State Codes and Statutes
Statutes > Virginia > Title-5-1 > Chapter-10 > 5-1-168§ 5.1-168. Revenues.
The Authority is hereby authorized to fix, revise, charge and collect fees orother charges for the use of the airports and to contract with any person,partnership, association or corporation desiring the use of any part thereof,including the right-of-way adjoining the airports for placing thereontelephone, telegraph, electric light or power lines, and to fix the terms,conditions, rents and fees or other charges for such use. Such fees or othercharges shall be so fixed and adjusted in respect of the aggregate of fees orother charges from the airports as to provide a fund sufficient with otherrevenues, if any, (i) to pay the cost of maintaining, repairing and operatingthe airports, (ii) to pay the principal of and interest on such bonds as thesame shall become due and payable, and (iii) to create reserves for suchpurposes. The fees and other charges and all other revenues derived from theairports, except such part thereof as may be necessary to pay such cost ofmaintenance, repair and operation and provide such reserves as may beprovided for in the resolution authorizing the issuance of such bonds or inthe trust agreement securing the same, shall be set aside at such regularintervals as may be provided in such resolution or such trust agreement in asinking fund which is hereby pledged to, and charged with, the payment of theprincipal of and the interest on such bonds as the same shall become due, andthe redemption price or the purchase price of bonds retired by call orpurchase as therein provided. Such pledge shall be valid and binding from thetime when the pledge is made. The fees and other charges and other revenuesor other moneys so pledged and thereafter received by the Authority 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 in tort,contract or otherwise against the Authority, irrespective of whether suchparties have notice thereof. Neither the resolution nor any trust agreementby which a pledge is created need be filed or recorded except in the recordsof the Authority. The use and disposition of moneys to the credit of suchsinking fund shall be subject to the provisions of the resolution authorizingthe issuance of such bonds or of such trust agreement. Except as mayotherwise be provided in such resolution or such trust agreement, suchsinking fund shall be a fund for all such bonds without distinction orpriority of one over another.
(2001, c. 342.)
