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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>352430</law_id><section_number>2.2-2266</section_number><catch_line>Rents, fees and charges for financing or refinancing, services or use of facilities; use and disposition of revenues</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="3" identifier="2.2">Administration of Government</unit><unit label="subtitle" level="2" order_by="1" identifier="I">Organization of State Government</unit><unit label="part" level="3" order_by="4" identifier="D">State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies</unit><unit label="chapter" level="4" order_by="2" identifier="22">Authorities</unit><unit label="article" level="5" order_by="6" identifier="6">Virginia Public Building Authority</unit></structure><text>
						<section><p>The <span class="dictionary">Authority</span> may fix, revise, charge, and collect rates, fees, and other charges for the financing or refinancing of, the use of or for the services and facilities furnished by each project and the different parts thereof, and to <span class="dictionary">contract</span> with any agency, commission, political subdivision or other entity desiring the use of any part thereof, and to fix the terms, conditions, rents, and rates of charges for such use or financing or refinancing. Such rates, fees, and other charges shall be fixed and adjusted so that revenues of the <span class="dictionary">Authority</span>, together with any other available funds, will be sufficient at all times to pay (i) the cost of maintaining, repairing and operating such project and (ii) the principal of and the interest on the related <span class="dictionary"><span class="dictionary">bonds</span></span> as they become due and payable, and to create reserves for such purposes. Such rates, fees, and other charges shall not be subject to supervision or regulation by any other commission, <span class="dictionary">board</span>, bureau, or agency of the <span class="dictionary">Commonwealth</span>. The revenues derived from the project in connection with which the <span class="dictionary"><span class="dictionary">bonds</span></span> have been issued, except such part thereof as may be necessary to pay the 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 <span class="dictionary"><span class="dictionary">bonds</span></span> or in the trust agreement securing the <span class="dictionary"><span class="dictionary">bonds</span></span>, shall be set aside at such regular intervals as may be provided in the resolution or trust agreement in a sinking fund which is 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 <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 revenues or other moneys 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 any trust agreement by which a pledge is created 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 such sinking fund shall be subject to the provisions of the resolution authorizing the issuance of the <span class="dictionary"><span class="dictionary">bonds</span></span> or of the trust agreement. Except as may otherwise be provided in the resolution or trust agreement, such sinking 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>1981, c. 569, &#xA7; 2.1-234.16; 1998, cc. 498, 504; 2001, c. 844.</history><metadata></metadata></law>
