§ 10.1-304 — Sale and proceeds of revenue bonds; additional or temporary bonds

Virginia § 10.1-304

• Jurisdiction: Virginia
• Title 10.1: CONSERVATION
• Subtitle I: ACTIVITIES ADMINISTERED BY THE DEPARTMENT OF CONSERVATION AND RECREATION
• Ch. 3: STATE PARK DEVELOPMENT REVENUE BOND ACT

Text

A. The Treasury Board as agent for the Director may sell revenue bonds at private or public sale for such price and in the manner it determines to be in the best interests of the Commonwealth.

B. The proceeds of the bonds shall be used solely for the payment of the cost of camping and recreational facilities for which they are issued, and shall be disbursed by the Director.

C. If the proceeds of the bonds of any issue are less than the cost of the camping and recreational facilities for which the bonds were issued, additional bonds may be issued to provide the amount of the deficit. Unless otherwise provided in the resolution authorizing the issuance of the bonds or in the trust indenture described in this chapter, the additional bonds shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued for the facilities.

D. If the proceeds of any bonds issued to pay the cost of camping and recreational facilities exceed the facilities cost, the surplus shall be paid into the fund provided for the payment of principal and interest of the bonds.

E. Prior to the preparation of definitive bonds, temporary bonds may be issued, under similar restrictions, with or without coupons, exchangeable for subsequently issued definitive bonds.

F. The Director may replace any bond which is mutilated, destroyed or lost.

G. The revenue bonds may be issued in accordance with the specific proceedings and conditions required by this chapter.

Legislative History

Code 1950, § 10-103; 1958, c. 484; 1986, c. 498; 1988, c. 891.