                                 CODE OF VIRGINIA

REVENUES (§ 33.2-2211)

The Commission is hereby authorized to fix, revise, charge, and collect tolls
for the use of the project, and to contract with any person, partnership,
association, or corporation desiring the use thereof, and to fix the terms,
conditions, rents, and rates of charges for such use.
		Such tolls shall be so fixed and adjusted in respect of the aggregate of tolls
from the project in connection with which the bonds of any issue have been
issued under the provisions of this chapter as to provide a fund sufficient with
other revenues, if any, to pay (i) the cost of maintaining, repairing, and
operating the project and (ii) the principal of and the interest on such bonds
as the same become due and payable, and to create reserves for such purposes.
Such tolls shall not be subject to supervision or regulation by any other
commission, board, bureau, or agency of the Commonwealth. The tolls and all
other revenues derived from the project in connection with which the bonds of
any issue have been issued, except such part thereof as may be necessary to pay
such 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 indenture securing the same, shall be set aside at
such regular intervals as may be provided in such resolution or such trust
indenture in a sinking fund that is hereby pledged to, and charged with, the
payment of the principal of and the interest on such bonds as the same 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 tolls or other revenues or other moneys so
pledged and thereafter received by the Commission 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
Commission, 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 Commission. 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 such bonds or of such
trust indenture. Except as may otherwise be provided in such resolution or such
trust indenture, such sinking fund shall be a fund for all such bonds without
distinction or priority of one over another.

HISTORY: 1956, c. 714; 2014, c. 805.