                                 CODE OF VIRGINIA

RENTS, FEES AND CHARGES FOR SERVICES OR USE OF FACILITIES; USE AND DISPOSITION
OF REVENUES (§ 5.1-2.9)

The Board is hereby authorized to fix, revise, charge, and collect rates, fees,
and other charges for the use of or for the services and facilities furnished by
each airport project and the different parts 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 rates, fees, and other charges shall be so fixed and adjusted that
revenues of the Board, together with any other available funds, will be
sufficient at all times to pay (i) the cost of maintaining, repairing and
operating such airport project or projects, and (ii) 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 rates, fees and other charges shall not be
subject to supervision or regulation by any other commission, board, bureau or
agency of the Commonwealth. The revenues derived from the airport project or
projects in connection with which the 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 revenues or other moneys so pledged and thereafter received by the Board
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 against the Board,
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 Board. 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.

HISTORY: 1980, c. 750.