§ 2.2-2266. Rents, fees and charges for financing or refinancing, services oruse of facilities; use and disposition of revenues.
The Authority may fix, revise, charge, and collect rates, fees, and othercharges for the financing or refinancing of, the use of or for the servicesand facilities furnished by each project and the different parts thereof, andto contract with any agency, commission, political subdivision or otherentity desiring the use of any part thereof, and to fix the terms,conditions, rents, and rates of charges for such use or financing orrefinancing. Such rates, fees, and other charges shall be fixed and adjustedso that revenues of the Authority, together with any other available funds,will be sufficient at all times to pay (i) the cost of maintaining, repairingand operating such project and (ii) the principal of and the interest on therelated bonds as they become due and payable, and to create reserves for suchpurposes. Such rates, fees, and other charges shall not be subject tosupervision or regulation by any other commission, board, bureau, or agencyof the Commonwealth. The revenues derived from the project in connection withwhich the bonds have been issued, except such part thereof as may benecessary to pay the cost of maintenance, repair and operation and to providesuch reserves therefor as may be provided for in the resolution authorizingthe issuance of such bonds or in the trust agreement securing the bonds,shall be set aside at such regular intervals as may be provided in theresolution or trust agreement in a sinking fund which is pledged to, andcharged with, the payment of the principal of and the interest on such bondsas they become due, and the redemption price or the purchase price of bondsretired by call or purchase as therein provided. Such pledge shall be validand binding from the time when the pledge is made, the revenues or othermoneys so pledged and thereafter received by the Authority shall immediatelybe subject to the lien of such pledge without any physical delivery thereofor further act, and the lien of any such pledge shall be valid and binding asagainst all parties having claims of any kind in tort, contract or otherwiseagainst the Authority, irrespective of whether such parties have noticethereof. Neither the resolution nor any trust agreement by which a pledge iscreated need be filed or recorded except in the records of the Authority. Theuse and disposition of moneys to the credit of such sinking fund shall besubject to the provisions of the resolution authorizing the issuance of thebonds or of the trust agreement. Except as may otherwise be provided in theresolution or trust agreement, such sinking fund shall be a fund for all suchbonds without distinction or priority of one over another.
(1981, c. 569, § 2.1-234.16; 1998, cc. 498, 504; 2001, c. 844.)
§ 2.2-2266. Rents, fees and charges for financing or refinancing, services oruse of facilities; use and disposition of revenues.
The Authority may fix, revise, charge, and collect rates, fees, and othercharges for the financing or refinancing of, the use of or for the servicesand facilities furnished by each project and the different parts thereof, andto contract with any agency, commission, political subdivision or otherentity desiring the use of any part thereof, and to fix the terms,conditions, rents, and rates of charges for such use or financing orrefinancing. Such rates, fees, and other charges shall be fixed and adjustedso that revenues of the Authority, together with any other available funds,will be sufficient at all times to pay (i) the cost of maintaining, repairingand operating such project and (ii) the principal of and the interest on therelated bonds as they become due and payable, and to create reserves for suchpurposes. Such rates, fees, and other charges shall not be subject tosupervision or regulation by any other commission, board, bureau, or agencyof the Commonwealth. The revenues derived from the project in connection withwhich the bonds have been issued, except such part thereof as may benecessary to pay the cost of maintenance, repair and operation and to providesuch reserves therefor as may be provided for in the resolution authorizingthe issuance of such bonds or in the trust agreement securing the bonds,shall be set aside at such regular intervals as may be provided in theresolution or trust agreement in a sinking fund which is pledged to, andcharged with, the payment of the principal of and the interest on such bondsas they become due, and the redemption price or the purchase price of bondsretired by call or purchase as therein provided. Such pledge shall be validand binding from the time when the pledge is made, the revenues or othermoneys so pledged and thereafter received by the Authority shall immediatelybe subject to the lien of such pledge without any physical delivery thereofor further act, and the lien of any such pledge shall be valid and binding asagainst all parties having claims of any kind in tort, contract or otherwiseagainst the Authority, irrespective of whether such parties have noticethereof. Neither the resolution nor any trust agreement by which a pledge iscreated need be filed or recorded except in the records of the Authority. Theuse and disposition of moneys to the credit of such sinking fund shall besubject to the provisions of the resolution authorizing the issuance of thebonds or of the trust agreement. Except as may otherwise be provided in theresolution or trust agreement, such sinking fund shall be a fund for all suchbonds without distinction or priority of one over another.
(1981, c. 569, § 2.1-234.16; 1998, cc. 498, 504; 2001, c. 844.)
§ 2.2-2266. Rents, fees and charges for financing or refinancing, services oruse of facilities; use and disposition of revenues.
The Authority may fix, revise, charge, and collect rates, fees, and othercharges for the financing or refinancing of, the use of or for the servicesand facilities furnished by each project and the different parts thereof, andto contract with any agency, commission, political subdivision or otherentity desiring the use of any part thereof, and to fix the terms,conditions, rents, and rates of charges for such use or financing orrefinancing. Such rates, fees, and other charges shall be fixed and adjustedso that revenues of the Authority, together with any other available funds,will be sufficient at all times to pay (i) the cost of maintaining, repairingand operating such project and (ii) the principal of and the interest on therelated bonds as they become due and payable, and to create reserves for suchpurposes. Such rates, fees, and other charges shall not be subject tosupervision or regulation by any other commission, board, bureau, or agencyof the Commonwealth. The revenues derived from the project in connection withwhich the bonds have been issued, except such part thereof as may benecessary to pay the cost of maintenance, repair and operation and to providesuch reserves therefor as may be provided for in the resolution authorizingthe issuance of such bonds or in the trust agreement securing the bonds,shall be set aside at such regular intervals as may be provided in theresolution or trust agreement in a sinking fund which is pledged to, andcharged with, the payment of the principal of and the interest on such bondsas they become due, and the redemption price or the purchase price of bondsretired by call or purchase as therein provided. Such pledge shall be validand binding from the time when the pledge is made, the revenues or othermoneys so pledged and thereafter received by the Authority shall immediatelybe subject to the lien of such pledge without any physical delivery thereofor further act, and the lien of any such pledge shall be valid and binding asagainst all parties having claims of any kind in tort, contract or otherwiseagainst the Authority, irrespective of whether such parties have noticethereof. Neither the resolution nor any trust agreement by which a pledge iscreated need be filed or recorded except in the records of the Authority. Theuse and disposition of moneys to the credit of such sinking fund shall besubject to the provisions of the resolution authorizing the issuance of thebonds or of the trust agreement. Except as may otherwise be provided in theresolution or trust agreement, such sinking fund shall be a fund for all suchbonds without distinction or priority of one over another.
(1981, c. 569, § 2.1-234.16; 1998, cc. 498, 504; 2001, c. 844.)
