33.1-54 - Applicability of §§ 33.1-49 through 33.1-53, to toll projects. - Virginia Statutes

§ 33.1-54. Applicability of §§ 33.1-49 through 33.1-53, to toll projects.

The provisions of §§ 33.1-49 to 33.1-53, inclusive, of this article shall notbecome effective with respect to those segments of the Interstate Systemconstructed and financed as toll projects until the revenue bonds and theinterest thereon issued on account of said toll projects shall have been paidor a sufficient amount for the payment of all such bonds and the interest tomaturity thereon shall have been set aside in trust for the benefit of therespective bondholders. When the bonds and interest thereon, outstanding onaccount of such projects, shall have been paid or a sufficient amount for thepayment of such bonds and the interest thereon to the maturity thereof shallhave been so set aside in trust, and when the Commonwealth TransportationBoard shall have by formal action, recorded in its minutes, determined theexistence of such fact, then and in such event, the provisions of thisarticle shall fully apply to such projects.

(Code 1950, § 33-36.8; 1958, c. 589; 1970, c. 322.)