§ 2.2-2291. Security for bonds; fees and expenses; limitations
A. The bonds or instruments with respect to which financial assistance is provided by the Authority shall be secured or unsecured in a manner approved by the Board in its sole discretion.
B. The Board may set the premiums and fees to be paid to it for providing financial assistance under this article. The premiums and fees and expenses set by the Board shall be payable in the amounts, at the time and in the manner that the Board, in its discretion, requires. The premiums and fees need not be uniform among transactions and may vary in amount among transactions and at different stages during the terms of the transactions.
C. No portion of the proceeds of an issue of the Authority's bonds that are exempt under federal taxation as industrial development bonds under Section 103 (b) of the Revenue Code shall be used to provide facilities prohibited in Section 103 (b) (6) (O) of such Revenue Code.
(1984, c. 749, §§ 9-212, 9-213, 9-215; 2001, c. 844.)
Sections: Previous 2.2-2284 2.2-2285 2.2-2286 2.2-2287 2.2-2288 2.2-2289 2.2-2290 2.2-2291 2.2-2292 2.2-2293 2.2-2294 2.2-2295 2.2-2296 2.2-2297 2.2-2298 NextLast modified: April 2, 2009