5.1-162 - Refunding bonds. - Virginia Statutes

§ 5.1-162. Refunding bonds.

The Authority is hereby authorized to provide by resolution for the issuanceof its revenue refunding bonds for the purpose of refunding any bonds thenoutstanding which shall have been issued under the provisions of this act,including the payment of any redemption premium thereon and any interestaccrued or to accrue to the date of redemption of such bonds, and if deemedadvisable by the Authority, for either or both of the following additionalpurposes: constructing improvements, extensions or enlargement of theAuthority Facilities in connection with which the bonds to be refunded shallhave been issued, and paying all or any part of the cost of any additionalAuthority Facilities. The issuance of such bonds, the maturities and otherdetails thereof, the rights of the holders thereof, and the rights, dutiesand obligations of the Authority in respect to the same, shall be governed bythe provisions of this act insofar as the same may be applicable. Revenuerefunding bonds issued under this section may be sold or exchanged foroutstanding bonds issued under this act and, if sold, the proceeds thereofmay be applied to the purchase, redemption or payment of such outstandingbonds.

(2001, c. 342.)