{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/62.1-142.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/62.1-142.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/62.1-142.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/62.1-142.html"}],"law_id":65807,"edition_id":1,"section_id":65807,"structure_id":13423,"section_number":"62.1-142","catch_line":"Charges for use of port facilities; sinking fund created from revenues for payment of bonds","history":"Code 1950, \u00a7 62-106.14; 1954, c. 667; 1958, c. 174; 1968, c. 659; 1981, c. 590.","full_text":"The Authority is hereby authorized to fix and revise charges for the use of the port facilities under its control and the different parts or sections thereof, and to contract with any person, partnership, association or corporation desiring the use of any part thereof, and to fix the terms, conditions, rents and rates of charges for such use. Such charges shall be so fixed and adjusted in respect of the aggregate of charges from the port facility or the portion or portions thereof in connection with which revenue bonds or refunding bonds shall have been issued under the provisions of this chapter as to provide a fund sufficient with other revenues, if any, to pay (a) the cost of maintaining, repairing and operating such port facility or portion or portions and (b) the principal of and the interest on such bonds as the same shall become due and payable, and to create reserves for such purposes. Such charges shall not be subject to supervision or regulation by any commission, board, bureau or agency of the Commonwealth or of any municipality, county or other political subdivision of the Commonwealth. The charges and all other revenues derived from the port facility or portion or portions in connection with which such bonds shall have been issued except such part thereof as may be necessary to pay such cost of maintenance, repair and operation and to provide such reserves therefor as may be provided for in the resolution authorizing the issuance of such bonds or in the trust agreement securing the same, shall be set aside at such regular intervals as may be provided in such resolution or such trust agreement in a sinking fund which is hereby pledged to, and charged with, the payment of the principal of and the interest on such bonds as the same shall become due, and the redemption price or the purchase price of bonds retired by call or purchase as therein provided. Such pledge shall be valid and binding from the time when the pledge is made; the charges and other revenues or other moneys so pledged and thereafter received by the Authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the Authority, irrespective of whether such parties have notice thereof. Neither the resolution nor any trust agreement by which a pledge is created need be filed or recorded except in the records of the Authority. The use and disposition of moneys to the credit of such sinking fund shall be subject to the provisions of the resolution authorizing the issuance of such bonds or of such trust agreement. Except as may otherwise be provided in such resolution or such trust agreement, such sinking fund shall be a fund for all such bonds without distinction or priority of one over another. In addition to all other powers granted to the Authority by this chapter, the Authority is hereby authorized to pledge to the payment of the principal of and the interest on any bonds under the provisions of this chapter any moneys received or to be received by it under any appropriation made to it by the General Assembly, unless the appropriation is restricted by the General Assembly to specific purposes of the Authority or such pledge is prohibited by the law making such appropriations; provided, however, that nothing herein shall be construed to obligate the General Assembly to make any such appropriation.","order_by":null,"text":{"0":{"id":239183,"text":"The Authority is hereby authorized to fix and revise charges for the use of the port facilities under its control and the different parts or sections thereof, and to contract with any person, partnership, association or corporation desiring the use of any part thereof, and to fix the terms, conditions, rents and rates of charges for such use. Such charges shall be so fixed and adjusted in respect of the aggregate of charges from the port facility or the portion or portions thereof in connection with which revenue bonds or refunding bonds shall have been issued under the provisions of this chapter as to provide a fund sufficient with other revenues, if any, to pay (a) the cost of maintaining, repairing and operating such port facility or portion or portions and (b) the principal of and the interest on such bonds as the same shall become due and payable, and to create reserves for such purposes. Such charges shall not be subject to supervision or regulation by any commission, board, bureau or agency of the Commonwealth or of any municipality, county or other political subdivision of the Commonwealth. The charges and all other revenues derived from the port facility or portion or portions in connection with which such bonds shall have been issued except such part thereof as may be necessary to pay such cost of maintenance, repair and operation and to provide such reserves therefor as may be provided for in the resolution authorizing the issuance of such bonds or in the trust agreement securing the same, shall be set aside at such regular intervals as may be provided in such resolution or such trust agreement in a sinking fund which is hereby pledged to, and charged with, the payment of the principal of and the interest on such bonds as the same shall become due, and the redemption price or the purchase price of bonds retired by call or purchase as therein provided. Such pledge shall be valid and binding from the time when the pledge is made; the charges and other revenues or other moneys so pledged and thereafter received by the Authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the Authority, irrespective of whether such parties have notice thereof. Neither the resolution nor any trust agreement by which a pledge is created need be filed or recorded except in the records of the Authority. The use and disposition of moneys to the credit of such sinking fund shall be subject to the provisions of the resolution authorizing the issuance of such bonds or of such trust agreement. Except as may otherwise be provided in such resolution or such trust agreement, such sinking fund shall be a fund for all such bonds without distinction or priority of one over another. In addition to all other powers granted to the Authority by this chapter, the Authority is hereby authorized to pledge to the payment of the principal of and the interest on any bonds under the provisions of this chapter any moneys received or to be received by it under any appropriation made to it by the General Assembly, unless the appropriation is restricted by the General Assembly to specific purposes of the Authority or such pledge is prohibited by the law making such appropriations; provided, however, that nothing herein shall be construed to obligate the General Assembly to make any such appropriation.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13423,"edition_id":1,"name":"Virginia Port Authority","identifier":"10","label":"chapter","depth":2,"order_by":1,"parent_id":12909,"metadata":{},"date_created":"2026-06-26 03:44:52","date_modified":"2026-06-26 03:44:52","permalink":{"id":268231,"object_type":"structure","relational_id":13423,"identifier":"10","token":"62.1\/10","url":"\/62.1\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12909,"edition_id":1,"name":"Waters of the State, Ports and Harbors","identifier":"62.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:00","date_modified":"2026-06-26 03:44:00","permalink":{"id":268199,"object_type":"structure","relational_id":12909,"identifier":"62.1","token":"62.1","url":"\/62.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":63656,"structure_id":13423,"section_number":"62.1-128","catch_line":"Authority created","url":"\/62.1-128\/","token":"62.1\/10\/62.1-128","metadata":false},{"id":65543,"structure_id":13423,"section_number":"62.1-129","catch_line":"Board of Commissioners; members and officers; Executive Director; agents and employees","url":"\/62.1-129\/","token":"62.1\/10\/62.1-129","metadata":false},{"id":59839,"structure_id":13423,"section_number":"62.1-129.1","catch_line":"Employees; employment; personnel rules; health insurance; retirement plans","url":"\/62.1-129.1\/","token":"62.1\/10\/62.1-129.1","metadata":false},{"id":79408,"structure_id":13423,"section_number":"62.1-129.2","catch_line":"Trust for postemployment benefits authorized; administration","url":"\/62.1-129.2\/","token":"62.1\/10\/62.1-129.2","metadata":false},{"id":83097,"structure_id":13423,"section_number":"62.1-130","catch_line":"Powers and duties of Executive Director","url":"\/62.1-130\/","token":"62.1\/10\/62.1-130","metadata":false},{"id":59763,"structure_id":13423,"section_number":"62.1-131","catch_line":"Office and branch offices; title to property","url":"\/62.1-131\/","token":"62.1\/10\/62.1-131","metadata":false},{"id":66040,"structure_id":13423,"section_number":"62.1-132","catch_line":"Local authorities subordinate to Authority","url":"\/62.1-132\/","token":"62.1\/10\/62.1-132","metadata":false},{"id":72875,"structure_id":13423,"section_number":"62.1-132.1","catch_line":"General powers","url":"\/62.1-132.1\/","token":"62.1\/10\/62.1-132.1","metadata":false},{"id":84095,"structure_id":13423,"section_number":"62.1-132.10","catch_line":"Publications of Authority","url":"\/62.1-132.10\/","token":"62.1\/10\/62.1-132.10","metadata":false},{"id":66130,"structure_id":13423,"section_number":"62.1-132.11","catch_line":"Police powers; penalties","url":"\/62.1-132.11\/","token":"62.1\/10\/62.1-132.11","metadata":false},{"id":73248,"structure_id":13423,"section_number":"62.1-132.11:1","catch_line":"Prevention and suppression of fire","url":"\/62.1-132.11_1\/","token":"62.1\/10\/62.1-132.11_1","metadata":false},{"id":55570,"structure_id":13423,"section_number":"62.1-132.11:2","catch_line":"Repealed","url":"\/62.1-132.11_2\/","token":"62.1\/10\/62.1-132.11_2","metadata":false},{"id":58810,"structure_id":13423,"section_number":"62.1-132.12","catch_line":"Employment, jurisdiction, and power of special police officers","url":"\/62.1-132.12\/","token":"62.1\/10\/62.1-132.12","metadata":false},{"id":79088,"structure_id":13423,"section_number":"62.1-132.12:1","catch_line":"Agreements with private terminal operators","url":"\/62.1-132.12_1\/","token":"62.1\/10\/62.1-132.12_1","metadata":false},{"id":71336,"structure_id":13423,"section_number":"62.1-132.13","catch_line":"Cooperation with federal agencies","url":"\/62.1-132.13\/","token":"62.1\/10\/62.1-132.13","metadata":false},{"id":62138,"structure_id":13423,"section_number":"62.1-132.14","catch_line":"Agreement of local cooperation with Corps of Engineers","url":"\/62.1-132.14\/","token":"62.1\/10\/62.1-132.14","metadata":false},{"id":70483,"structure_id":13423,"section_number":"62.1-132.15","catch_line":"Grants and loans from federal agencies","url":"\/62.1-132.15\/","token":"62.1\/10\/62.1-132.15","metadata":false},{"id":77199,"structure_id":13423,"section_number":"62.1-132.16","catch_line":"Fees and charges","url":"\/62.1-132.16\/","token":"62.1\/10\/62.1-132.16","metadata":false},{"id":55559,"structure_id":13423,"section_number":"62.1-132.17","catch_line":"Grants of funds and property","url":"\/62.1-132.17\/","token":"62.1\/10\/62.1-132.17","metadata":false},{"id":58305,"structure_id":13423,"section_number":"62.1-132.18","catch_line":"Acquisition of property","url":"\/62.1-132.18\/","token":"62.1\/10\/62.1-132.18","metadata":false},{"id":75598,"structure_id":13423,"section_number":"62.1-132.19","catch_line":"Acquisition and lease of property","url":"\/62.1-132.19\/","token":"62.1\/10\/62.1-132.19","metadata":false},{"id":55163,"structure_id":13423,"section_number":"62.1-132.2","catch_line":"Bylaws and organization","url":"\/62.1-132.2\/","token":"62.1\/10\/62.1-132.2","metadata":false},{"id":70256,"structure_id":13423,"section_number":"62.1-132.20","catch_line":"Craney Island Disposal Area","url":"\/62.1-132.20\/","token":"62.1\/10\/62.1-132.20","metadata":false},{"id":82030,"structure_id":13423,"section_number":"62.1-132.3","catch_line":"Stimulation of commerce","url":"\/62.1-132.3\/","token":"62.1\/10\/62.1-132.3","metadata":false},{"id":74558,"structure_id":13423,"section_number":"62.1-132.3:1","catch_line":"Port Opportunity Fund","url":"\/62.1-132.3_1\/","token":"62.1\/10\/62.1-132.3_1","metadata":false},{"id":74633,"structure_id":13423,"section_number":"62.1-132.3:2","catch_line":"Port of Virginia Economic and Infrastructure Development Grant Fund and Program","url":"\/62.1-132.3_2\/","token":"62.1\/10\/62.1-132.3_2","metadata":false},{"id":65940,"structure_id":13423,"section_number":"62.1-132.3:2.1","catch_line":"Port of Virginia Economic Development Grant Program and Fund","url":"\/62.1-132.3_2.1\/","token":"62.1\/10\/62.1-132.3_2.1","metadata":false},{"id":66782,"structure_id":13423,"section_number":"62.1-132.3:2.2","catch_line":"Economic and Infrastructure Development Grant Program","url":"\/62.1-132.3_2.2\/","token":"62.1\/10\/62.1-132.3_2.2","metadata":false},{"id":61424,"structure_id":13423,"section_number":"62.1-132.3:2.3","catch_line":"International Trade Facility Grant Program","url":"\/62.1-132.3_2.3\/","token":"62.1\/10\/62.1-132.3_2.3","metadata":false},{"id":60824,"structure_id":13423,"section_number":"62.1-132.3:3","catch_line":"Repealed","url":"\/62.1-132.3_3\/","token":"62.1\/10\/62.1-132.3_3","metadata":false},{"id":74936,"structure_id":13423,"section_number":"62.1-132.3:4","catch_line":"Repealed","url":"\/62.1-132.3_4\/","token":"62.1\/10\/62.1-132.3_4","metadata":false},{"id":68294,"structure_id":13423,"section_number":"62.1-132.3:5","catch_line":"Virginia Port Volume Increase Grant Program and Fund","url":"\/62.1-132.3_5\/","token":"62.1\/10\/62.1-132.3_5","metadata":false},{"id":60724,"structure_id":13423,"section_number":"62.1-132.3:6","catch_line":"Virginia Barge and Rail Usage Grant Program and Fund","url":"\/62.1-132.3_6\/","token":"62.1\/10\/62.1-132.3_6","metadata":false},{"id":59335,"structure_id":13423,"section_number":"62.1-132.4","catch_line":"Rates and rate structures","url":"\/62.1-132.4\/","token":"62.1\/10\/62.1-132.4","metadata":false},{"id":68637,"structure_id":13423,"section_number":"62.1-132.5","catch_line":"Planning","url":"\/62.1-132.5\/","token":"62.1\/10\/62.1-132.5","metadata":false},{"id":64542,"structure_id":13423,"section_number":"62.1-132.6","catch_line":"Powers not restrictive; exemptions from Public Procurement Act and the Virginia Personnel Act","url":"\/62.1-132.6\/","token":"62.1\/10\/62.1-132.6","metadata":false},{"id":83007,"structure_id":13423,"section_number":"62.1-132.7","catch_line":"Employment of personnel and legal counsel","url":"\/62.1-132.7\/","token":"62.1\/10\/62.1-132.7","metadata":false},{"id":57001,"structure_id":13423,"section_number":"62.1-132.8","catch_line":"Consolidation of terminal operations","url":"\/62.1-132.8\/","token":"62.1\/10\/62.1-132.8","metadata":false},{"id":64190,"structure_id":13423,"section_number":"62.1-132.9","catch_line":"Foreign trade zones","url":"\/62.1-132.9\/","token":"62.1\/10\/62.1-132.9","metadata":false},{"id":54391,"structure_id":13423,"section_number":"62.1-133","catch_line":"Repealed","url":"\/62.1-133\/","token":"62.1\/10\/62.1-133","metadata":false},{"id":87260,"structure_id":13423,"section_number":"62.1-134.1","catch_line":"Expediting shipment of coal","url":"\/62.1-134.1\/","token":"62.1\/10\/62.1-134.1","metadata":false},{"id":60040,"structure_id":13423,"section_number":"62.1-135","catch_line":"Repealed","url":"\/62.1-135\/","token":"62.1\/10\/62.1-135","metadata":false},{"id":61303,"structure_id":13423,"section_number":"62.1-136","catch_line":"Power of eminent domain","url":"\/62.1-136\/","token":"62.1\/10\/62.1-136","metadata":false},{"id":59095,"structure_id":13423,"section_number":"62.1-137","catch_line":"Repealed","url":"\/62.1-137\/","token":"62.1\/10\/62.1-137","metadata":false},{"id":64416,"structure_id":13423,"section_number":"62.1-138","catch_line":"Powers of State Corporation Commission not affected","url":"\/62.1-138\/","token":"62.1\/10\/62.1-138","metadata":false},{"id":68654,"structure_id":13423,"section_number":"62.1-139","catch_line":"Forms of accounts and records; annual report","url":"\/62.1-139\/","token":"62.1\/10\/62.1-139","metadata":false},{"id":73949,"structure_id":13423,"section_number":"62.1-140","catch_line":"Definitions; bond resolution; form and requisites of bonds; sale and disposition of proceeds; temporary bonds","url":"\/62.1-140\/","token":"62.1\/10\/62.1-140","metadata":false},{"id":71611,"structure_id":13423,"section_number":"62.1-141","catch_line":"Trust agreement securing bonds; provisions of agreement or bond resolution; depository of proceeds or revenues; expenses","url":"\/62.1-141\/","token":"62.1\/10\/62.1-141","metadata":false},{"id":65807,"structure_id":13423,"section_number":"62.1-142","catch_line":"Charges for use of port facilities; sinking fund created from revenues for payment of bonds","url":"\/62.1-142\/","token":"62.1\/10\/62.1-142","metadata":false},{"id":85615,"structure_id":13423,"section_number":"62.1-143","catch_line":"Proceeds of bonds and revenues held in trust for certain purposes","url":"\/62.1-143\/","token":"62.1\/10\/62.1-143","metadata":false},{"id":59355,"structure_id":13423,"section_number":"62.1-144","catch_line":"Remedies of bondholders and trustee","url":"\/62.1-144\/","token":"62.1\/10\/62.1-144","metadata":false},{"id":61528,"structure_id":13423,"section_number":"62.1-145","catch_line":"Exercise of powers constitutes governmental functions; exemption from taxation","url":"\/62.1-145\/","token":"62.1\/10\/62.1-145","metadata":false},{"id":79491,"structure_id":13423,"section_number":"62.1-146","catch_line":"Bonds as legal investments","url":"\/62.1-146\/","token":"62.1\/10\/62.1-146","metadata":false},{"id":81613,"structure_id":13423,"section_number":"62.1-147","catch_line":"Bonds not debt or pledge of credit of Commonwealth or political subdivision; payment of expenses","url":"\/62.1-147\/","token":"62.1\/10\/62.1-147","metadata":false},{"id":61142,"structure_id":13423,"section_number":"62.1-147.1","catch_line":"Legalization of prior actions","url":"\/62.1-147.1\/","token":"62.1\/10\/62.1-147.1","metadata":false},{"id":78024,"structure_id":13423,"section_number":"62.1-147.1:1","catch_line":"Exemption of Authority from certain technology procedures","url":"\/62.1-147.1_1\/","token":"62.1\/10\/62.1-147.1_1","metadata":false},{"id":58848,"structure_id":13423,"section_number":"62.1-147.2","catch_line":"Chapter liberally construed","url":"\/62.1-147.2\/","token":"62.1\/10\/62.1-147.2","metadata":false}],"previous_section":{"id":71611,"structure_id":13423,"section_number":"62.1-141","catch_line":"Trust agreement securing bonds; provisions of agreement or bond resolution; depository of proceeds or revenues; expenses","url":"\/62.1-141\/","token":"62.1\/10\/62.1-141","metadata":false},"next_section":{"id":85615,"structure_id":13423,"section_number":"62.1-143","catch_line":"Proceeds of bonds and revenues held in trust for certain purposes","url":"\/62.1-143\/","token":"62.1\/10\/62.1-143","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/62.1-142\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1954, chapter 667; in 1958, chapter 174; in 1968, chapter 659; in 1981, chapter 590.<\/p>","references":false,"refers_to":false,"permalink":{"id":268425,"object_type":"law","relational_id":65807,"identifier":"62.1-142","token":"62.1\/10\/62.1-142","url":"\/62.1-142\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/62.1-142\/","token":"62.1\/10\/62.1-142","dublin_core":{"Title":"Charges for use of port facilities; sinking fund created from revenues for payment of bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 62.1-142","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>The Authority is hereby authorized to fix and revise charges for the use of the port facilities under its control and the different parts or sections thereof, and to <span class=\"dictionary\">contract<\/span> with any person, partnership, association or corporation desiring the use of any part thereof, and to fix the terms, conditions, rents and rates of charges for such use. Such charges shall be so fixed and adjusted in respect of the aggregate of charges from the port facility or the portion or portions thereof in connection with which revenue <span class=\"dictionary\">bonds<\/span> or refunding <span class=\"dictionary\">bonds<\/span> shall have been issued under the provisions of this chapter as to provide a fund sufficient with other revenues, if any, to pay (a) the cost of maintaining, repairing and operating such port facility or portion or portions and (b) the principal of and the interest on such <span class=\"dictionary\">bonds<\/span> as the same shall become due and payable, and to create reserves for such purposes. Such charges shall not be subject to supervision or regulation by any commission, board, bureau or agency of the Commonwealth or of any municipality, county or other political subdivision of the Commonwealth. The charges and all other revenues derived from the port facility or portion or portions in connection with which such <span class=\"dictionary\">bonds<\/span> shall have been issued except such part thereof as may be necessary to pay such cost of maintenance, repair and operation and to provide such reserves therefor as may be provided for in the resolution authorizing the issuance of such <span class=\"dictionary\">bonds<\/span> or in the trust agreement securing the same, shall be set aside at such regular intervals as may be provided in such resolution or such trust agreement in a sinking fund which is hereby pledged to, and charged with, the payment of the principal of and the interest on such <span class=\"dictionary\">bonds<\/span> as the same shall become due, and the <span class=\"dictionary\">redemption<\/span> price or the purchase price of <span class=\"dictionary\">bonds<\/span> retired by call or purchase as therein provided. Such pledge shall be valid and binding from the time when the pledge is made; the charges and other revenues or other moneys so pledged and thereafter received by the Authority shall immediately be subject to the <span class=\"dictionary\">lien<\/span> of such pledge without any physical delivery thereof or further act, and the <span class=\"dictionary\">lien<\/span> of any such pledge shall be valid and binding as against all parties having claims of any kind in <span class=\"dictionary\">tort<\/span>, <span class=\"dictionary\">contract<\/span> or otherwise against the Authority, irrespective of whether such parties have notice thereof. Neither the resolution nor any trust agreement by which a pledge is created need be filed or recorded except in the records of the Authority. The use and <span class=\"dictionary\">disposition<\/span> of moneys to the credit of such sinking fund shall be subject to the provisions of the resolution authorizing the issuance of such <span class=\"dictionary\">bonds<\/span> or of such trust agreement. Except as may otherwise be provided in such resolution or such trust agreement, such sinking fund shall be a fund for all such <span class=\"dictionary\">bonds<\/span> without distinction or priority of one over another. In addition to all other powers granted to the Authority by this chapter, the Authority is hereby authorized to pledge to the payment of the principal of and the interest on any <span class=\"dictionary\">bonds<\/span> under the provisions of this chapter any moneys received or to be received by it under any appropriation made to it by the General Assembly, unless the appropriation is restricted by the General Assembly to specific purposes of the Authority or such pledge is prohibited by the <span class=\"dictionary\">law<\/span> making such appropriations; provided, however, that nothing herein shall be construed to obligate the General Assembly to make any such appropriation.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nCHARGES FOR USE OF PORT FACILITIES; SINKING FUND CREATED FROM REVENUES FOR\nPAYMENT OF BONDS (\u00a7 62.1-142)\n\nThe Authority is hereby authorized to fix and revise charges for the use of the\nport facilities under its control and the different parts or sections thereof,\nand to contract with any person, partnership, association or corporation\ndesiring the use of any part thereof, and to fix the terms, conditions, rents\nand rates of charges for such use. Such charges shall be so fixed and adjusted\nin respect of the aggregate of charges from the port facility or the portion or\nportions thereof in connection with which revenue bonds or refunding bonds shall\nhave been issued under the provisions of this chapter as to provide a fund\nsufficient with other revenues, if any, to pay (a) the cost of maintaining,\nrepairing and operating such port facility or portion or portions and (b) the\nprincipal of and the interest on such bonds as the same shall become due and\npayable, and to create reserves for such purposes. Such charges shall not be\nsubject to supervision or regulation by any commission, board, bureau or agency\nof the Commonwealth or of any municipality, county or other political\nsubdivision of the Commonwealth. The charges and all other revenues derived from\nthe port facility or portion or portions in connection with which such bonds\nshall have been issued except such part thereof as may be necessary to pay such\ncost of maintenance, repair and operation and to provide such reserves therefor\nas may be provided for in the resolution authorizing the issuance of such bonds\nor in the trust agreement securing the same, shall be set aside at such regular\nintervals as may be provided in such resolution or such trust agreement in a\nsinking fund which is hereby pledged to, and charged with, the payment of the\nprincipal of and the interest on such bonds as the same shall become due, and\nthe redemption price or the purchase price of bonds retired by call or purchase\nas therein provided. Such pledge shall be valid and binding from the time when\nthe pledge is made; the charges and other revenues or other moneys so pledged\nand thereafter received by the Authority shall immediately be subject to the\nlien of such pledge without any physical delivery thereof or further act, and\nthe lien of any such pledge shall be valid and binding as against all parties\nhaving claims of any kind in tort, contract or otherwise against the Authority,\nirrespective of whether such parties have notice thereof. Neither the resolution\nnor any trust agreement by which a pledge is created need be filed or recorded\nexcept in the records of the Authority. The use and disposition of moneys to the\ncredit of such sinking fund shall be subject to the provisions of the resolution\nauthorizing the issuance of such bonds or of such trust agreement. Except as may\notherwise be provided in such resolution or such trust agreement, such sinking\nfund shall be a fund for all such bonds without distinction or priority of one\nover another. In addition to all other powers granted to the Authority by this\nchapter, the Authority is hereby authorized to pledge to the payment of the\nprincipal of and the interest on any bonds under the provisions of this chapter\nany moneys received or to be received by it under any appropriation made to it\nby the General Assembly, unless the appropriation is restricted by the General\nAssembly to specific purposes of the Authority or such pledge is prohibited by\nthe law making such appropriations; provided, however, that nothing herein shall\nbe construed to obligate the General Assembly to make any such appropriation.\n\nHISTORY: Code 1950, \u00a7 62-106.14; 1954, c. 667; 1958, c. 174; 1968, c. 659;\n1981, c. 590.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}