§ 15.2-5413 — Interim receipts and temporary bonds; lost, stolen and destroyed bonds

Virginia § 15.2-5413

• Jurisdiction: Virginia
• Title 15.2: COUNTIES, CITIES AND TOWNS
• Subtitle IV: OTHER GOVERNMENTAL ENTITIES
• Ch. 54: ELECTRIC AUTHORITIES ACT

Text

Prior to the preparation of definitive bonds, the authority may issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds have been executed and are available for delivery.

Should any bond issued under this chapter or any coupon appertaining thereto become mutilated or be lost, stolen or destroyed, the authority may cause a new bond or coupon of like date, number and tenor to be executed and delivered in exchange and substitution for, and upon the cancellation of such mutilated bond or coupon, or in lieu of and in substitution for such lost, stolen or destroyed bond or coupon. Such new bond or coupon shall not be executed or delivered until the holder of the mutilated, lost, stolen or destroyed bond or coupon has (i) paid the reasonable expense and charges in connection therewith; (ii) in the case of a lost, stolen or destroyed bond or coupon, filed with the authority or its fiduciary evidence satisfactory to such authority or its fiduciary that such bond or coupon was lost, stolen or destroyed and that the holder was the owner thereof; and (iii) furnished indemnity satisfactory to the authority.

Legislative History

1979, c. 416, § 15.1-1616; 1997, c. 587.