Virginia Code 15.2-5431.30: Refunding bonds
An authority may provide by resolution for the issuance of revenue refunding bonds of the authority to refund any revenue bonds outstanding and issued under this chapter, whether or not such outstanding bonds have matured or are then subject to redemption. Proceeds of such revenue refunding bonds may be used to discharge the revenue bonds, or such revenue refunding bonds may be exchanged for the revenue bonds. Each such authority may provide by resolution for the issuance of a single issue of revenue bonds of the authority for the combined purposes of (i) paying the cost of any project or the improvement, extension, addition or reconstruction thereof, and (ii) refunding outstanding revenue bonds of the authority which have been issued under the provisions of this chapter, whether or not such outstanding bonds have matured or are then subject to redemption. The issuance of such bonds, the maturities and other details thereof, the rights and remedies of the bondholders, and the rights, powers, privileges, duties and obligations of the authority with respect to such bonds, shall be governed by the foregoing provisions of this chapter to the extent that they are applicable.
Terms Used In Virginia Code 15.2-5431.30
- Authority: means an authority created under the provisions of this chapter or, if any such authority has been abolished, the entity succeeding to the principal functions thereof. See Virginia Code 15.2-5431.2
- Project: means any system of facilities for provision of qualifying communications services as authorized by Article 5. See Virginia Code 15.2-5431.2
- revenue bonds: include notes, bonds, bond anticipation notes, and other obligations of an authority for the payment of money. See Virginia Code 15.2-5431.2
2003, c. 643.