                                 CODE OF VIRGINIA

RENTS, FEES AND OTHER CHARGES (§ 15.2-4911)

The authority shall fix and revise from time to time the rents, fees and other
charges to be paid to it in connection with the lease or sale of various
authority facilities and for any other services furnished or provided by the
authority. Such rents, fees and charges shall provide at least sufficient funds
to pay the cost of maintaining, repairing and operating such projects and the
principal and interest of any bonds issued by the authority or other debts
contracted as the bonds become due and payable. The authority and the political
subdivision in which all or any part of a particular authority facility is
located may agree on payment by the authority on account of governmental
services to be rendered by the political subdivision in such amounts as the
authority may find to be consistent with the purposes of this chapter. A reserve
may be accumulated and maintained out of the revenues and receipts of the
authority for extraordinary repairs and expenses and for such other purposes as
may be provided in any resolution authorizing a bond issue or in any trust
indenture securing the authority&#8217;s bonds. 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 bonds or other obligations hereunder, the
authority shall have exclusive control of the revenues and receipts derived from
the lease or sale of any authority facility and the right to use the revenues
and receipts in the exercise of its powers and duties set forth in this chapter.

HISTORY: 1966, c. 651, § 15.1-1382; 1968, c. 687; 1973, c. 528; 1997, c. 587.