§ 33.1-287. Cessation of tolls
When the particular revenue bonds issued for any project or projects and the interest thereon have been paid, or a sufficient amount has been provided for their payment and continues to be held for that purpose, the Board shall cease to charge tolls for the use of such project or projects and thereafter such project or projects shall be free; however, the Board may thereafter charge tolls for the use of any such project when tolls are required for maintaining, repairing, operating, improving, and reconstructing such project, when such tolls have been or are pledged by the Board to the payment of revenue bonds issued under the provisions of the article for another project or projects on approval of the General Assembly or when such tolls are designated by the Board to be deposited into the Transportation Trust Fund. But any such pledge of tolls of a project to the payment of bonds issued for another project shall not be effectual until the principal and interest of the bonds issued for the first mentioned project shall have been paid or provision made for their payment.
The foregoing provisions shall also apply to tolls on projects constructed pursuant to the acts incorporated by reference by § 33.1-253 (Chesapeake Bay Bridge and Tunnel District), and § 33.1-320 (Richmond Metropolitan Authority), provided their governing bodies have acted as set forth in subdivision 4 of § 33.1-23.03:1.
(Code 1950, § 33-247; 1970, c. 322; 1986, Sp. Sess., c. 13.)Sections: Previous 33.1-281 33.1-282 33.1-283 33.1-284 33.1-285 33.1-285.1 33.1-286 33.1-287 33.1-288 33.1-289 33.1-290 33.1-291 33.1-292 33.1-293 33.1-294 Next
Last modified: April 16, 2009