Virginia Code 15.2-5143: Purchase in open market or otherwise
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Provision may be made in the proceedings authorizing refunding revenue bonds for the purchase of the refunded revenue bonds in the open market or pursuant to tenders made from time to time when there is available in the escrow or sinking fund for the payment of the refunded revenue bonds a surplus in an amount or amounts to be fixed in such proceedings.
Terms Used In Virginia Code 15.2-5143
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- revenue bonds: include notes, bonds, bond anticipation notes, and other obligations of an authority for the payment of money. See Virginia Code 15.2-5101
1997, c. 587.