2.2-2287 - Power to borrow money and issue bonds. - Virginia Statutes

§ 2.2-2287. Power to borrow money and issue bonds.

The Authority may borrow money and issue bonds to pay the cost of theprojects for which the bonds have been issued, including but not limited tothe power to issue bonds to renew or to pay bonds, including the interestthereon. Whenever it deems refunding expedient it may refund any bonds by theissuance of new bonds, whether the bonds to be refunded have or have notmatured, and to issue bonds partly to refund outstanding bonds. Refundingbonds may be sold and the proceeds applied to the purchase, redemption orpayment of the bonds to be refunded, or exchanged for the bonds to berefunded. The Authority may undertake the financing of the cost of a projectfor an eligible business from the proceeds of its bonds by one or more of thefollowing methods: (i) entering into a lease for the facilities of theeligible business being financed; (ii) selling such facilities to theeligible business under a sales contract; (iii) lending the proceeds of thesale of the bonds under a loan agreement with the eligible business; (iv)entering into a loans to lenders transaction in the manner described in §2.2-2293; or (v) entering into such other transactions as the Board deemsappropriate to accomplish the purposes of this article.

(1984, c. 749, § 9-207; 2001, c. 844; 2003, c. 339.)