§ 33.1-304. Revenues
The Board is hereby authorized to fix, revise, charge and collect tolls for the use of each turnpike project and the different parts or sections thereof, and to contract with any person, partnership, association or corporation desiring the use of any part thereof, including the right-of-way adjoining the paved portion, for placing thereon telephone, telegraph, electric light or power lines, gas stations, garages, stores, hotels and restaurants, or for any other purpose except tracks for railroad or railway use, and to fix the terms, conditions, rents and rates of charges for such use, provided, that a sufficient number of the aforementioned facilities shall be authorized to be established in each service area along any such turnpike project to permit reasonable competition by private business in the public interest. Such tolls shall be fixed and adjusted in respect of the aggregate of tolls from the turnpike project in connection with which the bonds of any issue shall have been issued as to provide a fund sufficient with other revenues, if any, to pay (a) the cost of maintaining, repairing and operating such turnpike project and (b) the principal of and interest on such bonds as the same shall become due and payable, and to create reserves for such purposes. Such tolls shall not be subject to supervision or regulation by any other commission, board, bureau or agency of the Commonwealth. The tolls and all other revenues derived from the turnpike project in connection with which the bonds of any issue shall have been issued, except such part thereof as may be necessary to pay such 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 agreement securing the same, shall be set aside at such regular intervals as may be provided in such resolution or such trust agreement in a sinking fund which is hereby pledged to, and charged with, the payment of the principal of and the interest on such bonds as the same shall become due, and the redemption price or the purchase price of 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 or other revenues or other moneys so pledged and thereafter received by the Board 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 Board, irrespective of whether such parties have notice thereof. Neither the resolution nor any trust agreement by which a pledge is created need be filed or recorded except in the records of the Board. 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 agreement. Except as may otherwise be provided in such resolution or such trust agreement, such sinking fund shall be a fund for all such bonds without distinction or priority of one over another.
Notwithstanding the provisions of the foregoing paragraph of this section, the Board may provide that no tolls shall be charged on any project during any period for which there are available to the Board from sources other than tolls amounts sufficient to meet the maintenance, repair, operation, sinking fund and reserve requirements of the resolution authorizing the issuance of bonds for such project or of the trust agreement securing such bonds, and may also provide that the tolls on any such project may be reduced upon compliance with the conditions, restrictions and limitations contained in such resolution or trust agreement. During any such period the Board shall collect any rates and charges other than tolls, and such rates and charges shall remain subject to the provisions of such resolution or trust agreement applicable thereto.
Any funds made available to the Board to meet the sinking fund requirements of the resolution authorizing the issuance of bonds for any project or of the trust agreement securing such bonds shall be paid by the Board into the sinking fund for such bonds from time to time as shall be necessary to meet such requirements.
(Code 1950, § 33-255.9; 1952, c. 223; 1954, c. 520; 1962, c. 552; 1970, c. 322.)Sections: Previous 33.1-297 33.1-298 33.1-299 33.1-300 33.1-301 33.1-302 33.1-303 33.1-304 33.1-305 33.1-306 33.1-307 33.1-308 33.1-309 33.1-310 33.1-311 Next
Last modified: April 3, 2009