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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>70215</law_id><section_number>2.2-2348</section_number><catch_line>Rents, fees, and charges; disposition of revenues</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="2.2">Administration of Government</unit><unit label="subtitle" level="2" order_by="1" identifier="I">Organization of State Government</unit><unit label="part" level="3" order_by="1" identifier="D">State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies</unit><unit label="chapter" level="4" order_by="1" identifier="22">Authorities</unit><unit label="article" level="5" order_by="1" identifier="10">Fort Monroe Authority Act</unit></structure><text>
						<section><p>The rents, fees, and charges established by the <span class="dictionary">Authority</span> for the use of its property, <span class="dictionary">projects</span>, and facilities and for any other service furnished or provided by the <span class="dictionary">Authority</span> shall be fixed so that they, together with other revenues of the <span class="dictionary">Authority</span>, shall provide at least sufficient funds to pay the cost of maintaining, repairing, and operating the <span class="dictionary">Authority</span>; its property, <span class="dictionary">projects</span>, and facilities; and the principal and interest of any <span class="dictionary"><span class="dictionary">bonds</span></span> issued by the <span class="dictionary">Authority</span> or other debts contracted as the same shall become due and payable. A reserve may be accumulated and maintained out of the revenues of the <span class="dictionary">Authority</span> for extraordinary repairs and expenses and for such other purposes as may be provided in any resolution authorizing a <span class="dictionary">bond</span> <span class="dictionary">issue</span> or in any trust indenture securing such <span class="dictionary"><span class="dictionary">bonds</span></span>. Subject to such provisions and restrictions as may be set forth in the resolution or in the trust indenture authorizing or securing any of the <span class="dictionary"><span class="dictionary">bonds</span></span> or other obligations issued hereunder, the <span class="dictionary">Authority</span> shall have exclusive control of the revenue derived from the operation of the <span class="dictionary">Authority</span> and the right to use such revenues in the exercise of its powers and duties set forth in this article. No person, firm, association, or corporation shall receive any profit or dividend from the revenues, earnings, or other funds or <span class="dictionary">assets</span> of such <span class="dictionary">authority</span> other than for debts contracted, for services rendered, for <span class="dictionary">materials</span> and supplies furnished, and for other value actually received by the <span class="dictionary">Authority</span>.
		The accounts of the <span class="dictionary">Authority</span> shall be audited annually by the Auditor of Public Accounts, or his legally authorized representative, and the cost of such audit shall be borne by the <span class="dictionary">Authority</span>. Copies of the annual audit shall be distributed to the Governor and to the Chairmen of the House Committee on Appropriations and the Senate Committee on Finance and Appropriations.</p></section></text><history>2011, c. 716.</history><metadata></metadata></law>
