§ 15.2-5416. Rents, rates, fees and other charges.
The authority is hereby authorized to fix, charge and collect rents, rates,fees and other charges for the purchase of output or capacity of, or for theuse of and for the electric power and energy or services, facilities andcommodities sold, furnished or supplied by, any project. Such rates, fees andcharges shall be so fixed and revised as to provide funds, with other fundsavailable for such purposes, sufficient at all times to (i) pay the cost ofmaintaining, operating and repairing the project or projects on account ofwhich such bonds are issued, including reserves for such purposes and forreplacement and depreciation and necessary extensions; (ii) pay the principalof and redemption premium, if any, and interest on the revenue bonds as thesame shall become due and to create and maintain reserves therefor; (iii)comply with the terms of any resolution or trust agreement securing bonds ofthe authority; and (iv) pay any and all amounts which the authority may beobligated to pay from such revenues by law or contract.
In fixing rents, rates, fees and other charges as provided in this section,the authority shall hold a public hearing, advertised as required in §15.2-5403, at which hearing the public may submit comments with respect tosuch rents, rates, fees and other charges to the authority. The authorityshall charge and collect the rates, fees and charges so fixed or revised.Rates, rentals, fees and charges for the sale or purchase of output orcapacity of, or for the use of and for the electric power and energy orservices, facilities and commodities sold, furnished or supplied by a projectmay be fixed and revised and charged and collected by the authority underthis chapter without obtaining the approval or consent of any department,division, commission, board, bureau or agency of the Commonwealth, andwithout any other proceeding or the happening of any other condition or thingthan those proceedings, conditions or things which are specifically requiredby this chapter.
§ 15.2-5416. Rents, rates, fees and other charges.
The authority is hereby authorized to fix, charge and collect rents, rates,fees and other charges for the purchase of output or capacity of, or for theuse of and for the electric power and energy or services, facilities andcommodities sold, furnished or supplied by, any project. Such rates, fees andcharges shall be so fixed and revised as to provide funds, with other fundsavailable for such purposes, sufficient at all times to (i) pay the cost ofmaintaining, operating and repairing the project or projects on account ofwhich such bonds are issued, including reserves for such purposes and forreplacement and depreciation and necessary extensions; (ii) pay the principalof and redemption premium, if any, and interest on the revenue bonds as thesame shall become due and to create and maintain reserves therefor; (iii)comply with the terms of any resolution or trust agreement securing bonds ofthe authority; and (iv) pay any and all amounts which the authority may beobligated to pay from such revenues by law or contract.
In fixing rents, rates, fees and other charges as provided in this section,the authority shall hold a public hearing, advertised as required in §15.2-5403, at which hearing the public may submit comments with respect tosuch rents, rates, fees and other charges to the authority. The authorityshall charge and collect the rates, fees and charges so fixed or revised.Rates, rentals, fees and charges for the sale or purchase of output orcapacity of, or for the use of and for the electric power and energy orservices, facilities and commodities sold, furnished or supplied by a projectmay be fixed and revised and charged and collected by the authority underthis chapter without obtaining the approval or consent of any department,division, commission, board, bureau or agency of the Commonwealth, andwithout any other proceeding or the happening of any other condition or thingthan those proceedings, conditions or things which are specifically requiredby this chapter.
§ 15.2-5416. Rents, rates, fees and other charges.
The authority is hereby authorized to fix, charge and collect rents, rates,fees and other charges for the purchase of output or capacity of, or for theuse of and for the electric power and energy or services, facilities andcommodities sold, furnished or supplied by, any project. Such rates, fees andcharges shall be so fixed and revised as to provide funds, with other fundsavailable for such purposes, sufficient at all times to (i) pay the cost ofmaintaining, operating and repairing the project or projects on account ofwhich such bonds are issued, including reserves for such purposes and forreplacement and depreciation and necessary extensions; (ii) pay the principalof and redemption premium, if any, and interest on the revenue bonds as thesame shall become due and to create and maintain reserves therefor; (iii)comply with the terms of any resolution or trust agreement securing bonds ofthe authority; and (iv) pay any and all amounts which the authority may beobligated to pay from such revenues by law or contract.
In fixing rents, rates, fees and other charges as provided in this section,the authority shall hold a public hearing, advertised as required in §15.2-5403, at which hearing the public may submit comments with respect tosuch rents, rates, fees and other charges to the authority. The authorityshall charge and collect the rates, fees and charges so fixed or revised.Rates, rentals, fees and charges for the sale or purchase of output orcapacity of, or for the use of and for the electric power and energy orservices, facilities and commodities sold, furnished or supplied by a projectmay be fixed and revised and charged and collected by the authority underthis chapter without obtaining the approval or consent of any department,division, commission, board, bureau or agency of the Commonwealth, andwithout any other proceeding or the happening of any other condition or thingthan those proceedings, conditions or things which are specifically requiredby this chapter.
