All moneys received pursuant to the provisions of this chapter, whether as proceeds from the sale of revenue bonds or refunding bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. The Authority shall, in the resolution authorizing such bonds or in the trust agreement securing such bonds, provide for the payment of the proceeds of the sale of the bonds and the revenues to be received to a trustee, which shall be any trust company or bank having the powers of a trust company within or without the Commonwealth, who shall act as trustee of the funds, and hold and apply the same to the purposes of this chapter, subject to such regulations as this chapter and such resolution or trust agreement may provide. In the case of the proceeds of the sale of revenue bonds or revenues, the trustee may invest and reinvest such funds pending their need for the construction of the project in securities that are legal investments under the laws of the Commonwealth for funds held by fiduciaries. In the case of the proceeds of the sale of refunding bonds, the trustee may invest and reinvest such funds in direct obligations of, or obligations the principal of and the interest on which are guaranteed by, the United States of America. Such money and the interest, income and profits, if any, earned on such investment, shall be available for the payment of all or any part of the principal, interest, and redemption premium, if any, of the bonds being refunded. The proceeds of the sale of refunding bonds shall be so invested and applied as to assure that the principal, interest, and redemption premium, if any, on the bonds being refunded shall be paid in full on their respective maturity, redemption or interest payment dates. After the terms of the trust have been fully satisfied, and carried out, any balance of such proceeds and interest, income and profits, if any, earned or realized on the investments thereof may be returned to the Authority for use by it in any lawful manner.
Code 1950, § 62-106.15; 1954, c. 667; 1968, c. 1981, c. 590.
Structure Code of Virginia
Title 62.1 - Waters of the State, Ports and Harbors
Chapter 10 - Virginia Port Authority
§ 62.1-129. Board of Commissioners; members and officers; Executive Director; agents and employees
§ 62.1-129.1. Employees; employment; personnel rules; health insurance; retirement plans
§ 62.1-129.2. Trust for postemployment benefits authorized; administration
§ 62.1-130. Powers and duties of Executive Director
§ 62.1-131. Office and branch offices; title to property
§ 62.1-132. Local authorities subordinate to Authority
§ 62.1-132.2. Bylaws and organization
§ 62.1-132.3. Stimulation of commerce
§ 62.1-132.3:1. Port Opportunity Fund
§ 62.1-132.3:2. Port of Virginia Economic and Infrastructure Development Grant Fund and Program
§ 62.1-132.3:3. Virginia Waterway Maintenance Fund
§ 62.1-132.3:4. Virginia Waterway Maintenance Grant Program
§ 62.1-132.4. Rates and rate structures
§ 62.1-132.7. Employment of personnel and legal counsel
§ 62.1-132.8. Consolidation of terminal operations
§ 62.1-132.9. Foreign trade zones
§ 62.1-132.10. Publications of Authority
§ 62.1-132.11. Police powers; penalties
§ 62.1-132.11:1. Prevention and suppression of fire
§ 62.1-132.12. Employment, jurisdiction, and power of special police officers
§ 62.1-132.12:1. Agreements with private terminal operators
§ 62.1-132.13. Cooperation with federal agencies
§ 62.1-132.14. Agreement of local cooperation with Corps of Engineers
§ 62.1-132.15. Grants and loans from federal agencies
§ 62.1-132.16. Fees and charges
§ 62.1-132.17. Grants of funds and property
§ 62.1-132.18. Acquisition of property
§ 62.1-132.19. Acquisition and lease of property
§ 62.1-132.20. Craney Island Disposal Area
§ 62.1-134.1. Expediting shipment of coal
§ 62.1-136. Power of eminent domain
§ 62.1-138. Powers of State Corporation Commission not affected
§ 62.1-139. Forms of accounts and records; annual report
§ 62.1-143. Proceeds of bonds and revenues held in trust for certain purposes
§ 62.1-144. Remedies of bondholders and trustee
§ 62.1-145. Exercise of powers constitutes governmental functions; exemption from taxation
§ 62.1-146. Bonds as legal investments
§ 62.1-147.1. Legalization of prior actions
§ 62.1-147.1:1. Exemption of Authority from certain technology procedures