2.2-2270 - Revenue refunding bonds; bonds for refunding and for cost of additional projects.
§ 2.2-2270. Revenue refunding bonds; bonds for refunding and for cost ofadditional projects.
The Authority may provide for the issuance of revenue refunding bonds of theAuthority for the purpose of refunding any obligations then outstanding whichhave been issued under the provisions of this article or by other state andlocal authorities or political subdivisions of the Commonwealth where suchobligations are secured by a lease or other payment agreement with theCommonwealth, including the payment of any redemption premium thereon and anyinterest accrued or to accrue to the date of redemption of the obligations,and, if deemed advisable by the Authority, for the additional purpose ofconstructing improvements, extensions, or enlargements of the project inconnection with which the obligations to be refunded have been issued. TheAuthority may provide by resolution for the issuance of its revenueobligations for the combined purpose of (i) refunding any obligations thenoutstanding that have been issued under the provisions of this article or byother state and local authorities or political subdivisions of theCommonwealth where such obligations are secured by a lease or other paymentagreement with the Commonwealth, including the payment of any redemptionpremium thereon and any interest accrued or to accrue to the date ofredemption of such obligations, and (ii) paying all or any part of the costof any additional project or any portion thereof. The issuance of the bonds,the maturities and other details thereof, the rights of the holders thereof,and the rights, duties and obligations of the Authority shall be governed bythe provisions of this article insofar as they may be applicable.
(1981, c. 569, § 2.1-234.20; 1998, cc. 498, 504; 2001, c. 844; 2002, cc. 501,542.)