2006 Code of Virginia § 33.1-278 - Form and terms of bonds

33.1-278. Form and terms of bonds.

The bonds of such issue shall be dated, shall bear interest at such rate orrates and shall mature at such time or times, not exceeding forty years fromtheir date or dates, as may be determined by the Board or by formula ormethod established by resolution of the Board, and may be made redeemablebefore maturity, at the option of the Board, at such price or prices andunder such terms and conditions as may be fixed by the Board prior to theissuance of the bonds. The principal or purchase price of, and redemptionpremium, if any, and interest on, such bonds may be made payable in anylawful medium. The payments of principal and interest may be uniform inamount over the life of the bond; however, such uniformity shall not be aprerequisite to the issuance of such bonds. The Board shall determine theform of the bonds, including any interest coupons to be attached thereto, andshall fix the denomination or denominations of the bonds and the place orplaces of payment of principal and interest thereof, which may be at any bankor trust company within or without the Commonwealth. The bonds shall besigned by the chairman or vice-chairman of the Board and the official seal ofthe Board shall be affixed thereto and attested by the secretary or assistantsecretary of the Board and any coupons attached thereto shall bear thefacsimile signatures of the chairman or vice-chairman of the Board. When anyofficer whose signature appears on the bonds or coupons ceases to be suchofficer before the delivery of such bonds, such signature shall neverthelessbe valid and sufficient for all purposes the same as if such officer hadremained in office until such delivery. All revenue bonds issued under theprovisions of this article shall have and are hereby declared to have, asbetween successive holders, all the qualities and incidents of negotiableinstruments under the negotiable instruments law of the Commonwealth. Suchbonds and the income thereof shall be exempt from all taxation within theCommonwealth. The bonds may be issued in coupon or in registered form, orboth, as the Board may determine, and provision may be made for theregistration of any coupon bond as to principal alone and also as to bothprincipal and interest and for the reconversion of any bonds registered as toboth principal and interest into coupon bonds. Prior to the preparation ofdefinite bonds, the Board, under like restrictions, may issue temporary bondswith or without coupons, exchangeable for definitive bonds upon the issuanceof the latter. The Board may also provide for the replacement of any bondwhich is mutilated, destroyed or lost.

(Code 1950, 33-238; 1958, c. 485; 1970, c. 322; 1983, c. 245; 1986, Sp.Sess., c. 13; 2000, cc. 1019, 1044.)