62.1-142 - Charges for use of port facilities; sinking fund created from revenues for payment of bonds.
§ 62.1-142. Charges for use of port facilities; sinking fund created fromrevenues for payment of bonds.
The Authority is hereby authorized to fix and revise charges for the use ofthe port facilities under its control and the different parts or sectionsthereof, and to contract with any person, partnership, association orcorporation 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 sofixed and adjusted in respect of the aggregate of charges from the portfacility or the portion or portions thereof in connection with which revenuebonds or refunding bonds shall have been issued under the provisions of thischapter as to provide a fund sufficient with other revenues, if any, to pay(a) the cost of maintaining, repairing and operating such port facility orportion or portions and (b) the principal of and the interest on such bondsas the same shall become due and payable, and to create reserves for suchpurposes. Such charges shall not be subject to supervision or regulation byany commission, board, bureau or agency of the Commonwealth or of anymunicipality, county or other political subdivision of the Commonwealth. Thecharges and all other revenues derived from the port facility or portion orportions in connection with which such bonds shall have been issued exceptsuch part thereof as may be necessary to pay such cost of maintenance, repairand operation and to provide such reserves therefor as may be provided for inthe resolution authorizing the issuance of such bonds or in the trustagreement securing the same, shall be set aside at such regular intervals asmay be provided in such resolution or such trust agreement in a sinking fundwhich is hereby pledged to, and charged with, the payment of the principal ofand the interest on such bonds as the same shall become due, and theredemption price or the purchase price of bonds retired by call or purchaseas therein provided. Such pledge shall be valid and binding from the timewhen the pledge is made; the charges and other revenues or other moneys sopledged and thereafter received by the Authority shall immediately be subjectto the lien of such pledge without any physical delivery thereof or furtheract, and the lien of any such pledge shall be valid and binding as againstall parties having claims of any kind in tort, contract or otherwise againstthe Authority, irrespective of whether such parties have notice thereof.Neither the resolution nor any trust agreement by which a pledge is createdneed be filed or recorded except in the records of the Authority. The use anddisposition of moneys to the credit of such sinking fund shall be subject tothe provisions of the resolution authorizing the issuance of such bonds or ofsuch trust agreement. Except as may otherwise be provided in such resolutionor such trust agreement, such sinking fund shall be a fund for all such bondswithout distinction or priority of one over another. In addition to all otherpowers granted to the Authority by this chapter, the Authority is herebyauthorized to pledge to the payment of the principal of and the interest onany bonds under the provisions of this chapter any moneys received or to bereceived by it under any appropriation made to it by the General Assembly,unless the appropriation is restricted by the General Assembly to specificpurposes of the Authority or such pledge is prohibited by the law making suchappropriations; provided, however, that nothing herein shall be construed toobligate the General Assembly to make any such appropriation.
(Code 1950, § 62-106.14; 1954, c. 667; 1958, c. 174; 1968, c. 659; 1981, c.590.)