33.1-312 - Competing turnpikes and toll roads. - Virginia Statutes

§ 33.1-312. Competing turnpikes and toll roads.

In the event bonds shall be issued and outstanding under the provisions ofthis article to finance the construction of any turnpike project, no bondsshall thereafter be issued under the authority of this article to finance anyadditional turnpike project, except as permitted by any resolution or trustindenture authorizing or securing any such outstanding bonds, unless anduntil the Board shall have determined that the construction of suchadditional turnpike project will not adversely affect the revenues of anyturnpike project theretofore financed under the provisions of this article.No permit or franchise for the construction of a toll turnpike by any otherpublic body, authority, person, copartnership, association or corporationshall be granted until after hearing by the Board, on such notice and undersuch rules as the Board may prescribe, and a finding by the Board that theoperation of such toll turnpike will not adversely affect the revenues of anyturnpike project theretofore financed by the Board under the provisions ofthis article and an account of which bonds may then be outstanding.

(Code 1950, § 33-255.17; 1952, c. 223; 1970, c. 322.)