Virginia Code 33.2-2211: Revenues
The Commission is hereby authorized to fix, revise, charge, and collect tolls for the use of the project, and to contract with any person, partnership, association, or corporation desiring the use thereof, and to fix the terms, conditions, rents, and rates of charges for such use.
Terms Used In Virginia Code 33.2-2211
- Board: means the Commonwealth Transportation Board. See Virginia Code 33.2-100
- Bonds: means bonds, notes, bond anticipation notes, or other obligations of the District, notwithstanding any contrary provision in this chapter, which may be issued in certificated or uncertificated form as current interest or capital appreciation bonds, or a hybrid thereof, and may bear interest at a rate, which may be fixed, zero, or at a floating or variable rate of interest established by reference to indices or formulae, that may be in excess of the rate now permitted by law and payable at such times as the Commission may determine. See Virginia Code 33.2-2200
- Commission: means the governing body of the District known as the Chesapeake Bay Bridge and Tunnel Commission. See Virginia Code 33.2-2200
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Maintenance: means (i) ordinary maintenance; (ii) maintenance replacement; (iii) operations that include traffic signal synchronization, incident management, and other intelligent transportation system functions; and (iv) any other categories of maintenance that may be designated by the Commissioner of Highways. See Virginia Code 33.2-100
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Project: means a bridge or tunnel or a bridge and tunnel project, including the existing bridge and tunnel crossing operated by the Commission and all or a part of an additional and generally parallel bridge and tunnel crossing, from any point within the boundaries of the District to a point in the County of Northampton, including such approaches and approach highways as the Commission deems necessary to facilitate the flow of traffic in the vicinity of such project or to connect such project with the highway system or other traffic facilities in the Commonwealth, and including all overpasses, underpasses, interchanges, entrance plazas, toll houses, service stations, garages, restaurants, and administration, storage, and other buildings and facilities that the Commission may deem necessary for the operation of such project, together with all property, rights, franchises, easements, and interests that may be required by the Commission for the construction or the operation of such project. See Virginia Code 33.2-2200
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
Such tolls shall be so fixed and adjusted in respect of the aggregate of tolls from the project in connection with which the bonds of any issue have been issued under the provisions of this chapter as to provide a fund sufficient with other revenues, if any, to pay (i) the cost of maintaining, repairing, and operating the project and (ii) the principal of and the interest on such bonds as the same 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 project in connection with which the bonds of any issue 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 indenture securing the same, shall be set aside at such regular intervals as may be provided in such resolution or such trust indenture in a sinking fund that is hereby pledged to, and charged with, the payment of the principal of and the interest on such bonds as the same 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 Commission 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 Commission, irrespective of whether such parties have notice thereof. Neither the resolution nor any trust indenture by which a pledge is created need be filed or recorded except in the records of the Commission. 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 indenture. Except as may otherwise be provided in such resolution or such trust indenture, such sinking fund shall be a fund for all such bonds without distinction or priority of one over another.
1956, c. 714; 2014, c. 805.