§ 2.2-2287 — Power to borrow money and issue bonds

Virginia § 2.2-2287

• Jurisdiction: Virginia
• Title 2.2: ADMINISTRATION OF GOVERNMENT
• Subtitle I: ORGANIZATION OF STATE GOVERNMENT
• Ch. 22: AUTHORITIES
• Art. 7: VIRGINIA SMALL BUSINESS FINANCING AUTHORITY
• Part D: STATE AUTHORITIES, BOARDS, COMMISSIONS, COUNCILS, FOUNDATIONS AND OTHER COLLEGIAL BODIES

Text

The Authority may borrow money and issue bonds to pay the cost of the projects for which the bonds have been issued, including but not limited to the power to issue bonds to renew or to pay bonds, including the interest thereon. Whenever it deems refunding expedient it may refund any bonds by the issuance of new bonds, whether the bonds to be refunded have or have not matured, and to issue bonds partly to refund outstanding bonds. Refunding bonds may be sold and the proceeds applied to the purchase, redemption or payment of the bonds to be refunded, or exchanged for the bonds to be refunded. The Authority may undertake the financing of the cost of a project for an eligible business from the proceeds of its bonds by one or more of the following methods: (i) entering into a lease for the facilities of the eligible business being financed; (ii) selling such facilities to the eligible business under a sales contract; (iii) lending the proceeds of the sale of the bonds under a loan agreement with the eligible business; (iv) entering into a loans to lenders transaction in the manner described in § 2.2-2293; or (v) entering into such other transactions as the Board deems appropriate to accomplish the purposes of this article.

Legislative History

1984, c. 749, § 9-207; 2001, c. 844; 2003, c. 339.