56-551 - Termination of certificate; dedication of assets. - Virginia Statutes

§ 56-551. Termination of certificate; dedication of assets.

Within ninety days of the completion and closing of the original permanentfinancing, the operator shall provide full details of the financing,including the terms of all bonds, to the Commission; and shall certify theterm of the original permanent financing and its termination date. TheCommission may require that the operator provide copies of any relevantdocuments, and shall review the financing and determine the date oftermination of the original permanent financing. After establishing thisdate, the Commission shall enter an order terminating the operator'sauthority pursuant to the certificate of authority on a date which shall beten years from the end of the term of the original permanent financing. Atthe request of the operator or the Department, or on its own initiative, theCommission may revise its order to modify the date for termination of thecertificate of authority in order to take into account any refinancing of theoriginal permanent financing, where the refinancing or modification is in thepublic interest, or any refinancing for the purpose of expansion, or earlytermination of the original permanent financing. Upon the termination of thecertificate of authority, the authority and duties of the operator under thischapter shall cease, and the highway assets and improvements of the operatorshall be dedicated to the Commonwealth for highway purposes.

(1988, c. 649; 1991, c. 272.)