Petersburg Parking Authority Act.
Created
2026 Acts of Assembly, c. 857.
§ 1. Short title.
This act shall be known and may be cited as the "Petersburg Parking Authority Act."(2026, c. 857)
§ 2. Declaration of public necessity.
It is hereby determined and declared thatthe free circulation of traffic of all kinds through the streets of the City ofPetersburg in the Commonwealth is necessary to the health, safety, and generalwelfare of the public, whether residing in the municipality or traveling to,through, or from such municipality in the course of lawful pursuits; that inrecent years the greatly increased use by the public of motor vehicles of allkinds has caused serious traffic congestion in the streets of the municipality;that the parking of motor vehicles in the streets has contributed to this congestionto such an extent as to constitute at the present time a public nuisance; thatsuch parking prevents the free circulation of traffic in, through, and from themunicipality, and endangers the health, safety, and welfare of the generalpublic; that this traffic congestion is not capable of being adequately abatedexcept by provisions for sufficient off-street parking facilities; thatadequate off-street parking facilities have not been heretofore provided; andthat the enactment of the provisions of this act is hereby declared to be apublic necessity. (2026, c. 857)
§ 3. Definitions.
As used in this act, the following words and terms shall have the following meanings, unless the context indicates a different meaning or intent:
"Authority" means the Authoritycreated under the provisions of this act, or, if the Authority shall beabolished, the board, body, or commission succeeding to the principal functionsthereof or to whom the powers given by this act to the Authority shall be givenby law.
"Cost," as applied to parkingfacilities or to extensions or additions thereto, includes the cost of constructionor reconstruction; the cost of all labor, materials, machinery, and equipment;the cost of all lands, property, rights, easements, and interests acquired bythe Authority for such construction or reconstruction or the operation thereof;the cost of demolishing or removing any buildings or structures on land soacquired, including the cost of acquiring any lands to which such buildings orstructures may be moved; financing charges; interest prior to and during construction;and, if deemed advisable by the Authority, for one year after completion of construction,reasonable provision for working capital, cost of engineering and legalservices, cost of plans and specifications, surveys and estimates of cost andof revenues, administrative expenses, and such other expenses as may benecessary or incident to such construction or reconstruction, the financingthereof, and the placing of the parking facilities in operation. Any obligationor expense incurred by the Authority or by the organizing municipality prior tothe issuance of bonds under the provisions of this act in connection with anyof the foregoing items of cost may be regarded as a part of such cost.
"Governing body" means theboard, commission, council, or other body by whatever name it may be known inwhich the general legislative powers of the municipality are vested.
"Municipality" means the City ofPetersburg in the Commonwealth of Virginia.
"Parking facilities" means andincludes lots, garages, parking terminals, or other facilities or structuresfor the off-street parking of motor vehicles open to public use for a fee, andmay also include, but without limiting the generality of the foregoing,terminal facilities for trucks and buses, waiting rooms, lockers, and officescatering primarily to those using such parking facilities, and all facilitiesappurtenant thereto and all property, rights, easements, and interests relatingthereto that are deemed necessary for the instruction or operation thereof;however, the words "parking facilities" shall not mean or include thesale or dispensing of products used in or for the servicing of motor vehicles. (2026,c. 857)
§ 4. Creation of the Authority.
A. The governing body of the municipalitymay by resolution signify its determination to organize an Authority under theprovisions of this act. Such resolution may be adopted only after a publichearing thereon, notice of which hearing shall be given by publication at leastonce, not less than 10 days prior to the date fixed for such hearing, in anewspaper having a general circulation in the municipality. Such notice shallcontain a brief statement of the substance of the proposed resolution, shallset forth the proposed articles of incorporation of the Authority, and shallstate the time and place of the public hearing to be held thereon. Suchmunicipality shall not be required to make any other publication of suchresolution under the provisions of any other law.
B. Such resolution shall include articlesof incorporation that shall set forth:
1. The name of the Authority;
2. A statement that such Authority isorganized under this act;
3. The name of the organizingmunicipality; and
4. The names and addresses of the firstmembers of the Authority appointed by the organizing municipality.
C. Passage of such resolution by thegoverning body shall constitute the Authority as a public body and a bodypolitic and corporate of the Commonwealth of Virginia. (2026, c. 857)
§ 5. Membership of the Authority.
The Authority organized under theprovisions of this act shall consist of five members selected by the governingbody who shall serve for terms expiring one, two, three, four, and five years, respectively,from the date of appointment, the term of each such member to be designated bythe governing body. The successor of each member of the Authority shall beappointed for a term of five years, but any person appointed to fill a vacancyshall be appointed to serve only for the unexpired term, and any member of theAuthority may be reappointed.
Each member of the Authority beforeentering upon his duties shall take and subscribe an oath or affirmation tosupport the Constitution of the United States and the Constitution of Virginiaand to discharge faithfully the duties of his office, and a record of each suchoath shall be filed with the Secretary of the Authority.
The Authority shall select one of itsmembers as chair and another as vice-chair and shall also select a secretaryand a treasurer who may but need not be members of the Authority. The offices ofsecretary and treasurer may be combined. The terms of office of the chair,vice-chair, secretary, and treasurer shall be as provided in the bylaws of theAuthority.
A majority of the members of the Authorityshall constitute a quorum, and the affirmative vote of a majority of all of themembers of the Authority shall be necessary for any action taken by the Authority.No vacancy in the membership of the Authority shall impair the right of aquorum to exercise all the rights and perform all of the duties of theAuthority. The members of the Authority shall serve without compensation butshall be reimbursed for the amount of actual expenses incurred by them in theperformance of their duties.
The city manager, or his designee, of theorganizing municipality shall serve as an ex officio, nonvoting member of theAuthority. (2026, c. 857)
§ 6. General grant of powers.
The Authority created hereunder shall bedeemed to be a public instrumentality exercising public and essentialgovernmental functions to provide for the public health and welfare, and the Authorityis hereby authorized and empowered to:
1. Adopt bylaws for the regulation of itsaffairs and the conduct of its business;
2. Adopt an official seal and alter thesame at pleasure;
3. Maintain an office at such place orplaces as it may designate;
4. Sue and be sued in its own name and toplead and be impleaded;
5. Construct, reconstruct, equip, improve,extend, enlarge, maintain, repair, and operate parking facilities within thecorporate limits of the organizing municipality;
6. Issue revenue bonds of the Authority ashereinafter provided to pay the cost of such construction, reconstruction,equipment, improvement, extension, or enlargement;
7. Issue revenue refunding bonds of theAuthority as hereinafter provided;
8. Fix and revise from time to time and tocharge and collect rates, rentals, fees, and other charges for the services andfacilities furnished by such parking facilities, and to establish and revisefrom time to time regulations with respect to the use, operation, and occupancyof such parking facilities or part thereof;
9. Accept from any authorized agency ofthe federal government loans or grants for the planning, construction, oracquisition of any parking facilities and to enter into agreements with such agencyrespecting any such loans or grants, and to receive and accept aid andcontributions from any source of either money, property, labor, or other thingsof value, to be held, used, and applied only for the purposes for which suchloans, grants, or contributions may be made;
10. Acquire in the name of the Authorityby gift, purchase, or the exercise of the right of eminent domain in accordancewith the laws of the Commonwealth of Virginia that are applicable to the exerciseof such powers by cities or towns any lands or rights in lands and interesttherein, and to acquire such personal property as it may deem necessary inconnection with the construction, reconstruction, improvement, extension,enlargement, or operation of any parking facilities; however, no property ofany corporation itself having the power of eminent domain may be condemnedhereunder, and the Authority shall not condemn any lands or personal propertyor right or interest therein unless authorized by resolution of the governingbody of the municipality;
11. Lease all or any part of such parkingfacilities upon such terms and conditions and for such term of years as it maydeem advisable to carry out the provisions of this act; however, no enterpriseinvolving the sale or dispensing of any product or commodity used in or for theservicing of motor vehicles shall be conducted on any space thereon;
12. Make and enter into all contracts andagreements necessary or incidental to the performance of its duties and theexecution of its powers under this act, including any trust agreement securingany revenue bonds issued hereunder, and to employ such consulting and otherengineers, superintendents, managers, construction and financial experts,accountants, attorneys, and such employees and agents as may, in the judgmentof the Authority, be deemed necessary, and to fix their compensation; however,all such expenses shall be payable solely from funds made available under theprovisions of this act; and
13. Do all acts and things necessary orconvenient to carry out the powers granted by this act.
Nothing in this act shall be construed asauthorizing the Authority or any lessee to furnish or dispense, at or inconnection with any parking lot or area authorized by this act, any product orservice other than the parking of vehicles. (2026, c. 857)
§ 7. Revenue bonds.
The Authority is hereby authorized toissue at one time or from time to time revenue bonds of the Authority for thepurpose of paying the cost of constructing, reconstructing, equipping, improving,extending, or enlarging any one or more parking facilities. The bonds of eachissue shall be dated, shall mature at such time or times not exceeding 40 yearsfrom their date or dates, and shall bear interest at such rate or rates notexceeding the maximum rate permitted by law to be paid by public bodies, as maybe determined by the Authority, and may be made redeemable before maturity, atthe option of the Authority, at such price or prices and under such terms and conditionsas may be fixed by the Authority prior to the issuance of the bonds. TheAuthority shall determine the form of the bonds and the manner of execution ofthe bonds and shall fix the denomination or denominations of the bonds and theplace or places of payment of principal and interest, which may be at any bankor trust company within or without the Commonwealth. In case any officer whosesignature or a facsimile of whose signature shall appear on any bonds shallcease to be such officer before the delivery of such bonds, such signature orsuch facsimile shall nevertheless be valid and sufficient for all purposes thesame as if he had remained in office until such delivery. Notwithstanding anyof the other provisions of this act or any recitals in any bonds issued underthe provisions of this act, all such bonds shall be deemed to be negotiable instrumentsunder the laws of the Commonwealth. The Authority may sell such bonds in such manner,either at public or private sale, and for such price as it may determine to befor the best interests of the Authority, but no such sale shall be made at aprice so low as to require the payment of interest on the money receivedtherefor at more than the maximum rate permitted by law to be paid by publicbodies, computed with relation to the absolute maturity or maturities of thebonds in accordance with standard tables of bond values, excluding, however,from such computation the amount of any premium to be paid on redemption of anybonds prior to maturity.
The proceeds of the bonds of each issueshall be used solely for the purpose for which such bonds shall have beenauthorized and shall be disbursed in such manner and under such restrictions,if any, as the Authority may provide in the resolution authorizing the issuanceof such bonds or in the trust agreement hereinafter mentioned securing thesame. If the proceeds of such bonds, by error of estimates or otherwise, shallbe less than such cost, additional bonds may in like manner be issued toprovide the amount of such deficit and, unless otherwise provided in theauthorizing resolution or in the trust agreement securing such bonds, shall bedeemed to be of the same issue and shall be entitled to payment from the samefund without preference or priority of the bonds first issued for the samepurpose.
The resolution providing for the issuanceof revenue bonds, and any trust agreement securing such bonds, may also containsuch limitations upon the issuance of additional revenue bonds as the Authoritymay deem proper, and such additional bonds shall be issued under suchrestrictions and limitations as may be prescribed by such resolution or trustagreement.
Prior to the preparation of definitivebonds, the Authority may, under like restrictions, issue interim receipts ortemporary bonds exchangeable for definitive bonds when such bonds shall havebeen executed and are available for delivery. The Authority may also providefor the replacement of any bonds that shall become mutilated or be destroyed orlost.
Bonds may be issued under the provisionsof this act without obtaining the consent of any commission, board, bureau, oragency of the Commonwealth or of any political subdivision and without anyother proceedings or the happening of other conditions or things than those proceedings,conditions, or things that are specifically required by this act.
Revenue bonds issued under the provisionsof this act shall not be deemed to constitute a debt of the Commonwealth or ofany municipality or other political subdivision of the Commonwealth or a pledgeof the faith and credit of the Commonwealth or of any municipality or otherpolitical subdivision, but such bonds shall be payable solely from the fundsherein provided therefor and a statement to that effect shall be recited on theface of the bonds. (2026, c. 857)
§ 8. Revenues.
The Authority shall fix, and may revisefrom time to time, rates, rentals, fees, and other charges for the use of andfor the services and facilities furnished or to be furnished by any parking facilitiesor parts thereof owned or operated by the Authority. Such rates, rentals, fees,and charges shall not be subject to supervision or regulation by any bureau,board, commission, or other agency of the Commonwealth or of any politicalsubdivision. Such rates, rentals, fees, and charges shall be fixed and revisedso that the revenues of the Authority, together with any other available funds,will be sufficient at all times (i) to pay the cost of maintaining, repairing,and operating the parking facilities or parts thereof owned or operated by theAuthority, including reserves for such purposes, and (ii) to pay the principalof and the interest on all bonds issued by the Authority under the provisionsof this act as the same shall become due and payable and to provide reservestherefor. Notwithstanding any of the foregoing provisions of this section, the Authoritymay enter into contracts relating to use of the services and facilities of theparking facilities on such terms and conditions as the Authority shalldetermine to be proper, which contracts shall not be subject to revision exceptin accordance with their terms. (2026, c. 857)
§ 9. Trust agreement.
In the discretion of the Authority, eachor any issue of revenue bonds may be secured by a trust agreement by andbetween the Authority and a corporate trustee, which may be any trust companyor bank having the powers of a trust company within or without theCommonwealth. The resolution authorizing the issuance of the bonds or suchtrust agreement may pledge the revenues to be received, but shall not convey ormortgage any parking facilities or any part thereof, and may contain suchprovisions for protecting and enforcing the rights and remedies of thebondholders as may be reasonable and proper and not in violation of law,including covenants setting forth the duties of the Authority in relation tothe construction, reconstruction, equipment, improvement, maintenance, repair,operation, and insurance of any parking facilities, the fixing and revising ofrates, rentals, fees, and charges, and the custody, safeguarding, and applicationof all moneys, and for the employment of consulting engineers in connectionwith such construction, reconstruction, improvement, maintenance, andoperation. It shall be lawful for any bank or trust company incorporated underthe laws of the Commonwealth that may act as depository of the proceeds ofbonds or of revenues to furnish such indemnifying bonds or to pledge suchsecurities as may be required by the Authority. Such resolution or trustagreement may set forth the rights and remedies of the bondholders and of thetrustee, if any, and may restrict the individual right of action bybondholders. Such resolution or trust agreement may contain such otherprovisions in addition to the foregoing as the Authority may deem reasonable andproper for the security of the bondholders. Except as in this act otherwiseprovided, the Authority may provide for the payment of the proceeds of the saleof the bonds and the revenues of any parking facilities or parts thereof tosuch officer, board, or depository as it may designate for the custody thereof,and for the method of disbursements thereof, with such safeguards and restrictionsas it may determine. All expenses incurred in carrying out the provisions ofsuch resolution or trust agreement may be treated as part of the cost ofoperation.
ion>All pledges of revenues under theprovisions of this act shall be valid and binding from the time when suchpledge is made. All such revenues so pledged and thereafter received by theAuthority shall immediately be subject to the lien of such pledges without anyphysical delivery thereof or further action, and the lien of such pledges shallbe valid and binding as against all parties having claims of any kind in tort,contract, or otherwise against the Authority, irrespective of whether suchparties have notice thereof. (2026, c. 857)
§ 10. Trust funds.
All moneys received pursuant to theauthority of this act shall be deemed to be trust funds, to be held and appliedsolely as provided in this act. Any officer to whom, or bank, trust company, orfiscal agent to which, such moneys shall be paid shall act as trustee of suchmoneys and shall hold and apply the same for the purposes hereof, subject tosuch regulations as this act and the resolution authorizing the issuance ofbonds or trust agreement securing such bonds may provide. (2026, c. 857)
§ 11. Remedies.
Any holder of revenue bonds issued underprovisions of this act and the trustee under any trust agreement, except to theextent the rights herein given may be restricted by the resolution authorizingthe issuance of such bonds or such trust agreement, may, either at law or inequity, by suit, action, mandamus, or other proceeding, protect and enforce anyand all rights under the laws of the Commonwealth or granted hereunder or undersuch resolution or trust agreement and may enforce and compel the performanceof all duties required by this act or by such resolution or trust agreement tobe performed by the Authority or by any officer thereof, including the fixing,charging, and collecting of rates, rentals, fees, and charges for the use of orfor the services and facilities furnished by any parking facilities. (2026, c. 857)
§ 12. Exemption from taxation.
As adequate off-street parking facilitiesare essential to the health, safety, and general welfare of the public, and asthe exercise of the powers conferred by this act to effect such purposes constitutesthe performance of essential municipal functions, and as parking facilitiesconstructed under the provisions of this act constitute the performance ofessential municipal functions, and as parking facilities constructed pursuantto the provisions of this act constitute public property and are used formunicipal purposes, the Authority shall not be required to pay any taxes or assessmentsupon any such parking facilities or any part thereof, or upon the incometherefrom, and any bonds issued under the provisions of this act and theirtransfer and the income therefrom, including any profit made on the salethereof, shall at all times be free from taxation within the Commonwealth. (2026,c. 857)
§ 13. Revenue refunding bonds.
The Authority is hereby authorized toissue from time to time revenue refunding bonds for the purpose of refundingany revenue bonds of the Authority then outstanding, including the payment ofany redemption premium thereon and any interest accrued or to accrue to thedate of redemption of such bonds. The Authority is further authorized to issuefrom time to time revenue bonds of the Authority for the combined purpose of(i) refunding any revenue bonds or revenue refunding bonds of the Authoritythen outstanding, including the payment of any redemption premium thereon andany interest accrued or to accrue to the date of redemption of such bonds, and(ii) paying all or any part of the cost of constructing any additional parkingfacilities or part thereof, or any improvements, extensions, or enlargements ofany parking facilities. The issuance of such bonds, the maturities and otherdetails thereof, the rights and remedies of the holders thereof, and therights, powers, privileges, duties, and obligations of the Authority withrespect to the same shall be governed by the provisions of this act in so faras the same may be applicable. (2026, c. 857)
§ 14. Contributions.
The municipality is authorized to makecontributions or advances to an Authority that it organizes under theprovisions of this act, from any moneys that may be available for such purpose,to provide for the preliminary expenses of such Authority in carrying out theprovisions of this act or to pay any item of cost of any parking facilities. (2026,c. 857)
§ 15. Actions taken by Authority.
Any action taken by the Authority underthe provisions of this act may be authorized by resolution of the Authority atany regular or special meeting, and each such resolution of the Authority shalltake effect immediately and need not be published or posted. (2026, c. 857)
§ 16. Additional method.
This act shall be deemed to provide anadditional and alternative method for the doing of the things authorized herebyand shall be regarded as supplemental and additional to powers conferred byother laws, and shall not be regarded as in derogation of or as repealing anypowers now existing under any other law, either general, special, or local;however, the issuance of revenue bonds or revenue refunding bonds under theprovisions of this act need not comply with the requirements of any other lawapplicable to the issuance of bonds. (2026, c. 857)
§ 17. Provisions of act severable.
The provisions of this act are severable.If any of its provisions shall be held unconstitutional by any court ofcompetent jurisdiction, the decision of such court shall not affect or impairany of the remaining provisions. (2026, c. 857)
§ 18. Construction.
This act, being necessary for the welfareof the Commonwealth and its inhabitants, shall be liberally construed to effectthe purpose thereof. (2026, c. 857)