments. - Virginia Statutes

§ 15.2-7219. Contracts concerning interest rates and investments.

The Authority may enter into any contract that the Board of Directorsdetermines to be necessary or appropriate to place the obligation orinvestment of the Authority, as represented by the bonds or the investment oftheir proceeds, in whole or in part, on the interest rate, cash flow, orother basis desired by the Authority, which contract may include, withoutlimitation, interest rate swap agreements, future contracts and contractsproviding for payments based upon levels of, or changes in, interest rates.These contracts or arrangements may be entered into by the Authority inconnection with, or incidental to, entering into or maintaining any (i)agreement that secures bonds or (ii) investment, or contract providing forinvestment, otherwise authorized by law. These contracts may contain suchpayment, security, default, remedy, and other terms as determined by theAuthority. Any money set aside and pledged to secure payments of bonds or anycontracts entered into pursuant to this section may be invested in accordancewith Chapter 45 (§ 2.2-4500 et seq.) of Title 2.2 and may be pledged to andused to service any of the contracts or agreements entered into pursuant tothis section.

(2010, cc. 117, 210.)