Code of Virginia - Title 62.1 Waters Of The State, Ports And Harbors - Chapter 21 Virginia Resources Authority

62.1-197 Short title
This chapter shall be known and may be cited as the Virginia Resources Authority Act. (1984, c. 699; 1985, c. 67.) ...

62.1-198 Legislative findings and purposes
The General Assembly finds that there exists in the Commonwealth a critical need for additional sources of funding to finance the present and future needs ...

62.1-199 Definitions
As used in this chapter, unless a different meaning clearly appears from the context: "Authority" means the Virginia Resources Authority created by this chapter. "Board ...

62.1-200 Creation of Authority
The Virginia Resources Authority is created, with the duties and powers set forth in this chapter, as a public body corporate and as a political ...

62.1-201 Board of Directors
A. All powers, rights and duties conferred by this chapter or other provisions of law upon the Authority shall be exercised by a board of ...

62.1-202 Appointment and duties of Executive Director
The Governor shall appoint an Executive Director of the Authority, who shall report to, but not be a member of, the Board of Directors. The ...

62.1-203 Powers of Authority
The Authority is granted all powers necessary or appropriate to carry out and to effectuate its purposes, including the following: 1. To have perpetual succession ...

62.1-204 Power to borrow money and issue bonds and credit enhancements
The Authority shall have the power to borrow money and issue its bonds in amounts the Authority determines to be necessary or convenient to provide ...

62.1-205 Power to issue refunding bonds
The Authority shall have the power: (i) to issue bonds to renew or to pay bonds, including the interest, (ii) whenever it deems refunding expedient, ...

62.1-206 Sources of payment and security for bonds and credit enhancements
The Authority shall have the power to pledge any revenue or funds of or under the control of the Authority to the payment of its ...

62.1-207 Liability of Commonwealth, political subdivisions and members of board of directors
No bonds or credit enhancements issued by the Authority under this chapter shall constitute a debt or a pledge of the faith and credit of ...

62.1-208 Authorization, content and sale of bonds and credit enhancements
A. The bonds and credit enhancements of the Authority shall be authorized by a resolution of the Board of Directors. B. The bonds shall bear ...

62.1-209 Provisions of resolution or trust indenture authorizing issuance of bonds
A. Bonds may be secured by a trust indenture between the Authority and a corporate trustee, which may be any bank having the power of ...

62.1-210 Pledge by Authority
Any pledge made by the Authority shall be valid and binding from the time when the pledge is made. The revenue, money or property so ...

62.1-211 Purchase of bonds by Authority
The Authority, subject to such agreements with bondholders as may then exist, shall have the power to purchase bonds of the Authority out of any ...

62.1-212 Bonds as negotiable instruments
Whether or not in form and character of negotiable instruments, the bonds of the Authority are hereby made negotiable instruments, subject only to provisions of ...

62.1-213 Validity of signatures of prior members or officers
In the event that any of the members of the board of directors or any officers of the Authority cease to be members or officers ...

62.1-214 Bondholder protection
Subsequent amendments to this chapter shall not limit the rights vested in the Authority with respect to any agreements made with, or remedies available to, ...

62.1-215 Establishment of capital reserve funds
A. 1. The Authority may create and establish one or more capital reserve funds and may pay into each capital reserve fund (i) any moneys ...

62.1-216 Purchase and credit enhancements of local obligations
The Authority shall have the power and authority, with any funds of the Authority available for such a purpose, to purchase and acquire, on terms ...

62.1-216.1 Investigation by Governor of alleged defaults; withholding state funds from defaulting locality; pa...
Whenever it appears to the Governor from an affidavit filed with him by the Authority as the purchaser, holder, or credit enhancer of local obligations ...

62.1-217 Grants from Commonwealth
The Commonwealth may make grants of money or property to the Authority for the purpose of enabling it to carry out its corporate purposes and ...

62.1-218 Grants to local governments
The Authority shall have the power and authority, with any funds of the Authority available for this purpose, to make grants to local governments. In ...

62.1-219 Exemption from taxation
As set forth in § 62.1-200, the Authority will be performing an essential governmental function in the exercise of the powers conferred upon it by ...

62.1-220 Bonds as legal investments and securities
The bonds issued by the Authority in accordance with the provisions of this chapter are declared to be legal investments in which all public officers ...

62.1-221 Deposit of money; expenditures; security for deposits
A. All money of the Authority, except as otherwise authorized by law or provided in this chapter, shall be deposited in an account or accounts ...

62.1-222 Annual reports; audit
The Authority shall, following the close of each fiscal year, submit an annual report on or before December 1 of its activities for the preceding ...

62.1-223 Liberal construction of chapter
The provisions of this chapter shall be liberally construed to the end that its beneficial purposes may be effectuated. No proceedings, notice or approval shall ...