CHAPTER 540

An Act to amend Chapter 559 of the Acts of Assembly of 1950, approved
April 7, 1950, as amended, which was incorporated by references by
§ 15-705.8 of. the Code of Virginia, relating to the creation of park
authorities by adding thereto a section numbered 8-b, authorizing the
issuance of revenue bonds for certain purposes. ‘HOTT71]

Approved April 5, 1954
Be it enacted by the General Assembly of Virginia:

1. That Chapter 559 of the Acts of Assembly of 1950, approved April 7,
1950, as amended, which was incorporated by reference by § 15-705.3 of
the Code of Virginia be amended by adding thereto a section numbered
8-b, as follows:

§ 8-b. An Authority created under the provisions of this act is
hereby authorized to provide by resolution, at one time or from time to
time, for the issuance of revenue bonds of the Authority for the purpose
of paying the whole or any part of the cost of any water system, sewer
system, sewage disposal system, or garbage and refuse collection and
disposal system, or any combination of any thereof and for improvement
and maintenance of any such system. The principal of and the interest
on such bonds shall be payable solely from the funds herein provided for
such payment. The bonds of each issue shall be dated, shall bear interest
at such rate or rates not exceeding five per centum per annum, shall
mature at such time or times not exceeding twenty years from their date
or dates, as may be determined by the Authority, and may be made redeem-
able 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.

Revenue bonds issued under the provisions of this act shall not be
deemed to constitute a debt of the State or of any incorporating or par-
ticipating political subdivision, or a pledge of the faith and credit of the
State or of any incorporating or participating political subdivision.