§ 15.2-7412. Authority to issue bonds
The Authority shall have the power to issue bonds from time to time in its discretion, for any of its purposes, including the payment of all or any part of the cost of Authority facilities and including the payment or retirement of bonds previously issued by it. The Authority may issue such types of bonds […]
§ 15.2-7413. Fees, rents, and charges
The Authority is hereby authorized to and shall fix, revise, charge, and collect fees, rents, and other charges for the use and services of any facilities or access site. Such fees, rents, and other charges shall be so fixed and adjusted as to provide a fund sufficient with other revenues to pay the cost of […]
§ 15.2-7414. Credit of Commonwealth and political subdivisions not pledged
Bonds issued pursuant to the provisions of this act shall not be deemed to constitute a debt of the Commonwealth, or any political subdivision thereof other than the Authority, but such bonds shall be payable solely from the funds provided therefor as herein authorized. All such bonds shall contain on the face thereof a statement […]
§ 15.2-7415. Directors and persons executing bonds not liable thereon
Neither the board of directors nor any person executing the bonds shall be liable personally for the Authority’s bonds by reasons of the issuance thereof. 2014, c. 471.
§ 15.2-7416. Security for payment of bonds; default
The principal of and interest on any bonds issued by the Authority shall be secured by a pledge of the revenues and receipts out of which the same shall be made payable, and may be secured by a trust indenture covering all or any part of the Authority facilities from which revenues or receipts so […]
§ 15.2-7417. Taxation
The exercise of the powers granted by this act shall in all respects be presumed to be for the benefit of the inhabitants of the Commonwealth, for the increase of their commerce, and for the promotion of their health, safety, welfare, convenience, and prosperity, and as the operation and maintenance of any project that the […]
§ 15.2-7418. Bonds as legal investments
Bonds issued by the Authority under the provisions of this act are hereby made securities in which all public officers and public bodies of the Commonwealth and its political subdivisions and all insurance companies, trust companies, banking associations, investment companies, executors, administrators, trustees, and other fiduciaries may properly and legally invest funds, including capital, in […]
§ 15.2-7404. Appointment of a board of directors
The powers of the Authority shall be vested in the directors of the Authority. The governing body of each participating political subdivision shall appoint either one or two directors, one of whom shall be a member of the appointing governing body or its chief operating officer. In the event there are two or fewer participating […]
§ 15.2-7405. Organization
A simple majority of the directors in office shall constitute a quorum. No vacancy in the membership of the Authority shall impair the right of a quorum to exercise all the rights and perform all the duties of the Authority. The Authority shall hold regular meetings at such times and places as may be established […]
§ 15.2-7406. Powers
The Authority is hereby granted all powers necessary or appropriate to carry out the purposes of this act, including the following, to: 1. Adopt bylaws for the regulation of its affairs and the conduct of its business; 2. Sue and be sued in its own name; 3. Have perpetual succession; 4. Adopt a corporate seal […]