§ 33.1-293. Revenue refunding bonds and revenue bonds for combined purposes
Notwithstanding any of the other provisions of this article and without regard to any other restrictions or limitations contained in this article, the Board is hereby authorized to provide by resolution (a) for the issuance of revenue refunding bonds of the Commonwealth for the purpose of refunding any revenue bonds issued under the provisions of this article and then outstanding, including interest to the earliest call date of such outstanding bonds and premiums, if any, payable on such call date, and (b) for the issuance of a single issue of revenue bonds of the Commonwealth for the combined purpose of providing funds (i) to pay the cost of either or both of the projects described in paragraphs (b) and (j) of subdivision (2) of § 33.1-268 of this article in event the Board has decided or shall decide to construct either or both of said projects under authority heretofore granted, and (ii) to refund revenue bonds of the Commonwealth theretofore issued under the provisions of this article and then outstanding, including interest to the earliest call date of such outstanding bonds and premiums, if any, payable on such call date. For the purposes of this section, the word "project" shall, in relation to the project described in said paragraph (j), include approach highways thereto and bus facilities for the transportation of passengers through or over said project if the Board shall deem it advisable to construct such approach highways or acquire such bus facilities; and the term "cost of the project" shall, in relation to the projects described in said paragraphs (b) and (j), include an amount sufficient to reimburse the Board for expenditures or advances theretofore made by the Board on account of the cost of either or both of said projects, and shall, in relation to the project described in said paragraph (j), include provision of a sum, deemed by the Board to be sufficient for the purpose, to be utilized by the Board for the payment of employment severance benefits to employees of the Board rendering services in connection with the projects mentioned in paragraphs (g) and (i) of subdivision (2) of said § 33.1-268 and shall include the cost of constructing approach highways and of providing bus facilities if the Board shall deem it expedient to construct such approach highways or acquire such facilities as a part of the project described in said paragraph (j). In the event bonds shall be issued for the combined purpose set forth in clause (b) of this section, such amount of the proceeds of such bonds as may be required, together with other funds available for such purpose, for the redemption of the outstanding bonds to be refunded shall be deposited by the Board in trust with the trustee under the trust indenture securing such outstanding bonds for the sole and exclusive purpose of paying and redeeming such bonds, and the balance of such proceeds shall be used solely for the payment of the cost of the project or projects to be constructed.
The issuance of such bonds, the maturities and other details thereof, the rights of the holders thereof and the duties of the Commonwealth and of the Board in respect to the same shall be governed by the foregoing provisions of this article insofar as the same may be applicable.
(Code 1950, § 33-253; 1954, c. 319; 1970, c. 322.)Sections: Previous 33.1-286 33.1-287 33.1-288 33.1-289 33.1-290 33.1-291 33.1-292 33.1-293 33.1-294 33.1-295 33.1-296 33.1-297 33.1-298 33.1-299 33.1-300 Next
Last modified: April 16, 2009