The authority is hereby authorized to fix, charge and collect rents, rates, fees and other charges for the purchase of output or capacity of, or for the use of and for the electric power and energy or services, facilities and commodities sold, furnished or supplied by, any project. Such rates, fees and charges shall be so fixed and revised as to provide funds, with other funds available for such purposes, sufficient at all times to (i) pay the cost of maintaining, operating and repairing the project or projects on account of which such bonds are issued, including reserves for such purposes and for replacement and depreciation and necessary extensions; (ii) pay the principal of and redemption premium, if any, and interest on the revenue bonds as the same shall become due and to create and maintain reserves therefor; (iii) comply with the terms of any resolution or trust agreement securing bonds of the authority; and (iv) pay any and all amounts which the authority may be obligated to pay from such revenues by law or contract.
In fixing rents, rates, fees and other charges as provided in this section, the authority shall hold a public hearing, advertised as required in § 15.2-5403, at which hearing the public may submit comments with respect to such rents, rates, fees and other charges to the authority. The authority shall charge and collect the rates, fees and charges so fixed or revised. Rates, rentals, fees and charges for the sale or purchase of output or capacity of, or for the use of and for the electric power and energy or services, facilities and commodities sold, furnished or supplied by a project may be fixed and revised and charged and collected by the authority under this chapter without obtaining the approval or consent of any department, division, commission, board, bureau or agency of the Commonwealth, and without any other proceeding or the happening of any other condition or thing than those proceedings, conditions or things which are specifically required by this chapter.
1979, c. 416, § 15.1-1619; 1997, c. 587.
Structure Code of Virginia
Title 15.2 - Counties, Cities and Towns
Chapter 54 - Electric Authorities Act
§ 15.2-5401. Intent of General Assembly
§ 15.2-5403. Creation of electric authority; referendum
§ 15.2-5404. Articles of incorporation
§ 15.2-5405.1. Applicability of personnel and procurement procedures to certain authorities
§ 15.2-5406. Rights, powers and duties of authority
§ 15.2-5406.1. Retail distribution of electric energy limited to certain authorities
§ 15.2-5406.2. Tort claims against certain authorities
§ 15.2-5407. Membership in more than one authority
§ 15.2-5409. Sale of capacity and output to nonmembers; limitations
§ 15.2-5411. Contracts for planning, acquisition, construction, etc., of projects
§ 15.2-5412. Issuance of bonds by authority
§ 15.2-5413. Interim receipts and temporary bonds; lost, stolen and destroyed bonds
§ 15.2-5414. Bonds not debts of Commonwealth or member governmental unit
§ 15.2-5415. Security for bonds; trust agreement; bond resolution
§ 15.2-5416. Rents, rates, fees and other charges
§ 15.2-5417. Moneys received deemed trust funds
§ 15.2-5418. Bondholders' and trustees' remedies
§ 15.2-5420. Status of bonds under Uniform Commercial Code
§ 15.2-5421. Bonds as legal investments and lawful security
§ 15.2-5422. Bonds exempt from taxation
§ 15.2-5423. Payments in lieu of property taxes; license tax
§ 15.2-5423.1. Exemption from taxation for certain authorities
§ 15.2-5424. Transfer, etc., of property of political subdivisions upon request of authority
§ 15.2-5427. Liability of members or officers
§ 15.2-5428. Dissolution of authority
§ 15.2-5429. Legislative consent to application of laws of other states
§ 15.2-5430. Provisions of chapter cumulative; construction
§ 15.2-5431. Provisions of chapter controlling over other statutes and charters