                                 CODE OF VIRGINIA

DURATION, FORM OF OWNER&#8217;S LICENSE; BOND (§ 59.1-380)

A license issued under § 59.1-378 shall be for the period set by the
Commission, not to be less than twenty years, but shall be reviewed annually.
The Commission shall designate on the license the duration of such license, the
location of such track or satellite facility or proposed track or satellite
facility and such other information as it deems proper. The Commission shall
establish criteria and procedures for license renewal.
		The Commission shall require (i) a bond with surety or (ii) a letter of
credit, acceptable to the Commission, and in an amount determined by it, to be
sufficient to cover any indebtedness incurred by the licensee to the
Commonwealth.

HISTORY: 1988, c. 855; 1992, c. 820; 2000, c. 1011.