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2002 SESSION
022012972Be it enacted by the General Assembly of Virginia:
1. That § 7 of Chapter 714 of the Acts of Assembly of 1956, as amended by Chapter 24 of the Acts of Assembly of 1959, is amended and reenacted as follows:
§ 7. Revenue Bonds.
The Commission is hereby authorized to provide by resolution, at one time or
from time to time, for issuance of revenue bonds of the District for any one or
more of the following purposes: (a) paying all or a part of the cost of all or
a part of the project, (b) paying the cost of acquiring or constructing
enlargements or improvements to any public ferry service then being operated by
the Commission, and (c) refunding any outstanding revenue bonds of the District
which shall have been issued under the provisions of this act or Chapter 693 of
the Acts of Assembly of 1954, including the payment of any redemption premium
thereon and any interest accrued or to accrue to the date of redemption of such
bonds. The principal of and the interest on such bonds shall be payable solely
from the funds herein provided for such payment. The bonds of each issue shall
be dated, shall bear interest at such rate or rates not exceeding six per
centum per annum, payable semi-annually, and shall mature at such time or
times, not exceeding forty years from their date or dates, as may be determined by
the Commission, and may be made redeemable before maturity, at the option of
the Commission, at such price or prices and under such terms and conditions as
may be fixed by the Commission prior to the issuance of the bonds. The
principal and interest of such bonds may be payable in any lawful medium. The
Commission 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 thereof, which may be at any bank or trust
company within or without the State. In case any officer whose signature or a
facsimile of whose signature shall appear on any bonds or coupons shall cease
to be such officer before the delivery of such bonds such signature or such
facsimile shall nevertheless be valid and sufficient for all purposes the same
as if he had remained in office until such delivery. All revenue bonds issued
under the provisions of this act shall have and are hereby declared to have as
between successive holders all the qualities and incidents of negotiable
instruments under the negotiable instruments law of the State. The bonds may
be issued in coupon or in registered form, or both, as the Commission may
determine, and 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 of any bonds registered as to both principal and interest into
coupon bonds. The Commission may sell such bonds in such manner and for such
price as it may determine to be for the best interest of the District but no
such sale shall be made at a price so low as to require the payment of interest on
the money received thereof at more than six per centum per annum computed with
relation to the absolute maturity of the bonds in accordance with standard
tables of bond values, excluding, however, from such computations the amount of
any premium to be paid on redemption of any bonds prior to maturity. The
proceeds of such bonds shall be disbursed for the purposes for which such bonds shall
have been issued under such restrictions, if any, as the resolution authorizing the
issuance of such bonds or the trust indenture hereinafter mentioned may
provide. If the bonds of a particular issue, by error or estimates or
otherwise, shall be less than such cost, additional bonds may in like manner be
issued to provide the amount of such deficit and, unless otherwise provided in
the resolution authorizing the issuance of bonds or in the trust indenture
securing the same, shall be deemed to be of the same issue and shall be
entitled to payment from the same fund without preference or priority of the
bonds first issued for the same purpose. Of the proceeds of the bonds are
issued, the surplus shall be paid into the funds hereinafter provided for the
payment of principal and interest of such bonds. Prior to the preparation of
definitive bonds, the Commission may, under like restrictions issue temporary
bonds, with or without coupons, exchangeable for definitive bonds when such
bonds shall have been executed and are available for delivery. The Commission
may also provide for the replacement of any bond which shall become mutilated
or shall be destroyed or lost. Such revenue bonds may be issued without any
other proceedings or the happening of any other conditions or things than the
proceedings, conditions, and things which that are specified and required by
this act.
Notwithstanding the foregoing provisions of this section, the Commission shall not issue any bonds after June 30, 2002, to pay the cost of acquiring or constructing enlargements or improvements to the project that would substantially expand its capacity to accommodate larger flows of traffic without the consent of the General Assembly. The refunding of revenue bonds outstanding from time to time and the issuance of bonds to pay the cost of repairs and renovations to or replacements of existing portions of the project shall not be restricted in any way by these provisions.