CHAPTER 472

AN ACT to amend and reenact § 15-714.5, as amended, of the Code of
Virginia, relating to the powers of park authorities, and to amend the
Code of Virginia by adding a section numbered 15-714.10, concerning
the issuance of revenue bonds and revenue refunding bonds by such
authorities.

fS 189]

Approved March 30, 1956

Be it enacted by the General Assembly of Virginia:
1. That § 15-714.5, as amended, of the Code of Virginia be amended and
reenacted, and that the Code of Virginia be amended by adding a section
numbered 15-714.10 as follows:

_§ 15-714.5. Each authority created hereunder shall be deemed to be
an instrumentality exercising public and essential governmental functions
to provide for the public health and welfare, and each such authority is
hereby authorized and empowered:

(a) To have existence for such term of years as specified by the
participating political subdivisions;

(b) To adopt by-laws for the regulation of its affairs and the conduct
of its business;

(c) To adopt an official seal and alter the same at pleasure;

(d) To maintain an office at such place or places as it may designate ;

(e) To sue and be sued;

(f) To acquire, purchase, lease as lessee, construct, reconstruct, im-
prove, extend, operate and maintain parks within or partly within and
partly without one or more of the political sub-divisions by action of whose
governing body or governing bodies the authority was created; and to
acquire by gift, purchase or the exercise of the right of eminent domain
lands or rights in land or water rights in connection therewith; and to
sell, lease as lessor, transfer or dispose of any property or interest therein
acquired by it, at any time; provided, however, that the power of eminent
domain shall not extend beyond the geographical limits of the political sub-
division or subdivisions composing the authority;

(g) To regulate the uses of all lands and facilities under control of
the authority;

(h) To issue revenue bonds and revenue refunding bonds of the au-
thority, such bonds to be payable solely from revenues derived from the *
use of the facilities or the furnishing to any political subdivision of park
services;

(i) To accept grants and gifts from the political subdivision forming
the authority, the State of Virginia, the federal government or any other
governmental bodies or political subdivisions, and from any unit, private
corporation, copartnership, association or individual;

(j) To enter into contracts with the federal government, the Com-
monwealth of Virginia, any political subdivision, or any agency or instru-
mentality thereof, or with any unit, private corporation, copartnership,
association, or individual providing for or relating to the furnishing of
park services or facilities;

(k) To contract with any municipality, county, corporation, indi-
vidual or any public authority or unit of this or any adjoining state, on
such terms as the said authority shall deem proper, for the construction,
operation and maintenance of any park which is partly in this Common-
wealth and partly in such adjoining state;

(1) To exercise the same rights of acquiring property for the constru-
tion or improvement, maintenance or operation of a park as the county
or city or counties or cities by which such authority is created may exercise.
The governing body of any unit, notwithstanding any contrary provision
of law, is hereby authorized and empowered to transfer jurisdiction over,
to lease, lend, grant or convey to the authority upon the request of the
authority, upon such terms and conditions as the governing body of such
unit may agree with the authority as reasonable and fair, such real or
personal property as may be necessary or desirable in connection with the
acquisition, construction, improvement, operation or maintenance of a
park, including public roads and other property already devoted to public
use. Agreements may be entered into by the authority with the Common-
wealth of Virginia, or any agency acting on behalf of the Commonwealth
of Virginia, for the acquisition of any lands or property, owned and/or
controlled by the Commonwealth of Virginia, for the purposes of construc-
tion or improvement, maintenance or operation of a park; *

(m) In the event of annexation by a municipality not a member of the
authority of lands, areas, or territory served by the authority, then such
authority may continue to do business, exercise its jurisdiction over its
properties and facilities in and upon or over such lands, areas or territory
as long as any bonds or indebtedness remain outstanding or unpaid, or any
contracts or other obligations remain in force;

(n) To make and enter into all contracts and agreements necessary
or incidental to the performance of its duties and the execution of its powers
under this Act, including a trust agreement or trust agreements securing
any revenue bonds or revenue refunding bonds issued hereunder; and

(0) To do all acts and things necessary or convenient to carry out the
powers granted by this chapter.

§ 15-714.10. Each authority is hereby authorized to issue, at one time
or from time to time, revenue bonds of the authority for the purpose of
acquiring, purchasing, constructing, reconstructing, improving or extend-
ing parks and acquiring necessary land or equipment therefor, and revenue
refunding bonds of the authority for the purpose of refunding any revenue
bonds outstanding under the provisions of this chapter. The bonds of each
issue shall be dated, shall mature at such time or times not exceeding forty
years from their date or dates and shall bear interest at such rate or rates
not exceeding five per centum (5%) per annum, 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 the manner of execution of the bonds,
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. 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.
Notwithstanding any of the other provisions of this chapter or any recitals
in any bonds issued under the provisions of this chapter, all such bonds
shall be deemed to be negotiable instruments under the laws of this Com-
monwealth. The bonds may be issued in coupon or registered form or both,
as the authority may determine, and provision may be made for the regis-
tration of any coupon bonds as to principal alone and also as to both
principal and interest, and for the reconversion into coupon bonds of any
bonds registered as to both principal and interest. The authority may sell
such bonds in such manner, either at public or private sale, and for such
price, as it may determine to be for the best interests of the authority, but
no such sale shall be made at a price so low as to require the payment of
interest on the money received therefor at more than five per centum (5%)
per annum, computed with relation to the absolute maturity or maturities
of the bonds in accordance with standard tables of bond values, excluding,
however, from such computation the amount of any premium to be paid
on redemption of any bonds prior to maturity.

The resolution providing for the isswance of revenue bonds, and any
trust agreement securing such bonds, may also contain such limitations
upon the issuance of additional revenue bonds as the authority may deem
proper, and such additional bonds shall be issued under such restrictions
and limitations as may be prescribed by such resolution or trust agreement.

Bonds may be issued under the provisions of this chapter without ob-
CHS. 472, 473] ACTS OF ASSEMBLY 685

taining the consent of any commission, board, bureau or agency of the
Commonwealth of Virginia or of any political subdivision, and without any
other proceedings or the happening of other conditions or things than those
proceedings, conditions or things which are specifically required by this
chapter.

Bonds issued under the provisions of this chapter shall not be deemed
to constitute a debt of the Commonwealth or of any political subdivision
of the Commonwealth or a pledge of the faith and credit of the Common-
wealth or of any political subdivision of the Commonwealth, but such bonds
shall be payable solely from revenues of the authority as provided herein.