Chap. 387.—-An ACT providing for the acquisition, construction, enlargement, im-
provement, operation and maintenance of camping and recreational facilities,
defined herein, in State parks now or hereafter under the control and super-
vision. of the Virginia Conservation Commission; conferring powers and
imposing duties upon the Virginia Conservation Commission; authorizing the
issuance by such Commission of revenue bonds of the State, payable solely
from earnings of such facilities, to pay the cost of acquiring, constructing,
enlarging, or improving such facilities; providing that no debt of the State
shall be incurred in the exercise of any of the powers granted by this act;
providing for the collection of fees and charges for the payment of such bonds
and for the payment of the cost of maintaining, repairing and operating such
facilities; making such revenue bonds exempt from taxation and authorizing
the issuance of revenue refunding bonds. [S B 133]

Approved March 29, 1946

Be it enacted by the General Assembly of Virginia:

Section 1. Short Title-—This act shall be known and may be cited
as the ‘State Park Development Revenue Bond Act”’.

Section 2. Definitions——As used in this act, the following words
and terms shall have the following meanings :
| (a) The word “Commission” shall mean the Virginia Conserva-
tion Commission or, if said Virginia Conservation Commission shall be
abolished, any board, commission or officer succeeding to the principal
functions thereof or upon whom the powers given by this act to said
Commission shall be given by law.

(b) The term “camping and recreational facilities” shall mean and
embrace cabins, lodges, halls, tent camps, trailer camps, furnishings and
equipment appurtenant thereto and useful in connection therewith in-
cluding, but not limited to sanitary and utility services, restaurants, cafe-
terias, stables, horses and riding equipment, and shall also embrace bath-
ing beaches, boat houses, boats, and all incidental equipment appurtenant
thereto, now under the control of the Commission or acquired, construct-
ed, enlarged or improved under the provisions of this act.

(c) The term “cost of camping and recreational facilities” shall in-
clude the purchase price, the cost of construction, enlargement or 1m-
provement, financing charges, interest during any period of disuse before
completion of enlargements or iniprovements, cost of engineering studies
and estimates and of engineering data, engineering and legal expenses,
cost of plans, specifications, surveys, estimates of cost and of revenues,
expenses necessary or incident to determining the feasability or practi-
cability of the enterprise, administrative expense, and such other expenses
as may be necessary or incident to the financing herein authorized.

Section 3. General Powers of Commission—The Commission 1s
hereby authorized and empowered, subject to the provisions of this act:
(a) To acquire, construct, enlarge, improve, operate and maintain
camping and recreational facilities in any of the State parks of Virginia
now or hereafter under the control of the Commission ;

(b) To issue revenue bonds of the State of Virginia payable solely
from the earnings of camping and recreational facilities with consent of
the Governor first obtained ;

(c) To fix and collect fees and charges for the use of camping and
recreational facilities ;

(d) To receive and accept from any agency or instrumentality of
the United States of America or other public or private body, contribu-
tions of either money or property or other things of value, to be held,
used and applied for the purposes of this act ;

(e) To make and enter into all contracts or agreements necessary
or incidental to the execution of its powers under this act, and may
employ engineering architectural and construction experts, brokers and
such other employees as it may deem necessary, and may fix their com-
pensation.

The powers and duties of the Commission hereinabove enumerated
in this act shall not be construed as a limitation of the general powers
or duties of such Commission or in derogation of other powers now pos-
sessed by the Commission and not in conflict with the provisions of this
act. The cost of camping and recreational facilities financed under this
act shall be paid solely from the proceeds of revenue bonds issued under
the provisions of this act, or from such proceeds from any grant or con-
tribution which may be made thereto pursuant to the provisions of this
act.

Section 4. Credit of State Not Pledged——Revenue bonds issued
under the provisions of this act shall not be deemed to constitute a debt
of the State of Virginia or a pledge of the faith and credit of the State,
but such bonds shall be payable solely from the funds herein provided
therefor from fees and charges. All such bonds shall state on their face
that the State of Virginia is not obligated to pay the same or the interest
thereon except from the special fund provided therefor from fees and
charges under this act, and that the faith and credit of the State are not
pledged to the payment of the principal or interest of such bonds. The
issuance of revenue bonds under the provisions of this act shall not di-
rectly or indirectly or contingently obligate the State to levy or to pledge
any form of taxation whatever therefor or to make any appropriation
for their payment, other than to appropriate available funds derived as
revenues from fees and charges collected under this act.

Section 5. Revenue Bonds.—The Commission is hereby autho-
rized to provide by resolution, at one time or from time to time, for the
issuance of revenue bonds of the State for the purpose of paying all or
any part of the cost of camping and recreational facilities. The principal
and interest of such bonds shall be payable solely from the special fund
herein provided for such payment. Such bonds shall be dated, shall bear
interest at such rate or rates not exceeding five per centum per annum,
payable semi-annually, shall mature at such time or times, not exceeding
forty years from their date or dates, as may be determined by the Com-
mission, and may be made redeemable before maturity, at the option of
the Commission, at siich price or prices and under such terms and con-
ditions as may be fixed by the Commission prior to the issuance of the
bonds. The principal and interest of such bonds may be made payable
in any lawful medium. The Commission 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. The bonds shall be
signed by the chairman of the Commission and the official seal of the Com-
mission shall be affixed thereto and attested by the executive secretary of
the Commission, and any coupons attached thereto shall bear the facsimile
signature of said chairman. In case any officer whose signature shall ap-
pear on the bonds or coupons shall cease to be such officer before the
delivery of such bonds, such signature shall nevertheless be valid and suf-
ficient for all purposes the same as if he had remained in office until such
delivery. All revenue bonds issued under the provisions of this act 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 therefrom
shall be exempt from all taxation, within the State. The bonds may be
issued in coupon or in registered form, or both, as the Commission 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 in-
terest into coupon bonds. The Commission may sell such bonds in such
manner, at private or public sale, and for such price as it may determine
to be for the best interests of the State, but no such sale shall be made
at a price so low as to require the payment of interest on the money re-
ceived therefor at more than five per centum per annum, computed with
relation to the absolute maturity of the bonds in accordance with stand-
ard tables of bond values, excluding, however, from such computations
the amount of any premium to be paid on redemption of any bonds prior
to maturity. The proceeds of such bonds shall be used solely for the pay-
ment of the cost of camping and recreational facilities for which they are
issued, and shall be disbursed by the Chairman of the Commission under
such restrictions, if any, as the Commission may provide. If the pro-
ceeds of the bonds of any issue, by error of estimates or otherwise, shall
be less than the cost of the camping and recreational facilities for the pay-
ment of which such bonds are issued, additional bonds may 1n like manner
be issued to provide the amount of such deficit, and unless otherwise pro-
vided in the resolution authorizing the issuance of the bonds or in the
trust indenture hereinafter mentioned, shall be deemed to be of the same
issue and shall be entitled to payment from the same fund without pref-
erence or priority of the bonds first issued for such facilities. If the pro-
ceeds of any bonds issued to pay the cost of camping and recreational fa-
cilities shall exceed the cost thereof, the surplus shall be paid into the
fund hereinafter provided for the payment of principal and interest of
such bonds. Prior to the preparation of definitive bonds, the Commis-
sion may, under like restrictions, issue temporary bonds with or without
coupons, exchangeable for definitive bonds upon the issuance of the latter.
The Commission may also provide for the replacement of any bond which
shall become mutilated or be destroyed or lost. Such revenue bonds may
be issued without any other proceedings or the happening of any other
conditions or things than those proceedings, conditions and things which
are specified and required by this act.

Section 6. Trust Indenture.—In the discretion of the Commission,
each or any issue of revenue bonds may be secured by a trust indenture
by and between the Commission and a corporate trustee, which may be
any trust company or bank having the powers of a trust company with-
in or outside of the State. Such trust indenture may pledge fees and
charges to be received from the use of and for the services rendered
by any camp and recreational facilities, but no such trust indenture shall
convey or mortgage any camping or recreational facilities or any part
thereof. Either the resolution providing for the issuance of revenue
bonds or such trust indenture may contain such provisions for protecting
and enforcing the rights and remedies of the bondholders as may be rea-
sonable and proper and not in violation of law, including covenants set-
ting forth the duties of the Commission in relation to the acquisition, con-
struction, improvement, maintenance, operation, repair and insurance of
such facilities, and the custody, safe-guarding and application of all
moneys, and may also provide that camping and recreational facilities
shall be acquired, constructed, enlarged or improved, and paid for under
the supervision and approval of consulting engineers employed or desig-
nated by the Commission and satisfactory to the original purchasers of
the bonds issued therefor, and may also require that the security given
by contractors and by any depository of the proceeds of the bonds or rev-
enues of the camping and recreational facilities or other moneys pertain-
ing thereto be satisfactory to such purchasers. It shall be lawful for any
bank or trust company incorporated under the laws of this State to act
as such depository and to furnish such indemnifying bonds or to pledge
such securities as may be required by the Commission. Such indenture
may set forth the rights and remedies of the bondholders and of the
trustee, and may restrict the individual right of action of bondholders as
is customary in trust indentures securing bonds and debentures of cor-
porations. In addition to the foregoing, such trust indenture may con-
tain such other provisions as the Commission may deem reasonable and
proper for the security of the bondholders.

Section 7. Fees and Charges.—The Commission shall fix and re-
vise from time to time as may be necessary fees and charges for the use
of camping and recreational facilities in connection with which or on ac-
count of which revenue bonds are issued under the provisions of this act
and shall charge and collect the same. Such fees and charges shall be so
fixed and adjusted in respect of the aggregate fees and charges for the
camping and recreational facilities in connection with which or on account
of which a single issue of revenue bonds 1s issued under this act, as to pro-
vide a fund sufficient to pay (a) the cost of maintaining, repairing and
operating such facilities unless such cost shall otherwise be provided for,
(b) such bonds and the interest thereon as the same shall become due,
and (c) reasonable reserves for such purposes. Such fees and charges
shall not be subject to supervision or regulation by any other State com-
mission, board, bureau or agency. The fees, charges and revenues de-
rived from any camping and recreational facilities in connection with
which or on account of which bonds may be issued under the provisions
of this act, except such part thereof as may be required to pay the cost
of maintaining, repairing and operating such facilities and to provide such
reserves therefor as may be provided for in the resolution authorizing
the issuance of such bonds or in the trust indenture, shall be set aside at
such regular intervals as may be provided in such resolution or such
trust indenture, in a sinking fund which is hereby pledged to, and charged
with the payment of (1) the interest upon such bonds as such interest
shall fall due, (2) the principal of the bonds as the same shall fall due,
(3) the necessary charges of paying agents for paying such interest and
principal, and (4) any premium upon bonds retired by call or purchase
as herein provided. The use and disposition of such sinking fund shall
be subject to such regulations as may be provided in the resolution au-
thorizing the issuance of the bonds, or in the trust indenture, but, except
as may otherwise be provided in such resolution or trust indenture, such
sinking fund shall be a fund for all such bonds without distinction or
priority of one bond over another. Subject to the provisions of the reso-
lution authorizing the issuance of the bonds or of the trust indenture,
any moneys in such sinking fund in excess of an amount equal to one
year’s interest on all bonds then outstanding may be applied to the pur-
chase or redemption of bonds.

Section 8. Remedies of Bondholders and Trustee—Any holder of
revenue bonds issued under the provisions of this act or any of the cou-
pons attached thereto, and the trustee, under the trust indenture, if any,
except to the extent the rights herein given may be restricted by resolu-
tion passed before the issuance of the bonds or by the trust indenture, may,
either at law or in equity, by suit, action, mandamus, or other proceed-
ings, protect and enforce any and all rights under the laws of the State
of Virginia or granted hereunder or under such resolution or trust inden-
ture, and may enforce and compel performance of all duties required by
this act, or by such resolution or trust indenture, to be performed by the
Commission, or any officer thereof, including the fixing, charging and col-
lecting of fees and charges for the use of camping and recreational fa-
cilities.

Section 9. All Moneys to Be Trust Funds.—AIl moneys received
pursuant to the authority of this act, whether as proceeds from the sale
of revenue bonds, as grants or other contributions, or as tolls and reve-
nues, shall be held and applied solely as provided in this act. The Com-
mission shall, in the resolution authorizing the issuance of bonds or in the
trust indenture, provide for the payment of the proceeds of the sale of the
bonds and the tolls and revenues to be received into the State treasury
and carried on the books of the Comptroller in a special account and may
provide for the turning over, transfer or paying over of such funds from
the State treasury to any officer, agency, bank or trust company, who
shall act as trustee of such funds, and hold and apply the same to the
purposes hereof, subject to such regulations as this act and such resolu-
tion or trust indenture may provide.

All moneys paid into the State treasury pursuant to the provisions
of this act are hereby appropriated to the Commission for the purpose
of carrying out the provisions of this act; disbursements and payments
of moneys so paid into the State treasury shall be made by the State
Treasurer upon warrants of the State Comptroller which he shall issue
upon vouchers signed by such person or persons as shall be designated by
the Commission for such purpose.

Section 10. Revenue Refunding Bonds.—The Commission is here-
by authorized to provide by resolution for the issuance of revenue re-
funding bonds of the State subject to all of the provisions of this act in-
sofar as the same may be applicable, for the purpose of refunding any
revenue bonds issued under the provisions of this act, including the re-
demption premium thereon, and then outstanding, after first obtaining
the consent of the Governor

Section 11. Act Provides Alternative Method.—This act shall be
deemed to provide an additional and alternative method for the doing
of the things authorized hereby and shall be regarded as supplemental
and additional to powers conferred by other laws, and shall not be re-
garded as in derogation of any powers now existing.

Section 12. Act Liberally Construed.—This act, being necessary
for the welfare of the State and its inhabitants, shall be liberally construed
to effect the purposes hereof.

Section 13. Constitutional Construction—The provisions of this
act are severable and if any of its provisions shall be held unconstitu-
tional by any court of competent jurisdiction, the decision of such court
shall not affect or impair any of the remaining provisions of this act. It
is hereby declared to be the legislative intent that this act could have
been adopted had such unconstitutional provisions not been included
therein.

Section 14. All acts and parts of acts, general, special, private and
local, inconsistent with the provisions of this act are hereby repealed to
the extent of such inconsistency.