CODE OF VIRGINIA

POWERS OF CITY OF RICHMOND AND COUNTIES OF HENRICO AND CHESTERFIELD WITH RESPECT
TO REVENUE BONDS ISSUED BY THE AUTHORITY (§ 33.2-2913)

A. The City of Richmond and the Counties of Henrico and Chesterfield each may
enter into and perform contracts and agreements with the Authority to aid the
Authority to pay the principal of and interest on revenue bonds or revenue
refunding bonds issued by the Authority if, when, and as the revenues of the
Authority may not be sufficient to pay such principal or interest when due. No
such contract or agreement shall be deemed to be lending or granting credit to
or in aid of any person, association, company, or corporation within the meaning
of Section 10 of Article X of the Constitution of Virginia, nor shall any such
contract or agreement be deemed to be a pledge of the full faith and credit or
of the taxing power of the City of Richmond, the County of Henrico, or the
County of Chesterfield for the payment of such principal or interest except as
may be otherwise provided in such contracts or agreements. Any holder of bonds,
notes, certificates, or other evidences of borrowing issued by the Authority
under the provisions of this chapter or of coupons appertaining thereto, and the
representatives of such holders and the trustee under any bond resolution or
indenture, may either at law or in equity, by suit, action, mandamus, or other
proceeding, protect and enforce all rights of the Authority under or by virtue
of any such contract or agreement.

B. Funds to perform any such contract or agreement may be provided by the City
of Richmond, the County of Henrico, or the County of Chesterfield by
appropriations of general or specific tax revenue, or by appropriations of
accumulated funds allocated for public improvements generally, or allocated to
the purposes of such contract or agreement, or by appropriations of the proceeds
from the sale of bonds, which may be issued as provided in this chapter.

C. The City of Richmond, the County of Henrico, or the County of Chesterfield
may issue bonds for the purpose of providing funds to perform any contract or
agreement entered into with the Authority pursuant to the provisions of this
chapter. Such bonds shall mature at such time not exceeding 40 years from their
date, as may be determined by the governing body of the City of Richmond, the
County of Henrico, or the County of Chesterfield issuing such bonds, and may be
redeemable before maturity, at the option of the governing body of the City of
Richmond, the County of Henrico, or the County of Chesterfield, at such price
and under such terms and conditions as may be prescribed by such governing body
prior to the issuance of the bonds. The City of Richmond, the County of Henrico,
and the County of Chesterfield may provide for the issuance of refunding bonds
for the purpose of refunding any outstanding bond that has been issued pursuant
to the provisions of this subsection, including the payment of any redemption
premium thereon, and any interest accrued or to accrue to the date of redemption
of such bonds.

D. The authority of the City of Richmond, the County of Henrico, and the County
of Chesterfield to contract and to issue bonds pursuant to this chapter is in
addition to any existing authority to contract and issue bonds, anything in the
laws of the Commonwealth, including the Charter of the City of Richmond, to the
contrary notwithstanding, all of which laws and Charter are hereby amended or
modified so as to effectuate the powers conferred by this chapter.

E. The governing bodies of the City of Richmond and of the Counties of Henrico
and Chesterfield may exercise any of the powers granted by this chapter by
resolution, and all proceedings of the City Council of the City of Richmond and
the Boards of Supervisors of the Counties of Henrico and Chesterfield
authorizing the execution of such contracts and providing for the issuance of
bonds pursuant to the provisions of this chapter shall not be subject to the
provisions of the Charter of the City or this Code permitting a referendum on
actions taken by the City Council and Boards of Supervisors except as required
by the Constitution of Virginia, but all such proceedings shall take effect
immediately upon the adoption thereof.

HISTORY: 2009, c. 471, § 15.2-7013; 2014, c. 805.