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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>77189</law_id><section_number>33.2-2211</section_number><catch_line>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="33.2">Highways and Other Surface Transportation Systems</unit><unit label="subtitle" level="2" order_by="1" identifier="IV">Local and Regional Transportation</unit><unit label="chapter" level="3" order_by="1" identifier="22">Chesapeake Bay Bridge and Tunnel District and Commission</unit></structure><text>
						<section><p>The <span class="dictionary">Commission</span> is hereby authorized to fix, revise, charge, and collect tolls for the use of the <span class="dictionary">project</span>, and to <span class="dictionary">contract</span> with any person, partnership, association, or corporation desiring the use thereof, and to fix the terms, conditions, rents, and rates of charges for such use.
		Such tolls shall be so fixed and adjusted in respect of the aggregate of tolls from the <span class="dictionary">project</span> in connection with which the <span class="dictionary"><span class="dictionary">bonds</span></span> of any <span class="dictionary">issue</span> have been issued under the provisions of this chapter as to provide a fund sufficient with other revenues, if any, to pay (i) the cost of maintaining, repairing, and operating the <span class="dictionary">project</span> and (ii) the principal of and the interest on such <span class="dictionary"><span class="dictionary">bonds</span></span> as the same become due and payable, and to create reserves for such purposes. Such tolls shall not be subject to supervision or regulation by any other <span class="dictionary">commission</span>, <span class="dictionary">board</span>, bureau, or agency of the Commonwealth. The tolls and all other revenues derived from the <span class="dictionary">project</span> in connection with which the <span class="dictionary"><span class="dictionary">bonds</span></span> of any <span class="dictionary">issue</span> have been issued, except such part thereof as may be necessary to pay such cost of <span class="dictionary">maintenance</span>, 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"><span class="dictionary">bonds</span></span> or in the trust indenture securing the same, shall be set aside at such regular intervals as may be provided in such resolution or such trust indenture in a sinking fund that is hereby pledged to, and charged with, the payment of the principal of and the interest on such <span class="dictionary"><span class="dictionary">bonds</span></span> as the same become due, and the <span class="dictionary">redemption</span> price or the purchase price of <span class="dictionary"><span class="dictionary">bonds</span></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 tolls or other revenues or other moneys so pledged and thereafter received by the <span class="dictionary">Commission</span> 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 <span class="dictionary">Commission</span>, irrespective of whether such parties have notice thereof. Neither the resolution nor any trust indenture by which a pledge is created need be filed or recorded except in the records of the <span class="dictionary">Commission</span>. 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"><span class="dictionary">bonds</span></span> or of such trust indenture. Except as may otherwise be provided in such resolution or such trust indenture, such sinking fund shall be a fund for all such <span class="dictionary"><span class="dictionary">bonds</span></span> without distinction or priority of one over another.</p></section></text><history>1956, c. 714; 2014, c. 805.</history><metadata></metadata></law>
