CODE OF VIRGINIA

SECURITY FOR PAYMENT OF BONDS; DEFAULT (§ 15.2-7217)

The principal of and interest on any bonds issued by the Authority shall be
secured by a pledge of the revenues and receipts out of which the same shall be
made payable, and may be secured by a trust indenture covering all or any part
of the Authority facilities from which revenues or receipts so pledged may be
derived, including any enlargements of any additions to any such projects
thereafter made. The resolution under which the bonds are authorized to be
issued and any such trust indenture may contain any agreements and provisions
respecting the maintenance of the projects covered thereby, the fixing and
collection of rents for any portions thereof leased by the Authority to others,
the creation and maintenance of special funds from such revenues and the rights
and remedies available in the event of default, all as the Board of Directors
shall deem advisable not in conflict with the provisions hereof. Each pledge,
agreement and trust indenture made for the benefit or security of any of the
bonds of the Authority shall continue effective until the principal of and
interest on the bonds for the benefit of which the same were made shall have
been fully paid. In the event of default in such payment or in any agreements of
the Authority made as a part of the contract under which the bonds were issued,
whether contained in the proceedings authorizing the bonds or in any trust
indenture executed as security therefor, may be enforced by mandamus, suit,
action, or proceeding at law or in equity to compel the Authority and the
directors, officers, agents, or employees thereof to perform each and every
term, provision, and covenant contained in any trust indenture of the Authority,
the appointment of a receiver in equity, or by foreclosure of any such trust
indenture, or any one or more of such remedies.

HISTORY: 2010, cc. 117, 210.