                                 CODE OF VIRGINIA

VALUE OF LICENSE NOT TO BE ESTIMATED IN VALUATION FOR RATE MAKING, ETC.;
INTANGIBLE WATER-POWER VALUE (§ 62.1-95)

In any valuation, for the purpose of rate making or for the purpose of
acquisition by the Commonwealth by condemnation or by purchase as above provided
for, or the property included in any development licensed under this chapter,
there shall not be claimed by the licensee or allowed by the State Corporation
Commission any value for the license granted by the Commonwealth for such
development, or for the right of the licensee to utilize the natural resources
owned by the Commonwealth and used by the licensee in connection with the
construction, maintenance and operation of such development, nor shall there be
claimed or allowed any appreciation on the intangible water-power value in
excess of the fair intangible water-power value at the time of the granting of
the license for the construction of such development, such intangible
water-power value being distinguished from the value of land or an interest in
land, or the right to flood or damage or otherwise utilize land, or to interfere
with or to divert water, or to otherwise damage a riparian owner or owners of
other real estate. The provisions contained in this section are hereby made an
express condition of every license granted hereunder and to the exercise by the
licensee of the right of eminent domain in this chapter conferred.

HISTORY: Code 1950, § 62-84; 1968, c. 659.