§ 33.1-264. Toll bridges may be purchased by Commonwealth
In addition to the power of eminent domain as provided by law for roads in the State Highway System, the Commonwealth, acting through the Commonwealth Transportation Commissioner, may purchase any such bridge and the approaches thereto with the real estate and tangible personal property necessary for their proper operation, at such time as may be specified in the permit granted for such bridge, or at the expiration of any two-year period after such time, all at a price equal to the original cost, to be determined as hereinafter provided, less depreciation.
In order to exercise the right of the Commonwealth to purchase and take over any such bridge and approaches and real estate and tangible personal property, the Commonwealth, through the Commissioner, shall give to the permittee, or its successor in title of record to such bridge and other property, not less than two months' notice of its intention so to do specifying the date on which the conveyance will be required. Title to such bridge and approaches and property shall be vested in the Commonwealth free of lien at the time set out in such notice and upon the payment or offer of the purchase price determined in accordance with this article, to such permittee or successor in title of record to such bridge and other property, or to the trustee or trustees, or mortgagor or mortgagees in any deed of trust or mortgage on such property, or to the lien creditor or creditors, as their interest may appear of record.
The original cost of such bridge and approaches and real estate and tangible personal property shall be determined by the Commissioner and shall include the actual cost thereof and an additional amount equal to interest at the rate of six percent per annum on the amount actually invested by such permittee, or successor in title of record, in such property, or in hand for investment therein, during the period of construction. There shall be included in "actual costs" all costs including the cost of improvements, financing charges, cost of traffic estimate and of engineering and legal expenses, plans, specifications and surveys, estimates of cost and of revenue, other expenses necessary or incident to determining the feasibility or practicability of the enterprise, administrative expenses and such other expenses as may be necessary or incident to the financing of the project and the placing of the project in operation. The Commissioner shall determine the depreciation and the reasonableness of each item of "actual cost."
(Code 1950, § 33-224; 1956, c. 138; 1970, c. 322.)Sections: Previous 33.1-257 33.1-258 33.1-259 33.1-260 33.1-261 33.1-262 33.1-263 33.1-264 33.1-265 33.1-266 33.1-267 33.1-268 33.1-269 33.1-270 33.1-271 Next
Last modified: April 3, 2009