15.2-6613 - Fees, rents, and charges.
§ 15.2-6613. Fees, rents, and charges.
The Authority is hereby authorized to and shall fix, revise, charge, andcollect fees, rents, and other charges for the use and services of anyfacilities or access site. Such fees, rents, and other charges shall be sofixed and adjusted as to provide a fund sufficient with other revenues to paythe cost of maintaining, repairing, and operating the facilities and theprincipal and any interest on its bonds as the same shall become due andpayable, including reserves therefor. Such fees, rents, and charges shall notbe subject to supervision or regulation by any commission, board, bureau, oragency of the Commonwealth or any participating political subdivision. Thefees, rents, and other charges received by the Authority, except such partthereof as may be necessary to pay the cost of maintenance, repair, andoperation and to provide such reserves therefor as may be provided for in anyresolution authorizing the issuance of such bonds or in any trust indentureor agreement securing the same, shall to the extent necessary be set aside atsuch regular intervals as may be provided in any such resolution or trustindenture or agreement in a sinking fund or sinking funds pledged to, andcharged with, the payment and the interest on such bonds as the same shallbecome due, and the redemption price or the purchase price of such bondsretired by call or purchase as therein provided. Such pledge shall be validand binding from the time when the pledge is made. So long as any of itsbonds are outstanding, the fees, rents, and charges so pledged and thereafterreceived by the Authority shall immediately be subject to the lien of suchpledge without any physical delivery thereof or further act, and the lien ofany such pledge shall be valid and binding as against all parties havingclaims of any kind in tort, contract, or otherwise against the Authorityirrespective of whether such parties have notice thereof. Neither theresolution nor any trust indenture by which a pledge is created need be filedor recorded except in the records of the Authority. The use and dispositionof moneys to the credit of any such sinking fund shall be subject to theprovisions of the resolution authorizing the issuance of such bonds or ofsuch trust indenture or agreement.
(2002, c. 766.)