2.2-2291 - Security for bonds; fees and expenses; limitations. - Virginia Statutes

§ 2.2-2291. Security for bonds; fees and expenses; limitations.

A. The bonds or instruments with respect to which financial assistance isprovided by the Authority shall be secured or unsecured in a manner approvedby the Board in its sole discretion.

B. The Board may set the premiums and fees to be paid to it for providingfinancial assistance under this article. The premiums and fees and expensesset by the Board shall be payable in the amounts, at the time and in themanner that the Board, in its discretion, requires. The premiums and feesneed not be uniform among transactions and may vary in amount amongtransactions and at different stages during the terms of the transactions.

C. No portion of the proceeds of an issue of the Authority's bonds that areexempt under federal taxation as qualified bonds under Section 141(e) of theInternal Revenue Code shall be used to provide facilities prohibited inSection 147(e) of the Internal Revenue Code.

(1984, c. 749, §§ 9-212, 9-213, 9-215; 2001, c. 844; 2009, c. 565.)