Chesapeake Bay Bridge and Tunnel District and Commission§ 33.2-2200. Definitions
As used in this chapter, unless the context requires a different meaning:
"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. Bonds may be issued under a system of book entry for recording the ownership and transfer of ownership of rights to receive payments of principal and premium, if any, and interest on the bonds. Bonds may be sold in such manner and for such price as the Commission may determine to be for the best interests of the District.
"Commission" means the governing body of the District known as the Chesapeake Bay Bridge and Tunnel Commission.
"Cost," as applied to the project, means any or all of the following: the cost of construction; the cost of the acquisition of all land, rights-of-way, property, rights, franchises, easements, and interests acquired by the Commission for such construction; the cost of demolishing or removing any buildings or structures on land so acquired, including the cost of acquiring any lands to which such buildings or structures may be moved; the cost of all machinery and equipment; provision for reasonable working capital, financing charges, and interest prior to and during construction; and, if deemed advisable by the Commission, for a period not exceeding one year after completion of construction, the cost of traffic estimates and of engineering and legal services, plans, specifications, surveys, estimates of cost and of revenues, and other expenses necessary or incident to determining the feasibility or practicability of constructing the project; administrative expenses; and such other expenses as may be necessary or incident to the construction of the project, the financing of such construction, and the placing of the project in operation. Any obligation or expense hereafter incurred by the Commonwealth Transportation Board with the approval of the Commission for traffic surveys, borings, preparation of plans and specifications, and other engineering services in connection with the construction of the project shall be regarded as a part of the cost of the project and shall be reimbursed to the Commonwealth Transportation Board out of the proceeds of revenue bonds issued for the project as authorized in this chapter.
"District" means the political subdivision of the Commonwealth known as the Chesapeake Bay Bridge and Tunnel District.
"Owner" includes all persons as defined in § 1-230 having any interest or title in and to property, rights, franchises, easements, and interests authorized to be acquired by this chapter.
"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.
1956, c. 714; 1959, Extra Session, c. 24; 1990, c. 203; 2014, c. 805.§ 33.2-2201. Chesapeake Bay Bridge and Tunnel District
The Chesapeake Bay Bridge and Tunnel District is hereby created as a political subdivision of the Commonwealth. The District shall comprise the area included in the boundaries of the Counties of Accomack and Northampton; within the corporate limits of the Cities of Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, and Virginia Beach; and the area of Chesapeake Bay between these political subdivisions. This entity may sue and be sued under the name Chesapeake Bay Bridge and Tunnel District. Through its governing board, the Chesapeake Bay Bridge and Tunnel Commission, the District may plead and be impleaded and contract with individuals, partnerships, associations, private corporations, municipal corporations, political subdivisions of the Commonwealth, and the federal government or any agency thereof having any interest or title in and to property, rights, easements, or franchises authorized to be acquired by this chapter.
1954, c. 693; 1956, c. 462; 1962, c. 605; 2014, c. 805.§ 33.2-2202. Chesapeake Bay Bridge and Tunnel Commission
The Chesapeake Bay Bridge and Tunnel Commission is hereby created as the governing board of the Chesapeake Bay Bridge and Tunnel District created by this chapter. The Commission shall consist of the following 11 members: one member of the Commonwealth Transportation Board, two members from Accomack County, two members from Northampton County, one member from the City of Chesapeake, one member from the City of Hampton, one member from the City of Newport News, one member from the City of Norfolk, one member from the City of Portsmouth, and one member from the City of Virginia Beach. The members of the Commission appointed under the provisions of this section shall be residents of the counties or cities from which they are appointed.
Commission members shall be appointed by the Governor, subject to confirmation by both houses of the General Assembly. Commission members shall be appointed to four-year terms. Any member of the Commission shall be eligible for reappointment to a second four-year term, but shall be ineligible for appointment to any additional term except for appointment to fill vacancies for portions of unexpired terms. When a vacancy occurs, the Governor shall appoint a new member to complete the unexpired portion of the term, subject to confirmation by both houses of the General Assembly.
The Commission shall select a chairman, vice-chairman, secretary, and treasurer annually from its membership and as provided in its bylaws. Meetings of the Commission shall be held upon the call of the chairman or as otherwise provided in the bylaws of the Commission. Any member of the Commission may be removed from office for cause by the Governor. Each member of the Commission, immediately following his appointment, shall take an oath of office, prescribed by Article II, Section 7 of the Constitution of Virginia, before any judge, clerk, or deputy clerk of any court of record; any judge of a district court in the Commonwealth; the Secretary of the Commonwealth or his deputy; or a member of the State Corporation Commission. No member of the Commission shall receive any salary, but members are entitled to expenses and per diem pay as provided in §§ 2.2-2813 and 2.2-2825. Six members of the Commission shall constitute a quorum. The records of the Commission shall be public records. The Commission is authorized to do all things necessary or incidental to the performance of its duties and the execution of its powers under this chapter. The route for any bridge or tunnel, or combination thereof, built by the Commission shall be selected subject to the approval of the Commonwealth Transportation Board.
1954, c. 693; 1956, c. 462; 1962, c. 405; 1998, c. 548; 2000, cc. 238, 705; 2014, c. 805.§ 33.2-2203. General powers of the Commission
The Commission is hereby authorized and empowered:
1. To establish, construct, maintain, repair, and operate the project, provided that no such project shall be constructed unless adequate provision is made for the retirement of any revenue bonds issued by the Commission;
2. To determine the location, character, size, and capacity of the project; to establish, limit, and control such points of ingress to and egress from the project as may be necessary or desirable in the judgment of the Commission to ensure the proper operation and maintenance of the project; and to prohibit entrance to such project from any point or points not so designated. The Commission shall coordinate its plans with those of the Commonwealth Transportation Board insofar as practicable;
3. To secure all necessary federal authorizations, permits, and approvals for the construction, maintenance, repair, and operation of the project;
4. To make regulations for the conduct of its business;
5. To acquire, by purchase or condemnation in the name of the District, hold, and dispose of real and personal property for the corporate purposes of the District;
6. To acquire full information to enable it to establish, construct, maintain, repair, and operate the project;
7. To employ consulting engineers, a superintendent or manager of the project, and such other engineering, architectural, construction, and accounting experts, and inspectors, attorneys, and other employees as may be deemed necessary and, within the limitations prescribed in this chapter, to prescribe their powers and duties and fix their compensation;
8. To pay, from any available moneys, the cost of plans, specifications, surveys, estimates of cost and revenues, legal fees, and other expenses necessary or incident to determining the feasibility or practicability of financing, constructing, maintaining, repairing, and operating the project;
9. To issue revenue bonds of the District, for any of its corporate purposes, payable solely from the tolls and revenues pledged for their payment, and to refund its bonds, all as provided in this chapter;
10. To fix, revise, charge, and collect tolls and other charges for the use of the project;
11. To make and enter into all contracts or agreements, as the Commission may determine, that are necessary or incidental to the performance of its duties and to the execution of the powers granted under this chapter;
12. To accept loans and grants of money or materials or property at any time from the United States of America or the Commonwealth or any agency or instrumentality thereof;
13. To adopt an official seal and alter the same at its pleasure and to make, amend, and repeal bylaws and regulations not inconsistent with law to carry into effect the powers and purposes of the Commission;
14. To sue and be sued and to plead and be impleaded, all in the name of the District;
15. To exercise any power usually possessed by private corporations performing similar functions, including the right to expend, solely from funds provided under the authority of this chapter, such funds as may be considered by the Commission to be advisable or necessary in advertising its facilities and services to the traveling public; and
16. To do all acts and things necessary or incidental to the performance of its duties and the execution of its powers under this chapter.
1956, c. 714; 2014, c. 805.§ 33.2-2204. Additional powers of the Commission
The Commission has the power:
1. To construct grade separations at intersections of the project with public highways and to change and adjust the lines and grades of such highways so as to accommodate the same to the design of such grade separation. The cost of such grade separations and any damage incurred in changing and adjusting the lines and grades of such highways shall be ascertained and paid by the Commission as a part of the cost of the project.
2. To change the location of any portion of any public highway. The Commission shall cause the portion of the public highway to be reconstructed at such location as the Commission deems most favorable and of substantially the same type and in as good condition as the original highway. The cost of such reconstruction and any damage incurred in changing the location of any such highway shall be ascertained and paid by the Commission as a part of the cost of the project.
Any public highway affected by the construction of the project may be vacated or relocated by the Commission in the manner now provided by law for the vacation or relocation of public roads, and any damages awarded on account thereof shall be paid by the Commission as a part of the cost of the project.
3. To enter upon any lands, waters, and premises in the Commonwealth, along with its authorized agents and employees, for the purpose of making surveys, soundings, drillings, and examinations as they may deem necessary or convenient for the purposes of this chapter, and such entry shall not be deemed a trespass, nor shall an entry for such purposes be deemed an entry under any condemnation proceedings that may be then pending. The Commission shall make reimbursement for any actual damage resulting to such lands, waters, and premises as a result of such activities.
4. To make reasonable regulations for the installation, construction, maintenance, repair, renewal, relocation, and removal of tracks, pipes, mains, conduits, cables, wires, towers, poles, and other equipment and appliances (herein called "public utility facilities") of any public utility in, on, along, over, or under the project. When public utility facilities that are or may be located in, on, along, over, or under the project should be relocated in the project, or should be removed from the project, the public utility owning or operating such facilities shall relocate or remove the same in accordance with the order of the Commission, provided that the cost and expenses of such relocation or removal, including the cost of installing such facilities in a new location, and the cost of any lands, or any rights or interests in lands, and any other rights, acquired to accomplish such relocation or removal, shall be ascertained and paid by the Commission as a part of the cost of the project. In case of any such relocation or removal of facilities, the public utility owning or operating the facilities, its successors or assigns, may maintain and operate such facilities, with the necessary appurtenances, in the new location, for as long a period, and upon the same terms and conditions, as it had the right to maintain and operate such facilities in their former location.
The Commonwealth hereby consents to the use of all lands owned by it, including lands lying under water, that are deemed by the Commission to be necessary for the construction or operation of the project.
1956, c. 693; 2014, c. 805.§ 33.2-2205. Regulations of the Commission; enforcement
The Commission shall have power:
1. To adopt and enforce reasonable regulations that, after publication one time in full in a newspaper of general circulation published in or having general circulation in the City of Virginia Beach and a newspaper of general circulation published in or having general circulation in the County of Northampton and when posted where the using public may conveniently see such regulations, shall have the force and effect of law as to (i) maximum and minimum speed limits applicable to motor vehicles using the project and other property under control of the Commission; (ii) the types, kinds, and sizes of the vehicles that may use the project; (iii) the nature, size, type, or kind of materials or substances that shall not be transported through or over the project; and (iv) such other regulations as may be necessary or expedient in the interest of public safety with respect to the use of the project.
2. To punish a violation of the regulations provided for in subdivision 1 as follows:
a. If a violation would have been a violation of law or ordinance if committed on any public street or highway in the locality in which such violation occurred, it shall be tried and punished in the same manner as if it had been committed on such public street or highway.
b. If a violation occurs within one jurisdiction and is punishable within another jurisdiction, the court trying the case shall, if the accused is found guilty, apply the punishment that is prescribed for offenses occurring within the jurisdiction of the court trying the case.
c. All other violations shall be punishable as a Class 1 misdemeanor.
3. To appoint and employ police to enforce within the area under the control of the Commission the regulations adopted by the Commission and the laws of the Commonwealth. Such police shall have the powers vested in police officers under §§ 15.2-1704 and 52-8, which sections shall apply, mutatis mutandis, to police appointed pursuant to this chapter.
Such police appointed by the Commission may issue summons to appear, or arrest on view or on information without warrant as permitted by law, within the jurisdiction of the Commonwealth, and conduct before any police or county court of any political subdivision into which the project extends any person violating, within or upon the project or other property under the control of the Commission, any rule or regulation of the Commission or any law of the Commonwealth pertaining to the regulation and control of highway traffic on any bridge or tunnel owned or operated by the Commission, including all entrance or exit plazas and approaches adjacent or appurtenant thereto and any rule or regulation regarding the payment of tolls.
4. For the purpose of enforcing such laws and regulations, the courts of the City of Virginia Beach and the County of Northampton have concurrent jurisdiction of criminal offenses that constitute violations of the laws and regulations of the Commission.
1954, c. 693; 1962, c. 228; 1964, c. 348; 2014, c. 805; 2015, c. 256.§ 33.2-2206. Acquisition of property
The Commission is hereby authorized and empowered to acquire by purchase, whenever it deems such purchase expedient, solely from funds provided under the authority of this chapter, such lands, structures, rights-of-way, property, rights, franchises, easements, and other interests in lands, including lands lying under water and riparian rights, that are located within the Commonwealth as it may deem necessary or convenient for the construction and operation of the project, upon such terms and at such prices as may be considered by it to be reasonable and can be agreed upon between it and the owner thereof, and to take title thereto in the name of the District.
All localities and political subdivisions and all public agencies and commissions of the Commonwealth, notwithstanding any contrary provision of law, are hereby authorized and empowered to lease, lend, grant, or convey to the District at the Commission's request upon such terms and conditions as the proper authorities of such localities, political subdivisions, agencies, or commissions of the Commonwealth may deem reasonable and fair and without the necessity for any advertisement, order of court, or other action or formality, other than the regular and formal action of the authorities concerned, any real property that may be necessary or convenient to the effectuation of the authorized purposes of the Commission, including public highways and other real property already devoted to public use.
Whenever a reasonable price cannot be agreed upon, or whenever the owner is legally incapacitated or is absent, unknown, or unable to convey valid title, the Commission is hereby authorized and empowered to acquire by condemnation or by the exercise of the power of eminent domain any lands, property, rights, rights-of-way, franchises, easements, and other property, including public lands, parks, playgrounds, reservations, highways, or parkways, or parts thereof or rights therein, of any person, partnership, association, railroad, public service, public utility or other corporation, municipality, or political subdivision deemed necessary or convenient for the construction or the efficient operation of the project or necessary in the restoration of public or private property damaged or destroyed. Such proceedings shall be in accordance with and subject to the provisions of any and all laws applicable to condemnation of property in the name of the Commissioner of Highways under the laws of the Commonwealth. Title to any property acquired by the Commission shall be taken in the name of the District. In any condemnation proceedings, the court having jurisdiction of the suit, action, or proceeding may make such orders as may be just to the Commission and to the owners of the property to be condemned and may require an undertaking or other security to secure such owners against any loss or damage by reason of the failure of the Commission to accept and pay for the property, but neither such undertaking or security nor any act or obligation of the Commission shall impose any liability upon the District except as may be paid from the funds provided under the authority of this chapter.
If the owner, lessee, or occupier of any property to be condemned refuses to remove his personal property therefrom or give up possession thereof, the Commission may proceed to obtain possession in any manner provided by law.
With respect to any railroad property or right-of-way upon which railroad tracks are located, any powers of condemnation or of eminent domain may be exercised to acquire only an easement interest therein, which is located either sufficiently far above or sufficiently far below the grade of any railroad track upon such railroad property so that neither the proposed project nor any part thereof, including any bridges, abutments, columns, supporting structures, and appurtenances, nor any traffic upon it interferes in any manner with the use, operation, or maintenance of the trains, tracks, works, or appurtenances or other property of the railroad nor endanger the movement of the trains or traffic upon the tracks of the railroad. Prior to the institution of condemnation proceedings for such easement over or under such railroad property or right-of-way, plans and specifications of the proposed project showing compliance with the above-mentioned above or below grade requirements and showing sufficient and safe plans and specifications of such overhead or undergrade structure and appurtenances shall be submitted to the railroad for examination and approval. If the railroad fails or refuses within 30 days to approve the plans and specifications so submitted, the matter shall be submitted to the State Corporation Commission, as to the sufficiency and safety of such plans and specifications and as to such elevations or distances above or below the tracks. Said overhead or undergrade structure and appurtenances shall be constructed only in accordance with such plans and specifications and in accordance with such elevations or distances above or below the tracks so approved by the railroad or the State Corporation Commission. A copy of the plans and specifications approved by the railroad or the State Corporation Commission shall be filed as an exhibit with the petition for condemnation. The cost of any such overhead or undergrade projects and appurtenances and any expense and cost incurred in changing, adjusting, relocating, or removing the lines and grades of such railroad in connection with the project shall be paid by the Commission as a part of the cost of the project.
1956, c. 714; 2014, c. 805.§ 33.2-2207. Consent of Commonwealth to use subaqueous soil of the Chesapeake Bay
The Commonwealth hereby consents to the use by the Commission, in any manner whatsoever in the performance of its duties, of all lands lying under the waters of the Chesapeake Bay that are within the Commonwealth and are deemed by the Commission to be necessary for the construction or operation of the project.
1954, c. 693; 2014, c. 805.§ 33.2-2208. Revenue bonds
The Commission is hereby authorized to provide by resolution for the issuance of revenue bonds of the District for any one or more of the following purposes: (i) paying all or a part of the cost of all or a part of the project and (ii) refunding any outstanding revenue bonds of the District that have been issued under the provisions of this chapter, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of redemption of such bonds. The principal of and the interest on such bonds shall be payable solely from the funds herein provided for such payment. The bonds of each issue shall be dated, shall bear interest at such rate not exceeding six percent per year payable semiannually, shall mature at such time, not exceeding 40 years from their date, as may be determined by the Commission, and may be made redeemable before maturity, at the option of the Commission, at such price and under such terms and conditions as may be fixed by the Commission prior to the issuance of the bonds. The principal and interest of such bonds may be made payable in any lawful medium. The Commission shall determine the form of the bonds, including any interest coupons to be attached thereto, and the manner of execution of the bonds, and shall fix the denomination of the bonds and the place of payment of principal and interest thereof, which may be at any bank or trust company within or outside of the Commonwealth. If any officer whose signature or a facsimile of whose signature appears on any bonds or coupons ceases to be such officer before the delivery of the bonds, his signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until delivery. All revenue bonds issued under the provisions of this chapter shall have and are hereby declared to have, as between successive holders, all the qualities and incidents of negotiable instruments under the negotiable instruments law of the Commonwealth. The bonds may be issued in coupon or in registered form, or both, as the Commission may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, and for the reconversion of any bonds registered as to both principal and interest into coupon bonds. The Commission may sell such bonds in such manner and for such price as it may determine to be for the best interest of the District, but no such sale shall be made at a price so low as to require the payment of interest on the money received therefor at more than six percent per year computed with relation to the absolute maturity of the bonds in accordance with standard tables of bond values, excluding from such computations the amount of any premium to be paid on redemption of any bonds prior to maturity. The proceeds of such bonds shall be disbursed for the purposes for which such bonds shall have been issued under such restrictions, if any, as the resolution authorizing the issuance of such bonds or the trust indenture provided for in this chapter. If the bonds of a particular issue, by error of estimates or otherwise, are less than such cost, additional bonds may in like manner be issued to provide the amount of such deficit and, unless otherwise provided in the resolution authorizing the issuance of the bonds or in the trust indenture securing the same, shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued for the same purpose. If the proceeds of the bonds of any issue exceed the amount required for the purpose for which such bonds are issued, the surplus shall be paid into the funds hereinafter provided for the payment of principal and interest of such bonds. Prior to the preparation of definitive bonds, the Commission may, under like restrictions, issue temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds have been executed and are available for delivery. The Commission may also provide for the replacement of any bond that becomes mutilated or that has been destroyed or lost. Such revenue bonds may be issued without any other proceedings or the happening of any other conditions or things than the proceedings, conditions, and things that are specified and required by this chapter.
1956, c. 714; 1959, Extra Session, c. 24; 2014, c. 805.§ 33.2-2209. Bonds not to constitute a debt or pledge of taxing power
Revenue bonds issued under the provisions of this chapter shall not be deemed to constitute a debt of the District or of the Commonwealth or of any county, city, district, or political subdivision thereof, or a pledge of the faith and credit of the District or of the Commonwealth or of any county, city, district, or political subdivision thereof, but such bonds shall be payable solely from the funds herein provided therefor from tolls and other revenues. The issuance of revenue bonds under the provisions of this chapter shall not directly or indirectly or contingently obligate the District, the Commonwealth, or any county, city, district, or political subdivision thereof to levy or to pledge any form of taxation whatever therefor. All such revenue bonds shall contain a statement on their face substantially to the foregoing effect.
1956, c. 714; 2014, c. 805.§ 33.2-2210. Trust indenture
In the discretion of the Commission any bonds issued under the provisions of this chapter may be secured by a trust indenture by and between the Commission and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or outside of the Commonwealth. Such trust indenture or the resolution providing for the issuance of such bonds may pledge or assign the tolls and other revenues to be received, but shall not convey or mortgage the project or any part thereof. Such trust indenture or resolution providing for the issuance of such bonds may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the Commission in relation to the acquisition of property and the construction, improvement, maintenance, repair, operation, and insurance of the project in connection with which such bonds have been authorized, the rates of toll to be charged, and the custody, safeguarding, and application of all moneys. It shall be lawful for any bank or trust company incorporated under the laws of the Commonwealth that may act as depository of the proceeds of bonds or of revenues to furnish such indemnifying bonds or to pledge such securities as may be required by the Commission. Any such trust indenture may set forth the rights and remedies of the bondholders and of the trustee and may restrict the individual right of action by bondholders. In addition to the foregoing, any such trust indenture or resolution may contain such other provisions as the Commission may deem reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of such trust indenture or resolution may be treated as a part of the cost of the operation of the project.
1956, c. 714; 2014, c. 805.§ 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.
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.§ 33.2-2212. Cessation of tolls
When the bonds issued for the project and the interest thereon have been paid, or a sufficient amount has been provided for their payment and continue to be held for that purpose, the Commission shall cease to charge tolls for the use of the project, and thereafter the project shall be free, provided that the Commission shall thereafter charge tolls for the use of the project in the event that tolls are required for maintaining, repairing, and operating the project due to the lack of funds from sources other than tolls.
1954, c. 693; 2014, c. 805.§ 33.2-2213. Transfer to Commonwealth
Except as provided in this section, when all bonds issued under the provisions of this chapter in connection with the project and the interest thereon have been paid or a sufficient amount for the payment of all such bonds and the interest thereon to the maturity thereof has been set aside in trust for the benefit of the bondholders, the project, if then in good condition and repair, shall become a part of the primary state highway system and shall thereafter be maintained by the Commonwealth Transportation Board free of tolls. The Commission may, in any resolution or trust indenture authorizing or securing bonds under the provisions of this chapter, provide for combining the project and any public ferry service then being operated by the Commission for financing purposes, and for the continuance of tolls on the project and such public ferry service until all such bonds and the interest thereon have been paid or a sufficient amount for such purposes has been set aside in trust for the benefit of the bondholders.
1956, c. 714; 2014, c. 805.§ 33.2-2214. Trust funds
All moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. The resolution authorizing the bonds of any issue or the trust indenture securing such bonds shall provide that any officer with whom, or any bank or trust company with which, such moneys are deposited shall act as trustee of such moneys and shall hold and apply the moneys for the purposes provided in this chapter, subject to such regulations as this chapter and such resolution or trust indenture may provide.
1956, c. 714; 2014, c. 805.§ 33.2-2215. Remedies
Any holder of bonds issued under the provisions of this chapter or any of the coupons appertaining thereto, and the trustee under any trust indenture, except to the extent the rights herein given may be restricted by such trust indenture or the resolution authorizing the issuance of such bonds, may, either at law or in equity, by suit, action, mandamus, or other proceeding, protect and enforce any and all rights under the laws of the Commonwealth or granted hereunder or under such trust indenture or the resolution authorizing the issuance of such bonds, and may enforce and compel the performance of all duties required by this chapter or by such trust indenture or resolution to be performed by the Commission or by any officer thereof, including the fixing, charging, and collecting of tolls.
1956, c. 714; 2014, c. 805.§ 33.2-2216. Governmental function; exemption from taxation
The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of the Commonwealth and for the increase of their commerce and prosperity and is a public purpose, and as the operation and maintenance of the project will constitute the performance of essential governmental functions, the Commission shall not be required to pay any taxes or assessments upon the project or any property acquired by the Commission or under its jurisdiction, control, possession, or supervision, or upon its activities in the operation and maintenance of the project, or used by the Commission under the provisions of this chapter, or upon the income therefrom, and the bonds issued under the provisions of this chapter, their transfer, and the income therefrom, including any profit made on the sale thereof, shall at all times be free from all state and local taxation within the Commonwealth.
1956, c. 714; 2014, c. 805; 2015, c. 256.§ 33.2-2217. Repealed
Repealed by Acts 2015, c. 256, cl. 9.§ 33.2-2218. Bonds eligible for investment
Bonds issued by the District under the provisions of this chapter are hereby made securities in which all public officers and public bodies of the Commonwealth and its political subdivisions and all insurance companies, trust companies, banking associations, investment companies, executors, administrators, trustees, and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them. Such bonds are hereby made securities that may properly and legally be deposited with and received by any state or municipal officer or any agency or political subdivision of the Commonwealth for any purpose for which the deposit of bonds or obligations is or may be authorized by law.
1956, c. 714; 2014, c. 805.§ 33.2-2219. Protection from competition
No franchise, right, or privilege shall be granted or authorized by the Commonwealth or by any political subdivision or court thereof for the acquisition, establishment, construction, maintenance, repair, or operation of any bridge or tunnel or bridge and tunnel facility from any point within the boundaries of the District to a point in the County of Northampton, except to the Commission so long as any bonds issued under this chapter remain outstanding or until provision is first made for the payment of the principal and the interest and the premium, if any, due and payable upon all such bonds, provided that such prohibition does not apply to any ferry that may be established for the exclusive transportation of railroad cars, or of railroad passengers holding through tickets, or to projects heretofore authorized under the Transportation Development and Revenue Bond Act (§ 33.2-1700 et seq.).
1956, c. 714; 2014, c. 805.§ 33.2-2220. Miscellaneous; penalties
A. Any action taken by the Commission under the provisions of this chapter may be authorized by resolution at any regular or special meeting, and each such resolution shall take effect immediately and need not be published or posted.
B. The project when constructed and opened to traffic shall be maintained and kept in good condition and repair by the Commission. The project shall also be policed and operated by such force of police, toll-collectors, and other operating employees as the Commission may in its discretion employ.
C. All other police officers of the Commonwealth and of each locality or political subdivision of the Commonwealth through which any project, or portion thereof, extends shall have the same powers and jurisdiction within the limits of such projects as they have beyond such limits and shall have access to the project at any time for the purpose of exercising such powers and jurisdiction.
D. All private property damaged or destroyed by the construction of the project or any part thereof shall be restored or repaired and placed in its original condition as nearly as practicable or adequate compensation made therefor out of funds provided under the authority of this chapter.
E. On or before the last day of February in each year, the Commission shall make an annual report of its activities during the preceding calendar year to the Governor. In each report, the Commission shall set forth a complete operating and financial statement covering its operations during the year. The Commission shall cause an audit of its books and accounts to be made at least once in each year by certified public accountants, and the cost thereof may be treated as a part of the cost of construction or operation of the project. The records, books, and accounts of the Commission shall be subject to examination and inspection by duly authorized representatives of the Governor, the Commonwealth Transportation Board, the governing bodies of the political subdivisions constituting the District, and any bondholder at any reasonable time, provided the business of the Commission is not unduly interrupted or interfered with by such action.
F. Any member, agent, or employee of the Commission who contracts with the Commission or District or is interested, either directly or indirectly, in any contract with the Commission or District or in the sale of any property, either real or personal, to the District shall be punished by a fine of not more than $1,000 or by imprisonment for not more than one year, or both.
G. Any person who uses the project and fails or refuses to pay the toll provided therefor shall be punished by a fine of not more than $100 or by imprisonment for not more than 30 days, or both. In addition, the Commission shall have a lien upon the vehicle driven by such person for the amount of such toll and may take and retain possession thereof until the amount of such toll and all charges in connection therewith shall have been paid.
1956, c. 714; 2014, c. 805.§ 33.2-2221. Liberal construction
This chapter, being necessary for the welfare of the Commonwealth and its inhabitants, shall be liberally construed to effect the purposes thereof.
1956, c. 714; 2014, c. 805.§ 33.2-2222. Repealed
Repealed by Acts 2015, c. 709, cl. 2.