CHAPTER 487

An Act to amend and reenact § 8-79.7 of the Code of Virginia, so as to
provide for a maximum interest rate of six per centum on bonds issued
by Produce Market Authorities.

[H 606]

Approved March 29, 1958

Be it enacted by the General Assembly of Virginia:
by That § 3-79.7 of the Code of Virginia be amended and reenacted as

ollows:

§ 3-79.7. The authority is hereby authorized to provide by resolution,
at one time or from time to time, for the issuance of revenue or general
obligation bonds of the authority for the purpose of effectuating any or all
of its purposes and for the purpose of refunding any bonds previously
issued under this article. The bonds of each issue shall be dated, shall bear
interest at such rate or rates not exceeding * siz per centum per annum,
shall mature at such time or times not exceeding thirty years from their
date or dates, as may be determined by the authority, and may be made
redeemable before maturity, at the option of the authority, at such price
or prices and under such terms and conditions as may be fixed by the
authority prior to the issuance of the bonds. The authority shall determine
the form of the bonds, including any interest coupons to be attached
thereto, and shall fix the denomination or denominations of the bonds and
the place or places of payment of principal and interest, which may be at
any bank or trust company within or without the Commonwealth. The
bonds shall be signed by the chairman of the board of directors of the
authority or shall bear his facsimile signature, and the official seal of the
authority or a facsimile thereof shall be impressed thereon and attested
by the secretary of the authority, and any coupons attached thereto shall
bear the facsimile signature of the chairman of the board of directors of
the authority. In case any officer whose signature or a facsimile of whose
signature shall appear on any bonds or coupons shall cease to be such
officer before the delivery of such bonds, such signature or such facsimile
shall nevertheless be valid and sufficient for all purposes the same as if
he had remained in office until such delivery. All bonds issued under the
provisions of this article shall have and are hereby declared to have all
the qualities and incidents of negotiable instruments under the negotiable
instruments law of the Commonwealth, notwithstanding any of the pro-
visions of this article or any recitals in any such bonds. The bonds may
be issued in coupon or registered form, or both, as the authority may
determine, and provision may be made for the registration of any coupon
bonds as to principal alone or as to both principal and interest, and for the
reconversion into coupon bonds of any bonds registered as to both prin-
cipal and interest and the interchange of registered and coupon bonds. The
authority may sell such bonds in such manner either at public or negotiated
sale and for such price as it may determine will best effect the purposes
of this article. The proceeds of the bonds of each issue shall be used solely
for effectuating the purposes of the authority and shall be disbursed in
such manner and under such restrictions, if any, as the authority may
provide in the resolution authorizing the issuance of such bonds or in
the trust indenture or agreement hereinafter securing the same. Prior
to the preparation of definitive bonds, the authority may, under like
restrictions, issue interim receipts or temporary bonds, with or without
coupons, exchangeable for definitive bonds when such bonds shall have been
executed and are available for delivery. The authority may also pro-
vide for the replacement of any bonds which shall become mutilated or
shall be destroyed or lost. Bonds may be issued under the provisions of
this article without obtaining the consent of any department, division,
commission, board, bureau or agency of the Commonwealth, and without
any other proceeding or the happening of any other conditions or things
than those proceedings, conditions or things which are specifically required
by this article.