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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>71856</law_id><section_number>56-551</section_number><catch_line>Termination of certificate; dedication of assets</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="56">Public Service Companies</unit><unit label="chapter" level="2" order_by="1" identifier="20">Virginia Highway Corporation Act of 1988</unit></structure><text>
						<section><p>Within ninety days of the completion and closing of the original permanent financing, the <span class="dictionary">operator</span> shall provide full details of the financing, including the terms of all <span class="dictionary">bonds</span>, to the <span class="dictionary">Commission</span>; and shall certify the term of the original permanent financing and its termination date. The <span class="dictionary">Commission</span> may require that the <span class="dictionary">operator</span> provide copies of any relevant documents, and shall review the financing and determine the date of termination of the original permanent financing. After establishing this date, the <span class="dictionary">Commission</span> shall enter an <span class="dictionary">order</span> terminating the <span class="dictionary">operator</span>&#x2019;s authority pursuant to the <span class="dictionary">certificate</span> of authority on a date which shall be ten years from the end of the term of the original permanent financing. At the request of the <span class="dictionary">operator</span> or the <span class="dictionary">Department</span>, or on its own initiative, the <span class="dictionary">Commission</span> may revise its <span class="dictionary">order</span> to modify the date for termination of the <span class="dictionary">certificate</span> of authority in <span class="dictionary">order</span> to take into account any refinancing of the original permanent financing, where the refinancing or modification is in the public interest, or any refinancing for the purpose of expansion, or early termination of the original permanent financing. Upon the termination of the <span class="dictionary">certificate</span> of authority, the authority and duties of the <span class="dictionary">operator</span> under this chapter shall cease, and the <span class="dictionary">highway</span> <span class="dictionary">assets</span> and improvements of the <span class="dictionary">operator</span> shall be dedicated to the Commonwealth for <span class="dictionary">highway</span> purposes.</p></section></text><history>1988, c. 649; 1991, c. 272.</history><metadata></metadata></law>
