15.2-7016 - Transfer to City of Richmond.
§ 15.2-7016. Transfer to City of Richmond.
A. If the City of Richmond has rendered financial assistance or contributedin any manner to the cost of construction of a limited access highway orhighways by the Authority within or partly within and partly without thecorporate limits of the City of Richmond, and the Authority has issued bondsfor the construction of such limited access highway or highways, then, whenall such bonds, including any refunding bonds, and the interest thereon havebeen paid or a sufficient amount of cash or United States governmentsecurities have been deposited and dedicated to the payment of all such bondsand the interest to the maturity or redemption date thereof in trust for thebenefit of the holders of such bonds, all property, real and personal,acquired in connection with such limited access highway or highways withinthe City of Richmond, shall be transferred by the Authority to said City ascompensation to the City for the financial assistance rendered by the City tothe Authority in connection with the construction or acquisition of suchlimited access highway or highways, and such highway or highways shall uponthe acceptance thereof by the City become a part of the street or highwaysystem of the City and shall thereafter be maintained and operated as alimited access highway by the City; and the governing body of the City ofRichmond shall have the power to fix and revise from time to time and chargeand collect tolls for transit over such limited access highway, and ascompensation for other uses that may be made thereof; however, the proceedsfrom such tolls and compensation shall be first used to reimburse the City ofRichmond and the Counties of Henrico and Chesterfield for any funds orexpenditures made by each of them pursuant to contracts or agreementsauthorized by § 15.2-7013, for which reimbursement has not been theretoforemade, and then for the operation, maintenance, improvement, expansion, orextension of such limited access highway and to increase its utility andbenefits, and for the construction, reconstruction, maintenance, andoperation of other projects or highways connected with such limited accesshighway or with the state or federal highway systems, and for such purposethe City of Richmond shall succeed to all the functions and shall have allthe powers conferred on the Authority by this chapter.
B. If the Authority constructs a limited access highway project or projectspartly within and partly without the corporate limits of the City ofRichmond, any extension thereof shall be constructed or acquired only whenapproved by the unanimous vote of all members of the Board of Directors or bya vote of three-fourths of said Directors and approval by the City Council ofthe City of Richmond and the Boards of Supervisors of the Counties of Henricoand Chesterfield. If the Authority has issued bonds for the purpose ofconstructing such project or for the purpose of constructing or acquiringsuch extensions when all such bonds, including any refunding bonds, and theinterest thereon have been paid or a sufficient amount of cash or UnitedStates government securities have been deposited and dedicated to the paymentthereof in trust for the benefit of the holder or holders of such bonds, allproperty, real and personal, acquired in connection with such project orprojects or extension thereof not required to be transferred to the City ofRichmond pursuant to subsection A shall be transferred by the Authority tothe political subdivision or subdivisions in which such property is locatedat the time of such transfer at no cost to such political subdivisions in theevent the subdivisions adopt a resolution accepting such property. If notaccepted by such subdivisions within 30 days from the offer of the propertyby the Authority, then the Authority shall transfer such property to theCommonwealth Transportation Board. If such property is accepted by thepolitical subdivision wherein the same is located, the governing body of suchsubdivision shall have the power to fix and revise from time to time andcharge and collect tolls for transit over such limited access highway projector extension and as compensation for other uses that may be made thereof,provided, however, proceeds from such tolls and compensation shall be firstused to reimburse the City of Richmond and the Counties of Henrico andChesterfield for any funds or expenditures made by each of them pursuant tocontracts or agreements authorized by § 15.2-7013 for which reimbursement hasnot been theretofore made, and then for the operation, maintenance,improvement, expansion, or extension of such limited access highway projectand to increase its utility and benefits and for the construction,reconstruction, maintenance, and operation of other project or highwayconnected with such limited access highway or with the state or federalhighway systems and for such purpose such political subdivisions shallsucceed to all the functions and shall have all the powers conferred on theAuthority by this chapter with respect to such property.
(2009, c. 471.)