CODE OF VIRGINIA

DETAILS OF NOTES (§ 33.2-1514)

A. The terms and structure of each issue of Notes shall be determined by the
Board, subject to approval by the Treasury Board if required in accordance with
§ 2.2-2416. The Notes of each issue shall be dated; shall be issued in a
principal amount (subject to the limitation as to amount outstanding at any one
time set forth in § 33.2-1512); shall bear interest at such rate or rates that
may be fixed, adjustable, variable, or a combination thereof, and may be
determined by a formula or other method; shall mature at such time or times not
exceeding 20 years after the issuance thereof; and may be made subject to
purchase or redemption before their maturity or maturities, at such price or
prices and under such terms and conditions, all as may be determined by the
Board. The Board shall determine the form and series designations of Notes,
whether Notes are certificated or uncertificated, and fix the authorized
denomination or denominations of Notes and the place or places of payment of
principal or purchase price of, and redemption premium, if any, and interest on,
Notes, which may be at the office of the State Treasurer or any bank or trust
company within or outside of the Commonwealth. The principal or purchase price
of, and redemption premium, if any, and interest on, Notes shall be made payable
in lawful money of the United States of America. Each issue of Notes may be
issued under a system of book entry for recording the ownership and transfer of
ownership of rights to receive payments of principal or purchase price of and
redemption premium, if any, and interest on such Notes. All Notes shall have and
are hereby declared to have, as between successive holders, all the qualities
and incidents of negotiable instruments under the negotiable instruments law of
the Commonwealth.

B. The Board may sell Notes from time to time at public or private sale, by
competitive bidding, negotiated sale, or private placement, for such price or
prices as it may determine to be in the best interests of the Commonwealth.

HISTORY: 2011, cc. 830, 868, § 33.1-23.17; 2014, c. 805.