Virginia Code 56-551: Termination of certificate; dedication of assets
Within ninety days of the completion and closing of the original permanent financing, the operator shall provide full details of the financing, including the terms of all bonds, to the Commission; and shall certify the term of the original permanent financing and its termination date. The Commission may require that the operator provide copies of any relevant documents, and shall review the financing and determine the date of termination of the original permanent financing. After establishing this date, the Commission shall enter an order terminating the operator’s authority pursuant to the certificate of authority on a date which shall be ten years from the end of the term of the original permanent financing. At the request of the operator or the Department, or on its own initiative, the Commission may revise its order to modify the date for termination of the certificate of authority in order to take into account any refinancing of the original permanent financing, where the refinancing or modification is in the public interest, or any refinancing for the purpose of expansion, or early termination of the original permanent financing. Upon the termination of the certificate of authority, the authority and duties of the operator under this chapter shall cease, and the highway assets and improvements of the operator shall be dedicated to the Commonwealth for highway purposes.
Terms Used In Virginia Code 56-551
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Certificate: means the certificate of authority awarded pursuant to this chapter which allows operation of a roadway. See Virginia Code 56-536
- Commission: means the State Corporation Commission. See Virginia Code 56-536
- Department: means the Virginia Department of Transportation. See Virginia Code 56-536
- Highway: means the entire width between the boundary lines of every way or place of whatever nature open to the use of the public under the provisions of this chapter for purposes of vehicular travel in this Commonwealth. See Virginia Code 56-536
- Operator: means the person who submits to the Commission an application for authority to construct, operate or enlarge a roadway, and which, after issuance of a certificate of authority, is responsible for operation of any roadway under the provisions of this chapter. See Virginia Code 56-536
1988, c. 649; 1991, c. 272.