15.2-7311 - Rents, fees, and charges; disposition of revenues. - Virginia Statutes

§ 15.2-7311. Rents, fees, and charges; disposition of revenues.

The rents, fees, and charges established by the Authority for the use of itsproperty, projects, and facilities and for any other service furnished orprovided by the Authority shall be fixed so that they, together with otherrevenues of the Authority, shall provide at least sufficient funds to pay thecost of maintaining, repairing, and operating the Authority; its property,projects, and facilities; and the principal and interest of any bonds issuedby the Authority or other debts contracted as the same shall become due andpayable. A reserve may be accumulated and maintained out of the revenues ofthe Authority for extraordinary repairs and expenses and for such otherpurposes as may be provided in any resolution authorizing a bond issue or inany trust indenture securing such bonds. Subject to such provisions andrestrictions as may be set forth in the resolution or in the trust indentureauthorizing or securing any of the bonds or other obligations issuedhereunder, the Authority shall have exclusive control of the revenue derivedfrom the operation of the Authority and the right to use such revenues in theexercise of its powers and duties set forth in this chapter. No person, firm,association, or corporation shall receive any profit or dividend from therevenues, earnings, or other funds or assets of such authority other than fordebts contracted, for services rendered, for materials and suppliesfurnished, and for other value actually received by the Authority.

The accounts of the Authority shall be audited annually by the Auditor ofPublic Accounts, or his legally authorized representative, and the cost ofsuch audit will be borne by the Authority. Copies of the annual audit shallbe distributed to the Governor and to the chairmen of the House Committee onAppropriations and the Senate Committee on Finance.

(2010, cc. 338, 460.)