CODE OF VIRGINIA

POWER TO BORROW MONEY AND ISSUE BONDS (§ 2.2-2287)

The Authority may borrow money and issue bonds to pay the cost of the projects
for which the bonds have been issued, including but not limited to the power to
issue bonds to renew or to pay bonds, including the interest thereon. Whenever
it deems refunding expedient it may refund any bonds by the issuance of new
bonds, whether the bonds to be refunded have or have not matured, and to issue
bonds partly to refund outstanding bonds. Refunding bonds may be sold and the
proceeds applied to the purchase, redemption or payment of the bonds to be
refunded, or exchanged for the bonds to be refunded. The Authority may undertake
the financing of the cost of a project for an eligible business from the
proceeds of its bonds by one or more of the following methods: (i) entering into
a lease for the facilities of the eligible business being financed; (ii) selling
such facilities to the eligible business under a sales contract; (iii) lending
the proceeds of the sale of the bonds under a loan agreement with the eligible
business; (iv) entering into a loans to lenders transaction in the manner
described in § 2.2-2293; or (v) entering into such other transactions as the
Board deems appropriate to accomplish the purposes of this article.

HISTORY: 1984, c. 749, § 9-207; 2001, c. 844; 2003, c. 339.