59.1-380 - Duration, form of owner's license; bond. - Virginia Statutes

§ 59.1-380. Duration, form of owner's license; bond.

A license issued under § 59.1-378 shall be for the period set by theCommission, not to be less than twenty years, but shall be reviewed annually.The Commission shall designate on the license the duration of such license,the location of such track or satellite facility or proposed track orsatellite facility and such other information as it deems proper. TheCommission shall establish criteria and procedures for license renewal.

The Commission shall require (i) a bond with surety or (ii) a letter ofcredit, acceptable to the Commission, and in an amount determined by it, tobe sufficient to cover any indebtedness incurred by the licensee to theCommonwealth.

(1988, c. 855; 1992, c. 820; 2000, c. 1011.)