<?xml version="1.0"?>
<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>348720</law_id><section_number>15.2-5358</section_number><catch_line>Fees, rents and charges for use of project and facilities; sinking fund</catch_line><edition url="https://vacode.org/2026/" slug="2026" current="TRUE" last_updated="2026-08-02">2026</edition><structure><unit label="title" level="1" order_by="46" identifier="15.2">Counties, Cities and Towns</unit><unit label="subtitle" level="2" order_by="4" identifier="IV">Other Governmental Entities</unit><unit label="chapter" level="3" order_by="11" identifier="53">Hospital Authorities</unit><unit label="article" level="4" order_by="3" identifier="3">Bonds</unit></structure><text>
						<section><p>The <span class="dictionary">authority</span> is hereby authorized to fix, revise, charge and collect fees, rents and other charges for the use of any <span class="dictionary">project</span> and the facilities thereof. Such fees, rents and other charges shall be so fixed and adjusted as to provide, together with other revenues determined by the <span class="dictionary">authority</span> to be available, a fund sufficient to pay the cost of maintaining, repairing and operating the <span class="dictionary">project</span>, the principal of and interest on such <span class="dictionary"><span class="dictionary">bonds</span></span> as they become due and payable and the amounts necessary to create and maintain reserves for such purposes and for other purposes of the <span class="dictionary">authority</span>. Such fees, rents and charges shall not be subject to supervision or regulation by any <span class="dictionary">locality</span> or by any commission, board, bureau or agency of any of the foregoing. The <span class="dictionary">authority</span> may provide in the resolution authorizing the issuance of such <span class="dictionary"><span class="dictionary">bonds</span></span>, or in the <span class="dictionary">trust indenture</span> securing the same, for setting aside any part or all of the fees, rents and other charges received by it in a sinking or other similar fund which is hereby pledged to, and charged with, the payment of the principal of and the interest on such <span class="dictionary"><span class="dictionary">bonds</span></span>, as they become due, and the <span class="dictionary">redemption</span> price or the purchase price of such <span class="dictionary"><span class="dictionary">bonds</span></span> retired by call or purchase as therein provided. Such pledge shall be valid and binding from the time when the pledge is made. The fees, rents and charges so pledged and thereafter received by the <span class="dictionary">authority</span> shall immediately be subject to the <span class="dictionary">lien</span> of such pledge without any physical delivery thereof or further act, and the <span class="dictionary">lien</span> of any such pledge shall be valid and binding as against all parties having claims of any kind in <span class="dictionary">tort</span>, <span class="dictionary">contract</span> or otherwise against the <span class="dictionary">authority</span>, irrespective of whether such parties have notice thereof. Neither the resolution nor <span class="dictionary">trust indenture</span> need be filed or recorded except in the records of the <span class="dictionary">authority</span>. The use and <span class="dictionary">disposition</span> of moneys to the credit of a sinking or other similar fund shall be subject to the provisions of such resolution or <span class="dictionary">trust indenture</span>. Except as may otherwise be provided in such resolution or <span class="dictionary">trust indenture</span>, the sinking or other similar fund shall be a fund for all such <span class="dictionary"><span class="dictionary">bonds</span></span> without distinction or priority of one over another.</p></section></text><history>Code 1950, &#xA7; 32-271.2; 1973, c. 462, &#xA7; 15.1-1593; 1979, c. 719; 1997, c. 587.</history><metadata></metadata></law>
