An authority may provide by resolution for the issuance of revenue bonds of the authority for the purpose of paying the whole or any part of the cost of any project. The principal of and the interest on the bonds shall be payable solely from the funds provided for in this chapter for such payment. The full faith and credit of the locality shall not be pledged to support the bonds. The bonds of each issue may be dated, may mature at any time or times not exceeding 40 years from their date or dates, may be subject to redemption or repurchase at such price or prices and under such terms and conditions, and may contain such other provisions, all as determined before their issuance by the authority or in such manner as the authority may provide. The bonds may bear interest payable at such time or times and at such rate or rates as determined by the authority or in such manner as the authority may provide, including the determination by reference to indices or formulas or by agents designated by the authority under guidelines established by it. The authority shall determine the form of the bonds, including any interest coupons to be attached thereto, and the manner of execution of the bonds, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest, which may be at any bank or trust company within or outside the Commonwealth. If any officer whose signature or a facsimile of whose signature appears on any bonds or coupons, ceases to be an officer before the delivery of such bonds, his signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until delivery. All revenue bonds issued under the provisions of this chapter shall have, as between successive holders, all the qualities and incidents of negotiable instruments under the negotiable instruments law of the Commonwealth. The bonds may be issued in coupon, bearer, registered or book entry form, or any combination of such forms, as the authority may determine. Provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds of any bonds registered as to both principal and interest. The issuance of such bonds shall not be subject to any limitations or conditions contained in any other law, and the authority may sell such bonds in such manner, either at a public or a private sale, and for such price, as it may determine to be for the best interest of the authority and the political subdivisions to be served thereby.
2003, c. 643.
Structure Code of Virginia
Title 15.2 - Counties, Cities and Towns
Chapter 54.1 - Virginia Wireless Service Authorities Act
§ 15.2-5431.1. Title of chapter; construction
§ 15.2-5431.3. Creation of authority
§ 15.2-5431.4. Resolution creating authority to include articles of incorporation
§ 15.2-5431.5. Advertisement of resolution and notice of hearing
§ 15.2-5431.6. Hearing; referendum
§ 15.2-5431.7. Filing articles of incorporation
§ 15.2-5431.8. Issuance of certificate or charter
§ 15.2-5431.8:1. Amendment of articles of incorporation
§ 15.2-5431.9. Dissolution and termination of authority
§ 15.2-5431.9:1. Joinder of another locality or authority; withdrawal from authority
§ 15.2-5431.10. Members of authority board; chief administrative or executive officer
§ 15.2-5431.11. Powers of authority
§ 15.2-5431.12. Contracts relating to use of systems
§ 15.2-5431.13. Insurance for employees
§ 15.2-5431.14. Issuance of revenue bonds
§ 15.2-5431.15. Time for contesting validity of proposed bond issue; when bonds presumed valid
§ 15.2-5431.16. Proceeds of bonds
§ 15.2-5431.17. Interim receipts and temporary bonds; bonds mutilated, lost or destroyed
§ 15.2-5431.18. Provisions of chapter only requirements for issue
§ 15.2-5431.19. Limitations in bond resolution or trust agreement
§ 15.2-5431.20. Bonds not debts of Commonwealth or participating political subdivision
§ 15.2-5431.21. Exemption from taxation
§ 15.2-5431.22. Trust agreement; bond resolution
§ 15.2-5431.23. Disposition of unclaimed funds due on matured bonds or coupons
§ 15.2-5431.24. Contracts concerning interest rates, currency, cash flow and other basis
§ 15.2-5431.25. Rates and charges
§ 15.2-5431.26. Enforcement of charges
§ 15.2-5431.27. Lien for charges
§ 15.2-5431.29. Bondholder's remedies
§ 15.2-5431.30. Refunding bonds
§ 15.2-5431.31. Purchase in open market or otherwise
§ 15.2-5431.32. Investment in bonds
§ 15.2-5431.33. Financial report; authority budget; audit
§ 15.2-5431.34. Use of state land
§ 15.2-5431.35. Powers of localities to make grants and conveyances to and contracts with authority
§ 15.2-5431.35:1. Creating or joining more than one authority
§ 15.2-5431.36. Liability of members or officers
§ 15.2-5431.37. Provisions of chapter cumulative; construction