62.1-95 - Value of license not to be estimated in valuation for rate making, etc.; intangible water-power value. - Virginia Statutes

§ 62.1-95. Value of license not to be estimated in valuation for rate making,etc.; intangible water-power value.

In any valuation, for the purpose of rate making or for the purpose ofacquisition by the Commonwealth by condemnation or by purchase as aboveprovided for, or the property included in any development licensed under thischapter, there shall not be claimed by the licensee or allowed by the StateCorporation Commission any value for the license granted by the Commonwealthfor such development, or for the right of the licensee to utilize the naturalresources owned by the Commonwealth and used by the licensee in connectionwith the construction, maintenance and operation of such development, norshall there be claimed or allowed any appreciation on the intangiblewater-power value in excess of the fair intangible water-power value at thetime of the granting of the license for the construction of such development,such intangible water-power value being distinguished from the value of landor an interest in land, or the right to flood or damage or otherwise utilizeland, or to interfere with or to divert water, or to otherwise damage ariparian owner or owners of other real estate. The provisions contained inthis section are hereby made an express condition of every license grantedhereunder and to the exercise by the licensee of the right of eminent domainin this chapter conferred.

(Code 1950, § 62-84; 1968, c. 659.)