                                 CODE OF VIRGINIA

RENTS, RATES, FEES AND OTHER CHARGES (§ 15.2-5416)

The authority is hereby authorized to fix, charge and collect rents, rates, fees
and other charges for the purchase of output or capacity of, or for the use of
and for the electric power and energy or services, facilities and commodities
sold, furnished or supplied by, any project. Such rates, fees and charges shall
be so fixed and revised as to provide funds, with other funds available for such
purposes, sufficient at all times to (i) pay the cost of maintaining, operating
and repairing the project or projects on account of which such bonds are issued,
including reserves for such purposes and for replacement and depreciation and
necessary extensions; (ii) pay the principal of and redemption premium, if any,
and interest on the revenue bonds as the same shall become due and to create and
maintain reserves therefor; (iii) comply with the terms of any resolution or
trust agreement securing bonds of the authority; and (iv) pay any and all
amounts which the authority may be obligated to pay from such revenues by law or
contract.
		In fixing rents, rates, fees and other charges as provided in this section,
the authority shall hold a public hearing, advertised as required in §
15.2-5403, at which hearing the public may submit comments with respect to such
rents, rates, fees and other charges to the authority. The authority shall
charge and collect the rates, fees and charges so fixed or revised. Rates,
rentals, fees and charges for the sale or purchase of output or capacity of, or
for the use of and for the electric power and energy or services, facilities and
commodities sold, furnished or supplied by a project may be fixed and revised
and charged and collected by the authority under this chapter without obtaining
the approval or consent of any department, division, commission, board, bureau
or agency of the Commonwealth, and without any other proceeding or the happening
of any other condition or thing than those proceedings, conditions or things
which are specifically required by this chapter.

HISTORY: 1979, c. 416, § 15.1-1619; 1997, c. 587.