CHAPTER 588
An Act to amend and reenact §§ 9, 14 and 16 of Chapter 380 of the Acts of Assembly of 1980, relating to the Capital Region Airport Commission.
Approved April 15, 1998
Be it enacted by the General Assembly of Virginia:
1. That §§ 9, 14 and 16 of Chapter 380 of the Acts of Assembly of 1980 are amended and reenacted as follows:
§ 9. Rules and regulations.
The Commission shall have the power to adopt, amend, and repeal rules and regulations for the use, maintenance and operation of its facilities and governing the conduct of persons and organizations using its facilities.
Unless the Commission shall by unanimous vote of all Commissioners present determine that an emergency exists, the Commission shall, prior to the adoption of any rule or regulation or alteration, amendment or modification thereof:
a. Make such rule, regulation, alteration, amendment, or modification in convenient form available for public inspection in the office of the Commission for at least ten days;
b. Publish a notice in a newspaper of general circulation published in the participating political subdivisions declaring the Commission's intention to consider adopting such rule, regulation, alteration, amendment, or modification and informing the public that the Commission will hold a public hearing at which any person may appear and be heard for or against the adoption of such rule or regulation or such alteration, amendment, or modification, on a day and at a time to be specified in the notice, after the expiration of at least ten days from the day of the publication thereof; and
c. Hold the public hearing on the day and at the time specified in such notice or any adjournment thereof, and hear persons appearing for or against such rule, regulation, alteration, amendment, or modification.
The Commission's rules and regulations shall be available for public inspection in the Commission's principal office.
The Commission's rules and regulations relating to:
a. Traffic, including but not limited to motor vehicle speed limits
moving violations and the location of and payment for public
parking;
b. Access to Commission facilities, including but not limited to solicitation, handbilling, and picketing; and
c. Aircraft operation and maintenance; shall have the force and effect of law, as shall any other rule or regulation of the Commission which shall contain a determination by the Commission that it is necessary to accord the same the force and effect of law in the interest of the public safety; provided, however, that with respect to motor vehicle traffic rules and regulations, the Commission shall obtain the approval of the traffic engineer or comparable official of the political subdivision in which such rules or regulations are to be enforced. The violation of any rule or regulation of the Commission relating to motor vehicle traffic shall be tried and punished in the same manner as if it had been committed on the public roads of the participating political subdivision in which such violation occurred; all other violations of the Commission's rules and regulations having the force and effect of law shall be punishable as misdemeanors.
§ 14. Deposit and investment of funds.
All moneys received pursuant to the authority of this act, whether as proceeds
from the sale of bonds or as revenues or otherwise, shall be deemed to be trust
funds to be held and applied solely as provided in this act. All moneys of the
Commission shall be deposited as soon as practicable in a separate account or
accounts in one or more banks or trust companies organized under the laws of
the Commonwealth or national banking associations having their principal
offices in the Commonwealth. Such deposits shall be continuously secured
in accordance with the Virginia Security for Public Deposits Act.
Funds of the Commission not needed for immediate use or disbursement may, subject to the provisions of any contract between the Commission and the holders of its bonds, be invested in securities which are considered lawful investments for fiduciaries.
§ 16. Resolution or trust indenture to secure bonds.
In connection with the issuance of bonds and/or in order to secure the payment of such bonds, the Commission shall have power:
1. To pledge by resolution, trust indenture, or other agreement, all or any part of its fees, rents, or revenues;
2. To covenant to impose and maintain such schedule of fees, rents and charges as will produce funds sufficient to pay operating costs and debt service;
3. To covenant against pledging all or any part of its fees, rents, and revenues to which its right then exists or the right to which may thereafter come into existence or against permitting or suffering any lien thereon;
4. To provide for the release of fees, rents, and revenues from any pledge and to reserve rights and powers in the fees, rents and revenues from which are subject to a pledge;
5. To covenant with respect to limitations on its right to sell, lease, or otherwise dispose of any facility or facilities of the Commission or any part thereof or with respect to limitations on its right to undertake additional projects;
6. To covenant as to the bonds to be issued pursuant to any resolution, trust indenture, or other instrument and as to the issuance of such bonds in escrow or otherwise, and as to the use and disposition of the proceeds thereof;
7. To covenant as to what other, or additional, debt may be incurred by it;
8. To provide for the terms, form, registration, exchange, execution, and authentication of bonds;
9. To provide for the replacement of lost, destroyed, or mutilated bonds;
10. To covenant as to the use of any or all of its property, real or personal, subject to the continued use of such property for airport purposes;
11. To create or to authorize the creation of special funds in which there may be segregated: (i) the proceeds of any loan or grant; (ii) all of the fees, rents, and revenues of any facility or facilities or parts thereof; (iii) any moneys held for the payment of the costs of operation and maintenance of any such facilities or as a reserve for the meeting of contingencies in the operation and maintenance thereof; (iv) any moneys held for the payment of the principal and interest on its bonds or the sums due under its leases or as reserve for such payments; and (v) any moneys held for any other reserve or contingencies; and to covenant as to the use and disposal of the moneys held in such funds;
12. To redeem its bonds, and to covenant for their redemption and to provide the terms and conditions thereof;
13. To covenant against extending the time for the payment of its bonds or interest thereon, directly or indirectly, by any means or in any manner;
14. To prescribe the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds the holders of which must consent thereto and the manner in which such consent may be given;
15. To covenant as to the maintenance of its facilities, the insurance to be carried thereon and the use and disposition of insurance moneys;
16. To vest in a bondholder the right, in the event of the failure of the Commission to observe or perform any covenant on its part to be kept or performed, to cure any such default and to advance any moneys necessary for such purpose, and the moneys so advanced may be made an additional obligation of the Commission with such interest, security and priority as may be provided in any trust indenture, lease or contract of the Commission with reference thereto;
17. To covenant and prescribe as to the events of default and terms and conditions upon which any or all of its bonds shall become or may be declared due before maturity and as to the terms and conditions upon which such declaration and its consequences may be waived;
18. To covenant as to the rights, liabilities, powers, and duties arising upon the breach of it of any covenant, condition, or obligation;
19. To covenant to surrender possession of all or any part of any facility or facilities acquired or constructed from bond proceeds, the revenues from which have been pledged upon the happening of any event of default, as defined in the contract, and to vest in a bondholder the right without judicial proceeding to take possession and to use, operate, manage, and control such facility or any part thereof, and to collect and receive all fees, rents, and revenues arising therefrom in the same manner as the Commission itself might do and to dispose of the moneys collected in accordance with the agreement of the Commission with such obligee, subject to the continued use of such facilities for airport purposes;
20. To vest in a trustee or trustees the right to enforce any covenant made to secure, to pay, or in relation to the bonds, to provide for the powers and duties of such trustee or trustees, to limit liabilities thereof and to provide the terms and conditions upon which the trustee or trustees or the bondholders or any proportion of them may enforce any such covenant;
21. To make covenants other than and in addition to the covenants herein expressly authorized, of like or different character;
22. To execute all instruments necessary or convenient in the exercise of the
powers herein granted or in the performance of its covenants or duties, which
may contain such covenants and provisions, in addition to those above
specified, as any purchaser of the bonds of the Commission may reasonably
require; and
23. To make such covenants and to do any and all such acts and things as may
be necessary or convenient or desirable in order to secure its bonds, or in the
absolute discretion of the Commission tend to make the bonds more marketable;
notwithstanding that such covenants, acts or things may not be enumerated
herein; it being the intention hereof to give the Commission power to do all
things in the issuance of bonds, and in the provisions for their security that
are not inconsistent with the Constitution of the Commonwealth or this
act.; and
24. In connection with, or incidental to, the issuance or carrying of notes or bonds or the acquisition or carrying of any investments, to enter into swap agreements or other contracts or arrangements that the Commission determines to be necessary or appropriate to place obligations or investments of the Commission, as represented by notes, bonds or investments of the Commission, in whole or in part, on the interest rate, currency, cash flow or other basis desired by the Commission or to hedge payment, currency, rate, spread or other exposure. Such contracts or arrangements may be entered into by the Commission in connection with, or incidental to, entering into or maintaining (i) any agreement that secures notes or bonds of the Commission and is authorized or permitted by law or (ii) any investment, or contract providing for any investment, otherwise authorized or permitted by law.
Such contracts and arrangements may contain such payment, security, default, remedy, and other terms and conditions as determined by the Commission, after giving due consideration to the creditworthiness of the counterparty or other obligated party, including any rating by any nationally recognized rating agency, and any other criteria as may be appropriate.
In connection with or incidental to any of these contracts or arrangements, the Commission may enter into credit enhancement or liquidity agreements with such terms and conditions as it shall determine.