                                 CODE OF VIRGINIA

RENTS, FEES AND CHARGES FOR FINANCING OR REFINANCING, SERVICES OR USE OF
FACILITIES; USE AND DISPOSITION OF REVENUES (§ 2.2-2266)

The Authority may fix, revise, charge, and collect rates, fees, and other
charges for the financing or refinancing of, the use of or for the services and
facilities furnished by each project and the different parts thereof, and to
contract with any agency, commission, political subdivision or other entity
desiring the use of any part thereof, and to fix the terms, conditions, rents,
and rates of charges for such use or financing or refinancing. Such rates, fees,
and other charges shall be fixed and adjusted so that revenues of the Authority,
together with any other available funds, will be sufficient at all times to pay
(i) the cost of maintaining, repairing and operating such project and (ii) the
principal of and the interest on the related bonds as they become due and
payable, and to create reserves for such purposes. Such rates, fees, and other
charges shall not be subject to supervision or regulation by any other
commission, board, bureau, or agency of the Commonwealth. The revenues derived
from the project in connection with which the bonds have been issued, 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 the
resolution authorizing the issuance of such bonds or in the trust agreement
securing the bonds, shall be set aside at such regular intervals as may be
provided in the resolution or trust agreement in a sinking fund which is 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
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 revenues or other
moneys 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 agreement 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 such sinking fund shall be subject to the
provisions of the resolution authorizing the issuance of the bonds or of the
trust agreement. Except as may otherwise be provided in the resolution or trust
agreement, such sinking fund shall be a fund for all such bonds without
distinction or priority of one over another.

HISTORY: 1981, c. 569, § 2.1-234.16; 1998, cc. 498, 504; 2001, c. 844.