                                 CODE OF VIRGINIA

TRANSFER TO CITY OF RICHMOND (§ 33.2-2916)

A. If the City of Richmond has rendered financial assistance or contributed in
any manner to the cost of construction of a limited access highway by the
Authority within or partly within and partly without the corporate limits of the
City of Richmond, and the Authority has issued bonds for the construction of
such limited access highway, then, when all such bonds, including refunding
bonds, and the interest thereon have been paid or a sufficient amount of cash or
United States government securities have been deposited and dedicated to the
payment of all such bonds and the interest to the maturity or redemption date
thereof in trust for the benefit of the holders of such bonds, all property,
real and personal, acquired in connection with such limited access highway
within the City of Richmond shall be transferred by the Authority to the City as
compensation to the City for the financial assistance rendered by the City to
the Authority in connection with the construction or acquisition of such limited
access highway. Such highway shall upon the acceptance thereof by the City
become a part of the street or highway system of the City and shall thereafter
be maintained and operated as a limited access highway by the City. The
governing body of the City of Richmond shall have the power to fix, revise,
charge, and collect tolls for transit over such limited access highway and as
compensation for other uses that may be made thereof. The proceeds from such
tolls and compensation shall be first used to reimburse the City of Richmond and
the Counties of Henrico and Chesterfield for any funds or expenditures made by
each of them pursuant to contracts or agreements authorized by &#xA7; 33.2-2913
for which reimbursement has not been made, and then for the operation,
maintenance, improvement, expansion, or extension of such limited access highway
and to increase its utility and benefits and for the construction,
reconstruction, maintenance, and operation of other projects or highways
connected with such limited access highway or with the federal or state highway
systems, and for such purpose the City of Richmond shall succeed to all the
functions and shall have all the powers conferred on the Authority by this
chapter.

B. If the Authority constructs a limited access highway project partly within
and partly without the corporate limits of the City of Richmond, any extension
thereof shall be constructed or acquired only when approved by the unanimous
vote of all members of the board of directors or by a vote of three-fourths of
the directors and approval by the City Council of the City of Richmond and the
Boards of Supervisors of the Counties of Henrico and Chesterfield. If the
Authority has issued bonds for the purpose of constructing such project or for
the purpose of constructing or acquiring such extensions when all such bonds,
including any refunding bonds, and the interest thereon have been paid or a
sufficient amount of cash or United States government securities have been
deposited and dedicated to the payment thereof in trust for the benefit of
holders of such bonds, all property, real and personal, acquired in connection
with such project or extension thereof not required to be transferred to the
City of Richmond pursuant to subsection A shall be transferred by the Authority
to the political subdivisions in which such property is located at the time of
such transfer at no cost to such political subdivisions in the event the
subdivisions adopt a resolution accepting such property. If not accepted by such
subdivisions within 30 days from the offer of the property by the Authority,
then the Authority shall transfer such property to the Commonwealth
Transportation Board. If such property is accepted by the political subdivision
where the property is located, the governing body of such subdivision shall have
the power to fix, revise, charge, and collect tolls for transit over such
limited access highway project or extension and as compensation for other uses
that may be made thereof. The proceeds from such tolls and compensation shall be
used first to reimburse the City of Richmond and the Counties of Henrico and
Chesterfield for any funds or expenditures made by each of them pursuant to
contracts or agreements authorized by &#xA7; 33.2-2913 for which reimbursement
has not been made and then for the operation, maintenance, improvement,
expansion, or extension of such limited access highway project and to increase
its utility and benefits and for the construction, reconstruction, maintenance,
and operation of other projects or highways connected with such limited access
highway or with the state or federal highway systems and for such purpose such
political subdivisions shall succeed to all the functions and shall have all the
powers conferred on the Authority by this chapter with respect to such property.

HISTORY: 2009, c. 471, § 15.2-7016; 2014, c. 805; 2015, c. 256.