                                 CODE OF VIRGINIA

FEES, RENTS AND CHARGES FOR USE OF PROJECT AND FACILITIES; SINKING FUND (§
15.2-5358)

The authority is hereby authorized to fix, revise, charge and collect fees,
rents and other charges for the use of any project and the facilities thereof.
Such fees, rents and other charges shall be so fixed and adjusted as to provide,
together with other revenues determined by the authority to be available, a fund
sufficient to pay the cost of maintaining, repairing and operating the project,
the principal of and interest on such bonds as they become due and payable and
the amounts necessary to create and maintain reserves for such purposes and for
other purposes of the authority. Such fees, rents and charges shall not be
subject to supervision or regulation by any locality or by any commission,
board, bureau or agency of any of the foregoing. The authority may provide in
the resolution authorizing the issuance of such bonds, or in the trust indenture
securing the same, for setting aside any part or all of the fees, rents and
other charges received by it in a sinking or other similar fund which is hereby
pledged to, and charged with, the payment of the principal of and the interest
on such bonds, as they become due, and the redemption price or the purchase
price of such 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 fees,
rents and charges so pledged and thereafter received by the authority 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 in tort, contract or
otherwise against the authority, irrespective of whether such parties have
notice thereof. Neither the resolution nor trust indenture need be filed or
recorded except in the records of the authority. The use and disposition of
moneys to the credit of a sinking or other similar fund shall be subject to the
provisions of such resolution or trust indenture. Except as may otherwise be
provided in such resolution or trust indenture, the sinking or other similar
fund shall be a fund for all such bonds without distinction or priority of one
over another.

HISTORY: Code 1950, § 32-271.2; 1973, c. 462, § 15.1-1593; 1979, c. 719; 1997,
c. 587.