§ 15.2-5408. Sale of power and energy, including capacity and output tomember governmental units by authority; duration of contracts; source ofpayments; furnishing of money, property or services by member governmentalunits.
Any member governmental unit of an authority may contract to buy from theauthority power and energy required for its present or future requirements,including the capacity and output of one or more specified projects. Any suchcontract may provide that the governmental unit so contracting shall beobligated to make payments required by the contract whether or not a projectis completed, operable or operating and notwithstanding the suspension,interruption, interference, reduction or curtailment of the output of aproject or the power and energy contracted for, and that such payments underthe contract shall not be subject to any reduction, whether by offset orotherwise, and shall not be conditioned upon the performance ornonperformance by the authority or any other member governmental unit underthe contract or any other instrument. Such contracts with respect to anyproject may also provide, in the event of default by any member governmentalunit which is a party to any such contract for such project in theperformance of its obligations thereunder, for other member governmentalunits which are parties to any such contract for such project to succeed tothe rights and interests and assume the obligations of the defaulting party,pro rata or otherwise as may be agreed upon in such contracts.
Notwithstanding the provisions of any other law or local charter provision tothe contrary, any such contracts with respect to the sale or purchase ofcapacity, output, power or energy from a project may extend for a period notexceeding fifty years from the date a project is estimated to be placed innormal continuous operation; the execution and effectiveness thereof shallnot be subject to any authorizations or approvals by the Commonwealth or anyagency, commission or instrumentality or political subdivision thereof exceptas specifically required and provided in this chapter.
Payments by a governmental unit under any contract for the purchase ofcapacity and output from an authority shall be made solely from, and may besecured by a pledge of and lien upon, the revenues derived by suchgovernmental unit from the ownership and operation of the electric system ofsuch governmental unit, and such payments may be made as an operating expenseof such electric system. No obligation under such contract shall constitute alegal or equitable pledge, charge, lien or encumbrance upon any property ofthe governmental unit or upon any of its income, receipts or revenues, exceptthe revenues of its electric system, and neither the faith and credit nor thetaxing power of the governmental unit are, or may be, pledged for the paymentof any obligation under any such contract. A governmental unit shall beobligated to fix, charge and collect rents, rates, fees and charges forelectric power and energy and other services, facilities and commoditiessold, furnished or supplied through its electric system sufficient to providerevenues adequate to meet its obligations under any such contract and to payany and all other amounts payable from or constituting a charge and lien uponsuch revenues, including amounts sufficient to pay the principal of andinterest on bonds of such governmental unit heretofore or hereafter issuedfor purposes related to its electric system. Any pledge made by agovernmental unit pursuant to this paragraph shall be governed by the laws ofthe Commonwealth.
Any member governmental unit of an authority may furnish the authority withmoney and provide the authority with personnel, equipment and property, bothreal and personal. Any member governmental unit may also provide any servicesto an authority. Any member governmental unit may contract for, advance orcontribute funds to an authority as may be agreed upon by the authority, andthe member governmental unit and the authority shall repay such advances orcontributions from proceeds of bonds, from operating revenues or from anyother funds of the authority, together with interest thereon as may be agreedupon by the member governmental units and authority.
§ 15.2-5408. Sale of power and energy, including capacity and output tomember governmental units by authority; duration of contracts; source ofpayments; furnishing of money, property or services by member governmentalunits.
Any member governmental unit of an authority may contract to buy from theauthority power and energy required for its present or future requirements,including the capacity and output of one or more specified projects. Any suchcontract may provide that the governmental unit so contracting shall beobligated to make payments required by the contract whether or not a projectis completed, operable or operating and notwithstanding the suspension,interruption, interference, reduction or curtailment of the output of aproject or the power and energy contracted for, and that such payments underthe contract shall not be subject to any reduction, whether by offset orotherwise, and shall not be conditioned upon the performance ornonperformance by the authority or any other member governmental unit underthe contract or any other instrument. Such contracts with respect to anyproject may also provide, in the event of default by any member governmentalunit which is a party to any such contract for such project in theperformance of its obligations thereunder, for other member governmentalunits which are parties to any such contract for such project to succeed tothe rights and interests and assume the obligations of the defaulting party,pro rata or otherwise as may be agreed upon in such contracts.
Notwithstanding the provisions of any other law or local charter provision tothe contrary, any such contracts with respect to the sale or purchase ofcapacity, output, power or energy from a project may extend for a period notexceeding fifty years from the date a project is estimated to be placed innormal continuous operation; the execution and effectiveness thereof shallnot be subject to any authorizations or approvals by the Commonwealth or anyagency, commission or instrumentality or political subdivision thereof exceptas specifically required and provided in this chapter.
Payments by a governmental unit under any contract for the purchase ofcapacity and output from an authority shall be made solely from, and may besecured by a pledge of and lien upon, the revenues derived by suchgovernmental unit from the ownership and operation of the electric system ofsuch governmental unit, and such payments may be made as an operating expenseof such electric system. No obligation under such contract shall constitute alegal or equitable pledge, charge, lien or encumbrance upon any property ofthe governmental unit or upon any of its income, receipts or revenues, exceptthe revenues of its electric system, and neither the faith and credit nor thetaxing power of the governmental unit are, or may be, pledged for the paymentof any obligation under any such contract. A governmental unit shall beobligated to fix, charge and collect rents, rates, fees and charges forelectric power and energy and other services, facilities and commoditiessold, furnished or supplied through its electric system sufficient to providerevenues adequate to meet its obligations under any such contract and to payany and all other amounts payable from or constituting a charge and lien uponsuch revenues, including amounts sufficient to pay the principal of andinterest on bonds of such governmental unit heretofore or hereafter issuedfor purposes related to its electric system. Any pledge made by agovernmental unit pursuant to this paragraph shall be governed by the laws ofthe Commonwealth.
Any member governmental unit of an authority may furnish the authority withmoney and provide the authority with personnel, equipment and property, bothreal and personal. Any member governmental unit may also provide any servicesto an authority. Any member governmental unit may contract for, advance orcontribute funds to an authority as may be agreed upon by the authority, andthe member governmental unit and the authority shall repay such advances orcontributions from proceeds of bonds, from operating revenues or from anyother funds of the authority, together with interest thereon as may be agreedupon by the member governmental units and authority.
§ 15.2-5408. Sale of power and energy, including capacity and output tomember governmental units by authority; duration of contracts; source ofpayments; furnishing of money, property or services by member governmentalunits.
Any member governmental unit of an authority may contract to buy from theauthority power and energy required for its present or future requirements,including the capacity and output of one or more specified projects. Any suchcontract may provide that the governmental unit so contracting shall beobligated to make payments required by the contract whether or not a projectis completed, operable or operating and notwithstanding the suspension,interruption, interference, reduction or curtailment of the output of aproject or the power and energy contracted for, and that such payments underthe contract shall not be subject to any reduction, whether by offset orotherwise, and shall not be conditioned upon the performance ornonperformance by the authority or any other member governmental unit underthe contract or any other instrument. Such contracts with respect to anyproject may also provide, in the event of default by any member governmentalunit which is a party to any such contract for such project in theperformance of its obligations thereunder, for other member governmentalunits which are parties to any such contract for such project to succeed tothe rights and interests and assume the obligations of the defaulting party,pro rata or otherwise as may be agreed upon in such contracts.
Notwithstanding the provisions of any other law or local charter provision tothe contrary, any such contracts with respect to the sale or purchase ofcapacity, output, power or energy from a project may extend for a period notexceeding fifty years from the date a project is estimated to be placed innormal continuous operation; the execution and effectiveness thereof shallnot be subject to any authorizations or approvals by the Commonwealth or anyagency, commission or instrumentality or political subdivision thereof exceptas specifically required and provided in this chapter.
Payments by a governmental unit under any contract for the purchase ofcapacity and output from an authority shall be made solely from, and may besecured by a pledge of and lien upon, the revenues derived by suchgovernmental unit from the ownership and operation of the electric system ofsuch governmental unit, and such payments may be made as an operating expenseof such electric system. No obligation under such contract shall constitute alegal or equitable pledge, charge, lien or encumbrance upon any property ofthe governmental unit or upon any of its income, receipts or revenues, exceptthe revenues of its electric system, and neither the faith and credit nor thetaxing power of the governmental unit are, or may be, pledged for the paymentof any obligation under any such contract. A governmental unit shall beobligated to fix, charge and collect rents, rates, fees and charges forelectric power and energy and other services, facilities and commoditiessold, furnished or supplied through its electric system sufficient to providerevenues adequate to meet its obligations under any such contract and to payany and all other amounts payable from or constituting a charge and lien uponsuch revenues, including amounts sufficient to pay the principal of andinterest on bonds of such governmental unit heretofore or hereafter issuedfor purposes related to its electric system. Any pledge made by agovernmental unit pursuant to this paragraph shall be governed by the laws ofthe Commonwealth.
Any member governmental unit of an authority may furnish the authority withmoney and provide the authority with personnel, equipment and property, bothreal and personal. Any member governmental unit may also provide any servicesto an authority. Any member governmental unit may contract for, advance orcontribute funds to an authority as may be agreed upon by the authority, andthe member governmental unit and the authority shall repay such advances orcontributions from proceeds of bonds, from operating revenues or from anyother funds of the authority, together with interest thereon as may be agreedupon by the member governmental units and authority.
