CODE OF VIRGINIA

FORM AND SALE OF BONDS; PRESUMPTION OF VALIDITY (§ 36-30)

Bonds of an authority shall be authorized by its resolution and may be issued in
one or more series and shall bear such date or dates, mature at such time or
times, bear interest at such rate or rates, be in such denomination or
denominations, be in such form, either coupon or registered, carry such
conversion or registration privileges, have such rank of priority, be executed
in such manner, be payable in such medium of payment, at such place or places,
and be subject to such terms of redemption (with or without premium) as such
resolution, its trust indenture or mortgage may provide.The bonds may be sold at
public or private sale at not less than par.In case any of the commissioners or
officers of the authority whose signatures appear on any bonds or coupons shall
cease to be such commissioners or officers before the delivery of such bonds,
such signatures shall, nevertheless, be valid and sufficient for all purposes,
the same as if such commissioners or officers had remained in office until such
delivery. Any provisions of any law to the contrary notwithstanding, any bonds
issued pursuant to this chapter shall be fully negotiable.In any suit, action or
proceedings involving the validity or enforceability of any bond of an authority
or the security therefor, any such bond reciting in substance that it has been
issued by the authority to aid in financing a housing project to provide
dwelling accommodations for persons of low income shall be conclusively deemed
to have been issued for a housing project of such character and such project
shall be conclusively deemed to have been planned, located and constructed in
accordance with the purposes and provisions of this chapter.

HISTORY: 1938, p. 454; Michie Code 1942, § 3145(15); 1972, c. 466; 1980, c.
133.