                                 CODE OF VIRGINIA

FEES, RENTS, AND CHARGES (§ 15.2-6613)

The Authority is hereby authorized to and shall fix, revise, charge, and collect
fees, rents, and other charges for the use and services of any facilities or
access site. Such fees, rents, and other charges shall be so fixed and adjusted
as to provide a fund sufficient with other revenues to pay the cost of
maintaining, repairing, and operating the facilities and the principal and any
interest on its bonds as the same shall become due and payable, including
reserves therefor. Such fees, rents, and charges shall not be subject to
supervision or regulation by any commission, board, bureau, or agency of the
Commonwealth or any participating political subdivision. The fees, rents, and
other charges received by the Authority, except such part thereof as may be
necessary to pay the cost of maintenance, repair, and operation and to provide
such reserves therefor as may be provided for in any resolution authorizing the
issuance of such bonds or in any trust indenture or agreement securing the same,
shall to the extent necessary be set aside at such regular intervals as may be
provided in any such resolution or trust indenture or agreement in a sinking
fund or sinking funds pledged to, and charged with, the payment and the interest
on such bonds as the same shall 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. So
long as any of its bonds are outstanding, 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 any trust indenture by which a pledge is created need be filed or
recorded except in the records of the Authority. The use and disposition of
moneys to the credit of any such sinking fund shall be subject to the provisions
of the resolution authorizing the issuance of such bonds or of such trust
indenture or agreement.

HISTORY: 2002, c. 766.