Code of Virginia § 2.2-2302. Bonds secured by indenture; contents; expenses; how treated.
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/va/title-2-2/chapter-22/2-2-2302A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The bonds may be secured by an indenture by and between the Authority and a corporate trustee that may be any bank or other corporation having the power of a trust company or any trust company within or without the Commonwealth. The indenture may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the Authority in relation to the exercise of its powers and the custody, safekeeping and application of all money.
The Authority may provide by the indenture for the payment of the proceeds of the bonds and revenues to the trustee under the indenture or other depository, and for the method of disbursement thereof, with such safeguards and restrictions as the Authority may determine. If the bonds are secured by an indenture, the bondholders shall have no authority to appoint a separate trustee to represent them.
1984, c. 749, § 9-226; 2001, c. 844 .