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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>348634</law_id><section_number>15.2-5209</section_number><catch_line>Provisions to secure payment of bonds</catch_line><edition url="https://vacode.org/2026/" slug="2026" current="TRUE" last_updated="2026-08-02">2026</edition><structure><unit label="title" level="1" order_by="46" identifier="15.2">Counties, Cities and Towns</unit><unit label="subtitle" level="2" order_by="4" identifier="IV">Other Governmental Entities</unit><unit label="chapter" level="3" order_by="10" identifier="52">Hospital or Health Center Commissions</unit></structure><text>
						<section><p>Any commission resolution authorizing the issuance of any <span class="dictionary">bonds</span> may contain provisions, which shall be a part of the <span class="dictionary">contract</span> with the holders of the <span class="dictionary">bonds</span>, (i) pledging any or all revenues of the <span class="dictionary">hospital or health center</span> to secure the payment of the interest on such <span class="dictionary">bonds</span> and to create a sinking fund to retire the principal thereof at maturity; (ii) providing for the granting of a <span class="dictionary">lien</span> on, or the creation of a security interest in, any property, real or personal, of the commission as security for the payment of the principal of, and interest on, such <span class="dictionary">bonds</span> and the due and punctual performance of any agreements made in connection therewith; (iii) providing for such schedule of fees and charges as will produce funds sufficient to pay operating costs and debt service until such <span class="dictionary">bonds</span> are retired; and (iv) prescribing the rights, obligations, powers and duties of the commission, the trustee under any trust indenture under which the <span class="dictionary">bonds</span> are issued, and the bondholders, in connection with or pertaining to such <span class="dictionary">bonds</span>.</p></section></text><history>Code 1950, &#xA7; 32-283; 1979, c. 719, &#xA7; 15.1-1523; 1994, c. 759; 1997, c. 587.</history><metadata><court_decisions></court_decisions></metadata></law>
