CODE OF VIRGINIA

PROVISIONS TO SECURE PAYMENT OF BONDS (§ 15.2-5378)

Any Authority resolution authorizing the issuance of any bonds may contain
provisions, which shall be a part of the contract with the holders of the bonds,
(i) pledging any or all revenues of the hospital or health center to secure the
payment of the interest on such bonds and to create a sinking fund to retire the
principal thereof at maturity; (ii) providing for the granting of a lien on or
the creation of a security interest in any property, real or personal, of the
Authority as security for the payment of the principal of, and interest on, such
bonds and the due and punctual performance of any agreements made in connection
therewith; (iii) providing for such schedule of fees and charges as will produce
funds sufficient to pay operating costs and debt service until such bonds are
retired; and (iv) prescribing the rights, obligations, powers, and duties of the
Authority, the trustee under any trust indenture under which the bonds are
issued, and the bondholders, in connection with or pertaining to such bonds.

HISTORY: 2007, c. 676.