                                 CODE OF VIRGINIA

TERMINATION OF CERTIFICATE; DEDICATION OF ASSETS (§ 56-551)

Within ninety days of the completion and closing of the original permanent
financing, the operator shall provide full details of the financing, including
the terms of all bonds, to the Commission; and shall certify the term of the
original permanent financing and its termination date. The Commission may
require that the operator provide copies of any relevant documents, and shall
review the financing and determine the date of termination of the original
permanent financing. After establishing this date, the Commission shall enter an
order terminating the operator&#8217;s authority pursuant to the certificate of
authority on a date which shall be ten years from the end of the term of the
original permanent financing. At the request of the operator or the Department,
or on its own initiative, the Commission may revise its order to modify the date
for termination of the certificate of authority in order to take into account
any refinancing of the original permanent financing, where the refinancing or
modification is in the public interest, or any refinancing for the purpose of
expansion, or early termination of the original permanent financing. Upon the
termination of the certificate of authority, the authority and duties of the
operator under this chapter shall cease, and the highway assets and improvements
of the operator shall be dedicated to the Commonwealth for highway purposes.

HISTORY: 1988, c. 649; 1991, c. 272.