2006 Code of Virginia § 3.1-53 - Market bonds, notes, certificates and other evidences of borrowing

3.1-53. Market bonds, notes, certificates and other evidences of borrowing.

The authority is hereby authorized to provide by resolution, at one time orfrom time to time, for the issuance of revenue or general obligation bonds ofthe authority for the purpose of effectuating any or all of its purposes andfor the purpose of refunding any bonds previously issued under this article.The bonds of each issue shall be dated, shall bear interest at such rate orrates not exceeding six per centum per annum, shall mature at such time ortimes not exceeding thirty years from their date or dates, as may bedetermined by the authority, and may be made redeemable before maturity, atthe option of the authority, at such price or prices and under such terms andconditions as may be fixed by the authority prior to the issuance of thebonds. The authority shall determine the form of the bonds, including anyinterest coupons to be attached thereto, and shall fix the denomination ordenominations of the bonds and the place or places of payment of principaland interest, which may be at any bank or trust company within or without theCommonwealth. The bonds shall be signed by the chairman of the board ofdirectors of the authority or shall bear his facsimile signature, and theofficial seal of the authority or a facsimile thereof shall be impressedthereon and attested by the secretary of the authority, and any couponsattached thereto shall bear the facsimile signature of the chairman of theboard of directors of the authority. In case any officer whose signature or afacsimile of whose signature shall appear on any bonds or coupons shall ceaseto be such officer before the delivery of such bonds, such signature or suchfacsimile shall nevertheless be valid and sufficient for all purposes thesame as if he had remained in office until such delivery. All bonds issuedunder the provisions of this article shall have and are hereby declared tohave all the qualities and incidents of negotiable instruments under thenegotiable instruments law of the Commonwealth, notwithstanding any of theprovisions of this article or any recitals in any such bonds. The bonds maybe issued in coupon or registered form, or both, as the authority maydetermine, and provisions may be made for the registration of any couponbonds as to principal alone or as to both principal and interest, and for thereconversion into coupon bonds of any bonds registered as to both principaland interest and the interchange of registered and coupon bonds. Theauthority may sell such bonds in such manner either at public or negotiatedsale and for such price as it may determine will best effect the purposes ofthis article. The proceeds of the bonds of each issue shall be used solelyfor effectuating the purposes of the authority and shall be disbursed in suchmanner and under such restrictions, if any, as the authority may provide inthe resolution authorizing the issuance of such bonds or in the trustindenture or agreement hereinafter securing the same. Prior to thepreparation of definitive bonds, the authority may, under like restrictions,issue interim receipts or temporary bonds, with or without coupons,exchangeable for definitive bonds when such bonds shall have been executedand are available for delivery. The authority may also provide for thereplacement of any bonds which shall become mutilated or shall be destroyedor lost. Bonds may be issued under the provisions of this article withoutobtaining the consent of any department, division, commission, board, bureauor agency of the Commonwealth, and without any other proceeding or thehappening of any other conditions or things than those proceedings,conditions or things which are specifically required by this article.

(Code 1950, 3-79.7; 1954, c. 407; 1958, c. 487; 1966, c. 702.)