                                 CODE OF VIRGINIA

POWERS AND DUTIES OF THE PRIVATE ENTITY (§ 56-575.8)

A. The private entity shall have all power allowed by law generally to a private
entity having the same form of organization as the private entity and shall have
the power to develop or operate the qualifying project and collect lease
payments, impose user fees or enter into service contracts in connection with
the use thereof.

B. The private entity may own, lease or acquire any other right to use or
operate the qualifying project.

C. Any financing of the qualifying project may be in such amounts and upon such
terms and conditions as may be determined by the private entity. Without
limiting the generality of the foregoing, the private entity may issue debt,
equity or other securities or obligations, enter into sale and leaseback
transactions and secure any financing with a pledge of, security interest in, or
lien on, any or all of its property, including all of its property interests in
the qualifying project.

D. In operating the qualifying project, the private entity may:

   1. Make classifications according to reasonable categories for assessment of
   user fees; and

   2. With the consent of the responsible public entity, make and enforce
   reasonable rules to the same extent that the responsible public entity may
   make and enforce rules with respect to similar facilities.

E. The private entity shall:

   1. Develop or operate the qualifying project in a manner that is acceptable to
   the responsible public entity, all in accordance with the provisions of the
   interim or comprehensive agreement pursuant to &#xA7; 56-575.9 or 56-575.9:1;

   2. Keep the qualifying project open for use by the members of the public at
   all times, or as appropriate based upon the use of the facility, after its
   initial opening upon payment of the applicable user fees, lease payments, or
   service payments; provided that the qualifying project may be temporarily
   closed because of emergencies or, with the consent of the responsible public
   entity, to protect the safety of the public or for reasonable construction or
   maintenance activities. In the event that a qualifying project is technology
   infrastructure, access may be limited as determined by the conditions of the
   interim or comprehensive agreement;

   3. Maintain, or provide by contract for the maintenance or upgrade of the
   qualifying project, if required by the interim or comprehensive agreement;

   4. Cooperate with the responsible public entity in making best efforts to
   establish any interconnection with the qualifying project requested by the
   responsible public entity; and

   5. Comply with the provisions of the interim or comprehensive agreement and
   any lease or service contract.

F. Nothing shall prohibit an private entity of a qualifying project from
providing additional services for the qualifying project to public or private
entities other than the responsible public entity so long as the provision of
additional service does not impair the private entity&#8217;s ability to meet
its commitments to the responsible public entity pursuant to the interim or
comprehensive agreement as provided for in &#xA7; 56-575.9 or 56-575.9:1.

HISTORY: 2002, c. 571; 2003, c. 1034; 2005, c. 865.