62.1-204 - Power to borrow money and issue bonds and credit enhancements. - Virginia Statutes

§ 62.1-204. Power to borrow money and issue bonds and credit enhancements.

The Authority shall have the power to borrow money and issue its bonds inamounts the Authority determines to be necessary or convenient to providefunds to carry out its purposes and powers and to pay all costs and expensesincurred in connection with the issuance of bonds. The Authority shall alsohave the power to issue credit enhancements with respect to local obligationsissued to finance or refinance the cost of any project. The total outstandingaggregate principal amount of bonds issued by the Authority and localobligations guaranteed by the Authority pursuant to credit enhancements, thatin either case are secured by a capital reserve fund pursuant to theprovisions of § 62.1-215, shall not exceed the sum of $1.5 billion withoutprior approval of the General Assembly.

Notwithstanding the foregoing, the Authority shall not exceed the sum ofeight million dollars in the total principal amount of bonds outstanding atany one time for the purpose of financing any heavy rail transportationfacilities.

(1984, c. 699; 1985, c. 67; 1989, cc. 533, 551; 1990, c. 506; 1994, c. 684;1998, c. 399; 1999, c. 104; 2001, c. 574; 2009, c. 324.)