7700622.2-2344Virginia Decodedhttps://vacode.org2016Administration Of GovernmentOrganization Of State GovernmentState Authorities, Boards, Commissions, Councils, Foundations And Other Collegial BodiesAuthoritiesFort Monroe Authority Act.Authority empowered to issue bonds; additional security; liability thereon2011, c. 716.http://law.lis.virginia.gov/vacode/2.2-2344//2.2-2344/2.2/I/D/22/10/2.2-2344The Authority shall have power to issue bonds from time to time in its discretion for any of its corporate purposes, including the issuance of refunding bonds for the payment or retirement of bonds previously issued by it. The Authority may issue such type of bonds as it may determine, including but not limited to:section1 Bonds on which the principal and interest are payable:
section112 Exclusively from the income and revenues of the project or facility financed with the proceeds of such bonds;section1a1a3 Exclusively from the income and revenues of certain designated projects or facilities whether or not they are financed in whole or in part with the proceeds of such bonds; orsection1b1b3 From its revenues generally; andsection1c1c3 Bonds on which the principal and interest are payable solely from contributions or grants received from the federal government, the Commonwealth, or any other source, public or private.section222Any such bonds may be additionally secured by a pledge of any grants or contributions from the federal government, the Commonwealth, any political subdivision of the Commonwealth, or other source, or a pledge of any income or revenues of the Authority, or a mortgage of any particular projects or facilities or other property of the Authority.Neither the Trustees of the Authority nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. The bonds and other obligations of the Authority, and such bonds and obligations shall so state on their face, shall not be a debt of the Commonwealth or any political subdivision thereof other than the issuing Authority, and neither the Commonwealth nor any political subdivision thereof other than the issuing Authority shall be liable thereon, nor shall such bonds or obligations be payable out of any funds or properties other than those of the Authority. The bonds shall not constitute indebtedness within the meaning of any debt limitation or restriction. Bonds of the Authority are declared to be issued for an essential public and governmental purpose.section1