CODE OF VIRGINIA

CHARGES FOR USE OF PORT FACILITIES; SINKING FUND CREATED FROM REVENUES FOR
PAYMENT OF BONDS (§ 62.1-142)

The Authority is hereby authorized to fix and revise charges for the use of the
port facilities under its control and the different parts or sections thereof,
and to contract with any person, partnership, association or corporation
desiring the use of any part thereof, and to fix the terms, conditions, rents
and rates of charges for such use. Such charges shall be so fixed and adjusted
in respect of the aggregate of charges from the port facility or the portion or
portions thereof in connection with which revenue bonds or refunding bonds shall
have been issued under the provisions of this chapter as to provide a fund
sufficient with other revenues, if any, to pay (a) the cost of maintaining,
repairing and operating such port facility or portion or portions and (b) the
principal of and the interest on such bonds as the same shall become due and
payable, and to create reserves for such purposes. Such charges shall not be
subject to supervision or regulation by any commission, board, bureau or agency
of the Commonwealth or of any municipality, county or other political
subdivision of the Commonwealth. The charges and all other revenues derived from
the port facility or portion or portions in connection with which such bonds
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 charges and other revenues or other moneys 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 agreement 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 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. In addition to all other powers granted to the Authority by this
chapter, the Authority is hereby authorized to pledge to the payment of the
principal of and the interest on any bonds under the provisions of this chapter
any moneys received or to be received by it under any appropriation made to it
by the General Assembly, unless the appropriation is restricted by the General
Assembly to specific purposes of the Authority or such pledge is prohibited by
the law making such appropriations; provided, however, that nothing herein shall
be construed to obligate the General Assembly to make any such appropriation.

HISTORY: Code 1950, § 62-106.14; 1954, c. 667; 1958, c. 174; 1968, c. 659;
1981, c. 590.