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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>360062</law_id><section_number>33.2-2211</section_number><catch_line>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="77" identifier="33.2">Highways and Other Surface Transportation Systems</unit><unit label="subtitle" level="2" order_by="4" identifier="IV">Local and Regional Transportation</unit><unit label="chapter" level="3" order_by="4" identifier="22">Chesapeake Bay Bridge and Tunnel District and Commission</unit></structure><text>
						<section><p>The <span class="dictionary">Commission</span> is hereby authorized to fix, revise, charge, and collect tolls for the use of the <span class="dictionary">project</span>, and to <span class="dictionary">contract</span> 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.</p><p>Such tolls shall be so fixed and adjusted in respect of the aggregate of tolls from the <span class="dictionary">project</span> in connection with which the <span class="dictionary"><span class="dictionary">bonds</span></span> of any <span class="dictionary">issue</span> 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 <span class="dictionary">project</span> and (ii) the principal of and the interest on such <span class="dictionary"><span class="dictionary">bonds</span></span> 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 <span class="dictionary">commission</span>, <span class="dictionary">board</span>, bureau, or agency of the Commonwealth. The tolls and all other revenues derived from the <span class="dictionary">project</span> in connection with which the <span class="dictionary"><span class="dictionary">bonds</span></span> of any <span class="dictionary">issue</span> have been issued, except such part thereof as may be necessary to pay such cost of <span class="dictionary">maintenance</span>, 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 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 <span class="dictionary"><span class="dictionary">bonds</span></span> as the same 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 tolls or other revenues or other moneys so pledged and thereafter received by the <span class="dictionary">Commission</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">Commission</span>, 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 <span class="dictionary">Commission</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 such <span class="dictionary"><span class="dictionary">bonds</span></span> 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 <span class="dictionary"><span class="dictionary">bonds</span></span> without distinction or priority of one over another.</p></section></text><history>1956, c. 714; 2014, c. 805.</history><metadata></metadata></law>
