§ 33.1-312. Competing turnpikes and toll roads
In the event bonds shall be issued and outstanding under the provisions of this article to finance the construction of any turnpike project, no bonds shall thereafter be issued under the authority of this article to finance any additional turnpike project, except as permitted by any resolution or trust indenture authorizing or securing any such outstanding bonds, unless and until the Board shall have determined that the construction of such additional turnpike project will not adversely affect the revenues of any turnpike project theretofore financed under the provisions of this article. No permit or franchise for the construction of a toll turnpike by any other public body, authority, person, copartnership, association or corporation shall be granted until after hearing by the Board, on such notice and under such rules as the Board may prescribe, and a finding by the Board that the operation of such toll turnpike will not adversely affect the revenues of any turnpike project theretofore financed by the Board under the provisions of this article and an account of which bonds may then be outstanding.
(Code 1950, § 33-255.17; 1952, c. 223; 1970, c. 322.)Sections: Previous 33.1-305 33.1-306 33.1-307 33.1-308 33.1-309 33.1-310 33.1-311 33.1-312 33.1-313 33.1-314 33.1-315 33.1-316 33.1-317 33.1-318 33.1-319 Next
Last modified: April 3, 2009