Code of Virginia - Title 3.1 Agriculture, Horticulture And Food - Section 3.1-53 (Repealed effective October 1, 2008) Market bonds, notes, certificates and other evidences of borro...

§ 3.1-53. (Repealed effective October 1, 2008) Market bonds, notes, certificates and other evidences of borro...

The authority is hereby authorized to provide by resolution, at one time or from time to time, for the issuance of revenue or general obligation bonds of the authority for the purpose of effectuating any or all of its purposes and for the purpose of refunding any bonds previously issued under this article. The bonds of each issue shall be dated, shall bear interest at such rate or rates not exceeding six per centum per annum, shall mature at such time or times not exceeding thirty years from their date or dates, as may be determined by the authority, and may be made redeemable before maturity, at the option of the authority, at such price or prices and under such terms and conditions as may be fixed by the authority prior to the issuance of the bonds. The authority shall determine the form of the bonds, including any interest coupons to be attached thereto, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest, which may be at any bank or trust company within or without the Commonwealth. The bonds shall be signed by the chairman of the board of directors of the authority or shall bear his facsimile signature, and the official seal of the authority or a facsimile thereof shall be impressed thereon and attested by the secretary of the authority, and any coupons attached thereto shall bear the facsimile signature of the chairman of the board of directors of the authority. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. All bonds issued under the provisions of this article shall have and are hereby declared to have all the qualities and incidents of negotiable instruments under the negotiable instruments law of the Commonwealth, notwithstanding any of the provisions of this article or any recitals in any such bonds. The bonds may be issued in coupon or registered form, or both, as the authority may determine, and provisions may be made for the registration of any coupon bonds as to principal alone or as to both principal and interest, and for the reconversion into coupon bonds of any bonds registered as to both principal and interest and the interchange of registered and coupon bonds. The authority may sell such bonds in such manner either at public or negotiated sale and for such price as it may determine will best effect the purposes of this article. The proceeds of the bonds of each issue shall be used solely for effectuating the purposes of the authority and shall be disbursed in such manner and under such restrictions, if any, as the authority may provide in the resolution authorizing the issuance of such bonds or in the trust indenture or agreement hereinafter securing the same. Prior to the preparation of definitive bonds, the authority may, under like restrictions, issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds shall have been executed and are available for delivery. The authority may also provide for the replacement of any bonds which shall become mutilated or shall be destroyed or lost. Bonds may be issued under the provisions of this article without obtaining the consent of any department, division, commission, board, bureau or agency of the Commonwealth, and without any other proceeding or the happening of any other conditions or things than those proceedings, conditions or things which are specifically required by this article.

(Code 1950, § 3-79.7; 1954, c. 407; 1958, c. 487; 1966, c. 702.)

Sections:  Previous  3.1-47  3.1-48  3.1-49  3.1-50  3.1-51  3.1-52  3.1-53  3.1-54  3.1-55  3.1-56  3.1-57  3.1-58  3.1-59  3.1-60  3.1-61  Next

Last modified: April 2, 2009