§ 3.1-55. (Repealed effective October 1, 2008) Revenues
The authority is hereby authorized to fix, revise, charge and collect tolls, fees, rents and other charges for the use of the market and the different parts thereof. Such tolls, fees, rents and other charges shall be so fixed and adjusted as to provide a fund sufficient with other revenues to pay: first, the cost of maintaining, repairing and operating the market, and second, the principal of and interest on such bonds as the same shall become due and payable, and third, to create reserves for such purposes and for other purposes of the authority. Such tolls, fees, rents and charges shall not be subject to supervision or regulation by any commission, board, bureau or agency of the Commonwealth or of any such city. The tolls, fees, rents and other charges derived from the market, except such part thereof as may be necessary to pay the cost of maintenance, repair and operation and to provide such reserves therefor as may be provided for in the resolution authorizing the issuance of such bonds or in the trust indenture or agreement securing the same, shall be set aside at such regular intervals as may be provided in such resolution or trust indenture or agreement in a sinking fund which is hereby pledged to, and charged with, the payment of and the interest on such bonds as the same shall become due, and the redemption price or the purchase price of such bonds retired by call or purchase as therein provided. Such pledge shall be valid and binding from the time when the pledge is made. The tolls, fees, rents and charges so pledged and thereafter received by the authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the authority, irrespective of whether such parties have notice thereof. Neither the resolution nor any trust indenture by which a pledge is created need be filed or recorded except in the records of the authority. The use and disposition of moneys to the credit of such sinking fund shall be subject to the provisions of the resolution authorizing the issuance of such bonds or of such trust indenture or agreement. Except as may otherwise be provided in such resolution or such trust indenture or agreement, such sinking fund shall be a fund for all such bonds without distinction or priority of one over another. The authority shall not operate the market for profit. The authority shall pay to such city or county annually such sums in lieu of taxes as shall be agreed to by the authority and the city or county; and should the authority and the city or county fail to reach such an agreement, or upon termination of any agreement so made, the authority shall pay to the city or county annually a sum equal to all taxes that would be assessed by the city or county had the authority been assessable therefor. The authority shall adjust, if necessary, its tolls, fees, rents and other charges so that the market will not be operated for profit; provided, however, that reasonable reserves for any of the purposes of the authority, including such annual payments to the city or county or repayment of any loan may first be set aside.
(Code 1950, § 3-79.9; 1954, c. 407; 1966, c. 702.)
Sections: Previous 3.1-48 3.1-49 3.1-50 3.1-51 3.1-52 3.1-53 3.1-54 3.1-55 3.1-56 3.1-57 3.1-58 3.1-59 3.1-60 3.1-61 3.1-62 NextLast modified: April 2, 2009