§ 33.2-2910 — Authority obligations to be negotiable instruments; enforcement of bonds

Virginia § 33.2-2910

• Jurisdiction: Virginia
• Title 33.2: HIGHWAYS AND OTHER SURFACE TRANSPORTATION SYSTEMS
• Subtitle IV: LOCAL AND REGIONAL TRANSPORTATION
• Ch. 29: RICHMOND METROPOLITAN TRANSPORTATION AUTHORITY

Text

Notwithstanding the provisions of this chapter, or any provision of law, any recital in any bond, any interim receipt, or any other obligation issued under the provisions of this chapter, all such bonds, interim receipts, or other obligations shall be deemed to be negotiable instruments under the laws of the Commonwealth. The provisions of this chapter, and of any resolution or indenture providing for the issuance and security of any revenue bonds, interim receipts, or other obligations issued pursuant to this chapter, shall constitute a contract with the holder of such revenue bonds, interim receipts, or other obligations, and the agreements and covenants of the Authority under this chapter and under such resolution, resolutions, or indentures shall be enforceable by any holder of revenue bonds, interim receipts, or other obligations issued under the provisions of this chapter and any representative of such holder, and any trustee appointed under the bond resolution and authorized to do so, may by suit, action, injunction, mandamus, or other proceeding issued by a court of competent jurisdiction enforce all rights of such holders under the laws of the Commonwealth or granted by this chapter and in any such bond resolution or indenture and may compel performance of all duties required to be performed by this chapter and by such bond resolutions or indenture by the Authority or by any officer or agent thereof, including the fixing, charging, and collecting of fees, tolls, rents, rates, and other charges for the use of the Authority facilities.

Legislative History

2009, c. 471, § 15.2-7010; 2014, c. 805.