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ACROSS SESSIONS
- Subject Index: Since 1995
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1994 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 23-30.28 of the Code of Virginia is amended and reenacted as follows:
§ 23-30.28. Bonds of Authority generally.
In order to provide funds for the purchase of educational institution bonds as authorized by § 23-30.27, and to provide funds for the acquisition of equipment as authorized by § 23-30.27:1, the Authority is hereby authorized to provide by resolution, at one time or from time to time, for the issuance of bonds of the Authority in such amount or amounts as the Authority shall determine. Such bonds of the Authority shall be payable solely from funds of the Authority, including, but without limitation, any one or more of the following: (i) payments of principal of and interest on educational institution bonds purchased by the Authority, (ii) the proceeds of the sale of any such educational institution bonds, (iii) payments of principal of and interest on obligations transferred to the Authority by the General Assembly or from other assets or moneys transferred to the Authority by the General Assembly, (iv) the proceeds of the sale of any such obligations or assets, (v) the proceeds from the sale of bonds of the Authority, (vi) payments made by educational institutions under leases or sales of equipment by the Authority, (vii) funds realized from the enforcement of security interests or other liens securing such bonds, (viii) payments due under letters of credit, policies of bond insurance, bond purchase agreements or other credit enhancements securing payment of principal of and interest on bonds of the Authority, (ix) any moneys held in funds established by the Authority pursuant to § 23-30.27:1, (x) any reserve or sinking funds created to secure such payment, and (xi) other available funds of the Authority. Bonds of the Authority issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the faith or credit of the Commonwealth and all bonds of the Authority shall contain on the face thereof a statement to the effect that neither the faith and credit, nor the taxing power of the Commonwealth or of any political subdivision thereof is, or shall be, pledged to the payment of the principal of or the interest on such bonds.
The bonds of each issue shall be dated, shall mature at such time or times,
not exceeding forty years from their date or dates, as may be determined by
the Authority, and may be made redeemable before maturity, at the option of
the Authority, at such price or prices and under such terms and conditions as
may be fixed by the Authority prior to the issuance of the bonds. The bonds
may bear interest payable at such time or times and at such rate or rates as
determined by the Authority or as determined in such manner as the Authority
may provide, including the determination by agents designated by the
Authority under guidelines established by it. The principal and interest of
such bonds may be made payable in any lawful medium. 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 thereof, which may be at the office of the
State Treasurer or at any bank or trust company within or without the
Commonwealth. 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 chapter (other than bonds registered as to principal or in
registered form) shall have and are hereby declared to have, as between
successive holders, all the qualities and incidents of negotiable instruments
under the law of this Commonwealth. The bonds may be issued in coupon or
in registered form, or both, as the Authority may determine, and provisions
may be made for the registration of any coupon bonds as to principal alone
and of registered bonds as to both principal and interest, and for the
reconversion of any bonds registered as to both principal and interest into
coupon bonds and for the exchange of either coupon bonds or registered bonds
without coupons for an equal aggregate principal amount of other coupon bonds
or registered bonds without coupons or both of any denomination or
denominations The bonds shall be in such form, shall bear interest at
such rate or rates, either fixed rates or rates established by formula or
other method, and may contain such other provisions, all as the Authority may
determine. The principal of and premium, if any, and interest on the bonds
shall be payable in lawful money of the United States of America. The
Authority shall fix the denomination or denominations of the bonds and place
or places of payments of principal, premium, if any, and interest at any one
or more banks or trust companies within or without the Commonwealth.
Bonds may be issued under a system of book entry for recording the ownership and transfer of ownership of rights to receive payments of principal of and premium, if any, and interest on the bonds.
The Authority may sell such bonds in such manner, either at public or private
sale, and for such price as it may determine to be for in the
best interests of the Authority. 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. Prior to the
preparation of definitive bonds, the Authority 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 Authority 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
are specified and required by this chapter.
Neither the members of the Authority nor any person executing any bonds issued under the provisions of this chapter shall be liable personally on such bonds or be subject to any personal liability or accountability by reason of the issuance thereof.
The aggregate principal amount of bonds issued outstanding to
finance acquisition of equipment pursuant to § 23-30.27:1 shall not exceed
$150 million.