Virginia Law

Notwithstanding any other provision of this chapter and without regard to any other restrictions or limitations contained in this chapter, the Board is authorized to provide by resolution (i) for the issuance of revenue refunding bonds of the Commonwealth for the purpose of refunding any revenue bonds issued under the provisions of this chapter and then outstanding, including interest to the earliest call date of such outstanding bonds and premiums, if any, payable on such call date, and (ii) for the issuance of a single issue of revenue bonds of the Commonwealth for the combined purpose of providing funds (a) to pay the cost of either or both of the projects described in subdivisions 2 and 5 of the definition of "project" in § 33.2-1700 in the event the Board has decided or shall decide to construct either or both of such projects under authority granted in this chapter and (b) to refund revenue bonds of the Commonwealth issued under the provisions of this chapter and then outstanding, including interest to the earliest call date of such outstanding bonds and premiums, if any, payable on such call date. For the purposes of this section, "project," in relation to the project described in subdivision 5 of the definition of "project" in § 33.2-1700, includes approach highways thereto and bus facilities for the transportation of passengers through or over the project if the Board deems it advisable to construct such approach highways or acquire such bus facilities, and "cost of the project," in relation to the projects described in subdivisions 2 and 5 of the definition of "project" in § 33.2-1700, includes an amount sufficient to reimburse the Board for expenditures or advances made by the Board on account of the cost of either or both of the projects and, in relation to the project described in subdivision 5 of the definition of "project" in § 33.2-1700, includes provision of a sum deemed by the Board to be sufficient for the purpose and includes the cost of constructing approach highways and of providing bus facilities if the Board deems it expedient to construct such approach highways or acquire such facilities as a part of the project described in subdivision 5 of the definition of "project" in § 33.2-1700. In the event bonds are issued for the combined purpose set forth in clause (ii), such amount of the proceeds of such bonds as may be required, together with other funds available for such purpose, for the redemption of the outstanding bonds to be refunded shall be deposited by the Board in trust with the trustee under the trust indenture securing such outstanding bonds for the sole and exclusive purpose of paying and redeeming such bonds, and the balance of such proceeds shall be used solely for the payment of the cost of the project to be constructed.

The issuance of such bonds, the maturities and other details thereof, the rights of the holders thereof, and the duties of the Commonwealth and of the Board in respect to the same shall be governed by the provisions of this chapter as applicable.

Code 1950, § 33-253; 1954, c. 319; 1970, c. 322, § 33.1-293; 2013, cc. 585, 646; 2014, c. 805.