2.2-2302 - Bonds secured by indenture; contents; expenses; how treated. - Virginia Statutes

§ 2.2-2302. Bonds secured by indenture; contents; expenses; how treated.

The bonds may be secured by an indenture by and between the Authority and acorporate trustee that may be any bank or other corporation having the powerof a trust company or any trust company within or without the Commonwealth.The indenture may contain such provisions for protecting and enforcing therights and remedies of the bondholders as may be reasonable and proper andnot in violation of law, including covenants setting forth the duties of theAuthority in relation to the exercise of its powers and the custody,safekeeping and application of all money. The Authority may provide by theindenture for the payment of the proceeds of the bonds and revenues to thetrustee under the indenture or other depository, and for the method ofdisbursement thereof, with such safeguards and restrictions as the Authoritymay determine. If the bonds are secured by an indenture, the bondholdersshall have no authority to appoint a separate trustee to represent them.

(1984, c. 749, § 9-226; 2001, c. 844.)