An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1958 |
---|---|
Law Number | 484 |
Subjects |
Law Body
CHAPTER 484
An Act to amend and reenact §§ 10-108, 15-714.10 and 15-764.14 of the
Code of Virginia, so as to provide a maximum interest rate of six per
centum on bonds issued by certain authorities and boards. CH 603]
Approved March 29, 1958
Be it enacted by the General Assembly of Virginia:
1. That §§ 10-108, 15-714.10 and 15-764.14 of the Code of Virginia be
amended and reenacted as follows:
§ 10-103. (1) Bond resolution; payment from special fund.—The
Board is hereby authorized to provide by resolution, at one time or from
time to time, for the issuance of revenue bonds of the State for the pur-
of paying all or any part of the cost of camping and recreational
acilities. The principal and interest of such bonds shall be payable solely
from the special fund herein provided for such payment.
(2) Date, rate of interest, maturity and medium of payment.—Such
bonds shall be dated, shall bear interest at such rate or rates not exceeding
* six per centum per annum, payable semiannually, 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.
(8) Form and execution.—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. The bonds shall be signed by
the Director and sealed and attested by the Secretary of the Common-
wealth, and any coupons attached thereto shall bear the facsimile signature
of the Director. In case any officer whose signature shall appear on the
bonds or coupons shall cease to be such officer before delivery of such bonds,
such signature shall nevertheless be valid and sufficient for all purposes the
same as if he had remained in office until such delivery.
(4) Negotiability; exemption from taxation.—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 inci-
dents 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.
(5) Coupon or registered bonds.—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.
(6) Sale of bonds.—The Director may sell such bonds in such manner,
at private or public sale, and for such price as the Board may determine,
or may authorize the Director to 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 received therefor at more than * six
per centum per annum, computed with relation to the absolute maturity of
the bonds in accordance with standard 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.
(7) Use of proceeds.—The proceeds of such bonds shall be used solely
for the payment of the cost of camping and recreational facilities for whic
they are issued, and shall be disbursed by the Director under such restric-
tions, if any, as the Board may provide.
(8) Issuance of additional bonds.—If the proceeds 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 payment of which such
bonds are issued, additional bonds may in like manner be issued to provide
the amount of such deficit, and unless otherwise provided 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 preference or priority of the bonds
first issued for such facilities.
(9) Disposition of surplus.—If the proceeds of any bonds issued to
pay the cost of camping and recreational facilities 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.
(10) Temporary bonds.—Prior to the preparation of definitive bonds,
temporary bonds may be issued, under like restrictions, with or without
coupons, exchangeable for definitive bonds upon the issuance of the latter.
(11) Replacement of bonds.—The Board may also provide for the
replacement of any bond which shall become mutilated or be destroyed
or lost.
(12) Proceedings and conditions specified exclusive-—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 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 ex-
tending 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 * siz per centum (* 6%) 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 Com-
monwealth. 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 nego-
tiable instruments under the laws of this Commonwealth. 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 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 * siz per centum (* 6%) per annum, com-
puted 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 issuance 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
obtaining 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
ponds shall be payable solely from revenues of the authority as provided
erein.
§ 15-764.14. An authority created under the provisions of this chap-
ter 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. 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 * six per centum per
annum, shall mature at such time or times not exceeding forty 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 authurity, 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 deter-
mine 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 denomi-
nation 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 signa-
ture or such facsimile shall nevertheless be valid and sufficient for all pur-
poses 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 Commonwealth. The bonds may be issued in coupon or in regis-
tered form, or both, as the authority may determine, and provision may be
made for the registration 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 issu-
ance of such bonds shall not be subject to any limitations or conditions
contained in any other law, and the authority may sell such bonds in such
manner, either at public or at private sale, and for such price, as it may
determine to be for the best interest of the authority and the political sub-
divisions to be served thereby, 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 * six per centum per annum, computed with relation to the
absolute maturity 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 the redemption of any bonds prior to maturity.