2006 Code of Virginia § 3.1-55 - Revenues

3.1-55. Revenues.

The authority is hereby authorized to fix, revise, charge and collect tolls,fees, rents and other charges for the use of the market and the differentparts thereof. Such tolls, fees, rents and other charges shall be so fixedand adjusted as to provide a fund sufficient with other revenues to pay:first, the cost of maintaining, repairing and operating the market, andsecond, the principal of and interest on such bonds as the same shall becomedue and payable, and third, to create reserves for such purposes and forother purposes of the authority. Such tolls, fees, rents and charges shallnot be subject to supervision or regulation by any commission, board, bureauor agency of the Commonwealth or of any such city. The tolls, fees, rents andother charges derived from the market, except such part thereof as may benecessary to pay the cost of maintenance, repair and operation and to providesuch reserves therefor as may be provided for in the resolution authorizingthe issuance of such bonds or in the trust indenture or agreement securingthe same, shall be set aside at such regular intervals as may be provided insuch resolution or trust indenture or agreement in a sinking fund which ishereby pledged to, and charged with, the payment of and the interest on suchbonds as the same shall become due, and the redemption price or the purchaseprice of such bonds retired by call or purchase as therein provided. Suchpledge shall be valid and binding from the time when the pledge is made. Thetolls, fees, rents and charges so pledged and thereafter received by theauthority shall immediately be subject to the lien of such pledge without anyphysical delivery thereof or further act, and the lien of any such pledgeshall be valid and binding as against all parties having claims of any kindin tort, contract or otherwise against the authority, irrespective of whethersuch parties have notice thereof. Neither the resolution nor any trustindenture by which a pledge is created need be filed or recorded except inthe records of the authority. The use and disposition of moneys to the creditof such sinking fund shall be subject to the provisions of the resolutionauthorizing the issuance of such bonds or of such trust indenture oragreement. Except as may otherwise be provided in such resolution or suchtrust indenture or agreement, such sinking fund shall be a fund for all suchbonds without distinction or priority of one over another. The authorityshall not operate the market for profit. The authority shall pay to such cityor county annually such sums in lieu of taxes as shall be agreed to by theauthority and the city or county; and should the authority and the city orcounty fail to reach such an agreement, or upon termination of any agreementso made, the authority shall pay to the city or county annually a sum equalto all taxes that would be assessed by the city or county had the authoritybeen assessable therefor. The authority shall adjust, if necessary, itstolls, fees, rents and other charges so that the market will not be operatedfor profit; provided, however, that reasonable reserves for any of thepurposes of the authority, including such annual payments to the city orcounty or repayment of any loan may first be set aside.

(Code 1950, 3-79.9; 1954, c. 407; 1966, c. 702.)