§ 5.1-2.9. Rents, fees and charges for services or use of facilities; use anddisposition of revenues.
The Board is hereby authorized to fix, revise, charge, and collect rates,fees, and other charges for the use of or for the services and facilitiesfurnished by each airport project and the different parts thereof, and tocontract with any person, partnership, association, or corporation desiringthe use of any part thereof, and to fix the terms, conditions, rents andrates of charges for such use. Such rates, fees, and other charges shall beso fixed and adjusted that revenues of the Board, together with any otheravailable funds, will be sufficient at all times to pay (i) the cost ofmaintaining, repairing and operating such airport project or projects, and(ii) the principal of and the interest on such bonds as the same shall becomedue and payable, and to create reserves for such purposes. Such rates, feesand other charges shall not be subject to supervision or regulation by anyother commission, board, bureau or agency of the Commonwealth. The revenuesderived from the airport project or projects in connection with which thebonds shall have been issued, except such part thereof as may be necessary topay such cost of maintenance, repair, and operation and to provide suchreserves therefor as may be provided for in the resolution authorizing theissuance of such bonds or in the trust agreement securing the same, shall beset aside at such regular intervals as may be provided in such resolution orsuch trust agreement in a sinking fund which is hereby pledged to, andcharged with, the payment of the principal of and the interest on such bondsas the same shall become due, and the redemption price or the purchase priceof bonds retired by call or purchase as therein provided. Such pledge shallbe valid and binding from the time when the pledge is made, the revenues orother moneys so pledged and thereafter received by the Board shallimmediately be subject to the lien of such pledge without any physicaldelivery thereof or further act, and the lien of any such pledge shall bevalid and binding as against all parties having claims of any kind againstthe Board, irrespective of whether such parties have notice thereof. Neitherthe resolution nor any trust agreement by which a pledge is created need befiled or recorded except in the records of the Board. The use and dispositionof moneys to the credit of such sinking fund shall be subject to theprovisions of the resolution authorizing the issuance of such bonds or ofsuch trust agreement. Except as may otherwise be provided in such resolutionor such trust agreement, such sinking fund shall be a fund for all such bondswithout distinction or priority of one over another.
§ 5.1-2.9. Rents, fees and charges for services or use of facilities; use anddisposition of revenues.
The Board is hereby authorized to fix, revise, charge, and collect rates,fees, and other charges for the use of or for the services and facilitiesfurnished by each airport project and the different parts thereof, and tocontract with any person, partnership, association, or corporation desiringthe use of any part thereof, and to fix the terms, conditions, rents andrates of charges for such use. Such rates, fees, and other charges shall beso fixed and adjusted that revenues of the Board, together with any otheravailable funds, will be sufficient at all times to pay (i) the cost ofmaintaining, repairing and operating such airport project or projects, and(ii) the principal of and the interest on such bonds as the same shall becomedue and payable, and to create reserves for such purposes. Such rates, feesand other charges shall not be subject to supervision or regulation by anyother commission, board, bureau or agency of the Commonwealth. The revenuesderived from the airport project or projects in connection with which thebonds shall have been issued, except such part thereof as may be necessary topay such cost of maintenance, repair, and operation and to provide suchreserves therefor as may be provided for in the resolution authorizing theissuance of such bonds or in the trust agreement securing the same, shall beset aside at such regular intervals as may be provided in such resolution orsuch trust agreement in a sinking fund which is hereby pledged to, andcharged with, the payment of the principal of and the interest on such bondsas the same shall become due, and the redemption price or the purchase priceof bonds retired by call or purchase as therein provided. Such pledge shallbe valid and binding from the time when the pledge is made, the revenues orother moneys so pledged and thereafter received by the Board shallimmediately be subject to the lien of such pledge without any physicaldelivery thereof or further act, and the lien of any such pledge shall bevalid and binding as against all parties having claims of any kind againstthe Board, irrespective of whether such parties have notice thereof. Neitherthe resolution nor any trust agreement by which a pledge is created need befiled or recorded except in the records of the Board. The use and dispositionof moneys to the credit of such sinking fund shall be subject to theprovisions of the resolution authorizing the issuance of such bonds or ofsuch trust agreement. Except as may otherwise be provided in such resolutionor such trust agreement, such sinking fund shall be a fund for all such bondswithout distinction or priority of one over another.
§ 5.1-2.9. Rents, fees and charges for services or use of facilities; use anddisposition of revenues.
The Board is hereby authorized to fix, revise, charge, and collect rates,fees, and other charges for the use of or for the services and facilitiesfurnished by each airport project and the different parts thereof, and tocontract with any person, partnership, association, or corporation desiringthe use of any part thereof, and to fix the terms, conditions, rents andrates of charges for such use. Such rates, fees, and other charges shall beso fixed and adjusted that revenues of the Board, together with any otheravailable funds, will be sufficient at all times to pay (i) the cost ofmaintaining, repairing and operating such airport project or projects, and(ii) the principal of and the interest on such bonds as the same shall becomedue and payable, and to create reserves for such purposes. Such rates, feesand other charges shall not be subject to supervision or regulation by anyother commission, board, bureau or agency of the Commonwealth. The revenuesderived from the airport project or projects in connection with which thebonds shall have been issued, except such part thereof as may be necessary topay such cost of maintenance, repair, and operation and to provide suchreserves therefor as may be provided for in the resolution authorizing theissuance of such bonds or in the trust agreement securing the same, shall beset aside at such regular intervals as may be provided in such resolution orsuch trust agreement in a sinking fund which is hereby pledged to, andcharged with, the payment of the principal of and the interest on such bondsas the same shall become due, and the redemption price or the purchase priceof bonds retired by call or purchase as therein provided. Such pledge shallbe valid and binding from the time when the pledge is made, the revenues orother moneys so pledged and thereafter received by the Board shallimmediately be subject to the lien of such pledge without any physicaldelivery thereof or further act, and the lien of any such pledge shall bevalid and binding as against all parties having claims of any kind againstthe Board, irrespective of whether such parties have notice thereof. Neitherthe resolution nor any trust agreement by which a pledge is created need befiled or recorded except in the records of the Board. The use and dispositionof moneys to the credit of such sinking fund shall be subject to theprovisions of the resolution authorizing the issuance of such bonds or ofsuch trust agreement. Except as may otherwise be provided in such resolutionor such trust agreement, such sinking fund shall be a fund for all such bondswithout distinction or priority of one over another.
