CHAPTER 162

An Act to amend and reenact § 11 of Chapter 187 of the Acts of Assembly
of 1956, which chapter created the Chincoteague-Assateague Bridge
and Beach Authority, and to amend said chapter by adding a section
numbered 2-a, the amended and new sections relating, respectively,
to the form of bonds to be issued by such Authority, and to powers
of the Authority.

[S 58]

Approved March 4, 1964

Be it enacted by the General Assembly of Virginia:

1. That § 11 of Chapter 137 of the Acts of Assembly of 1956 be amended
and reenacted, and that said chapter be amended by adding a section num-
bered 2-a, as follows:

§ 2-a. (1) The Authority may convey any right, title or interest
which it may have in all or any part of the project to the federal govern-
ment or any agency thereof, provided that the federal government or
such agency thereof, shall pay to the Authority a sum sufficient to defray
all obligations of the Authority existing at the tume of transfer, or assume
all such obligations.

(2) The Authority may sell to any person, firm or corporation any
and all tangible personal property owned by it, upon such reasonable
terms and conditions as it may see fit.

§ 11. The bonds of such issue shall be dated, shall bear interest at
such rate or rates not exceeding * six per centum per annum, payable
semi-annually and shall mature at such time or times, not exceeding forty
years from their date or dates, as may be determined by the board, and
may be made redeemable before maturity, at the option of the board, at
such price or prices and under such terms and conditions as may be fixed
by the board prior to the issuance of the bonds. The principal and interest
of such bonds may be made payable in any lawful medium. The board
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
thereof, which may be at any bank or trust company within or without
the State. In case any officer whose signature shall appear on the bonds
shall cease to be such officer before the delivery of such bonds, such signa-
ture shall nevertheless be valid and sufficient for all purposes the same as
if he had remained in office until such delivery. All revenue bonds issued
under the provisions of this chapter shall have and are hereby declared
to have, as between successive holders, all the qualities and incidents of
negotiable instruments under the negotiable instruments law of the State.
Such bonds and the income thereof shall be exempt from all taxation
within the State. The bonds may be issued in coupon or in registered
form, or both, as the board may determine, and provision may be made
for the registration of any coupon bond as to principal alone and also
as to both principal and interest and for the reconversion of any bonds
registered as to both principal and interest into coupon bonds. Prior to
the preparation of definite bonds, the board may, under like restrictions,
issue temporary bonds with or without coupons, exchangeable for defini-
tive bonds upon the issuance of the latter. The board may also provide
for the replacement of any bond which shall become mutilated or be de-
stroyed or lost.