15.2-7004 - Rates and charges. - Virginia Statutes

§ 15.2-7004. Rates and charges.

Whenever the Authority has constructed or otherwise acquired Authorityfacilities and has issued bonds for such purpose, the Authority shall fix,revise, charge, and collect fees, tolls, rents, rates, and other charges forthe use of such facilities and the different parts or sections thereof,sufficient, together with any other moneys made available and used for thatpurpose, to pay the principal of and interest on such bonds, together withreserves for such purposes, and to maintain and operate such facilities andto keep the same in good condition and repair. Such fees, tolls, rents,rates, and other charges shall not be subject to supervision or regulation byany commission, board, bureau, or agency of the Commonwealth or of anymunicipality, county, or other political subdivision of the Commonwealth, andall revenues, when collected, and the proceeds from the sale of revenuebonds, shall be held by the Authority in trust for the benefit of the holdersof bonds of the Authority issued for the construction or acquisition ofAuthority facilities and for the proper maintaining, operating, and repairingthe Authority facilities.

Revenue bonds issued under the provisions of this chapter shall not be deemedto constitute a debt of the Commonwealth, the City of Richmond, the County ofHenrico, or County of Chesterfield or a pledge of the faith and credit of theCommonwealth, the City of Richmond, or of the County of Henrico orChesterfield, and shall be payable solely from the funds provided thereforfrom revenues.

(2009, c. 471.)