The authority is authorized to fix, revise, charge and collect fees, rents and other charges for the use of any project and the facilities thereof. The fees, rents and other charges shall be fixed and adjusted so as to provide funds, which when added to other funds, are sufficient to pay: (i) the cost of maintaining, repairing and operating the project and (ii) the principal and any interest on the bonds as the same shall become due and payable. Reserves may be accumulated and maintained out of the revenues and receipts of the authority for extraordinary repairs and expenses and for such other purposes as may be provided in any resolution authorizing a bond issue or in any trust indenture securing the authority's bonds. Such fees, rents and charges shall not be subject to supervision or regulation by any commission, board, bureau or agency of the Commonwealth or any participating locality.
Code 1950, § 15-714.23; 1962, c. 393, § 11, § 15.1-1281; 1973, c. 238; 1986, c. 442; 1997, c. 587.
Structure Code of Virginia
Title 15.2 - Counties, Cities and Towns
Chapter 56 - Public Recreational Facilities Authorities Act
§ 15.2-5602. Creation of authorities
§ 15.2-5603. Board to exercise powers of authority
§ 15.2-5604. Powers of authority generally
§ 15.2-5605. Transfers of property, appropriations and contracts by participating localities
§ 15.2-5606. Acquisition, maintenance and operation of projects; revenues from projects
§ 15.2-5607. Authority to issue bonds; source of payment
§ 15.2-5609. Trust indenture or agreement to secure payment of bonds
§ 15.2-5610. Fees, rents and other charges; reserves
§ 15.2-5611. Moneys received deemed trust funds
§ 15.2-5612. Remedies of bondholders and trustee
§ 15.2-5613. Authority to exercise a governmental function; exemption from taxation
§ 15.2-5614. Bonds legal investments
§ 15.2-5615. Chapter to constitute complete authority for acts authorized; liberal construction
§ 15.2-5616. Dissolution of authority; disposition of property