CHAPTER 555

An Act to provide for the organization of a Parking Authority as a public
body and body politic and corporate by the city of Bristol, in the
Commonwealth of Virginia; authorizing and empowering the Author-
ity to acquire, construct, reconstruct, equip, amprove, extend, en-
large, maintain, repair and operate off-street parking facilities; pro-
viding for the issuance of revenue bonds of the Parking Authority,
payable solely from revenues, to pay all or any part of the cost of such
parking facilities; granting to the Authority power to acquire neces-
sary real and personal property; providing for the imposition and
collection of rates, rentals, fees and charges for the use of and for the
services furnished by the parking facilities: authorizing the issuance
of revenue refunding bonds; exempting from taxation and assessment
such bonds and the parking facilities and the income therefrom; and
prescribing the powers and duties of the Authority in connection with

the foregoing and the rights and remedies of the holders of any bonds
issued under the provisions of this act.

S 511
Approved April 4, 1968

Be it enacted by the Genera] Assembly of Virginia:

1, § 1. Short Title—This Act shall be kn
“Bristol Parking Authority Act.” own and be cited as the
§ 2. Declaration of Public Necessity.—It is hereby determined and
deciared that the free circulation of traffic of all kinds through the streets
of the city of Bristol in the Commonwealth is necessary to the health,
safety and general welfare of the public, whether residing in the munici-
pality or traveling to, througa or from such municipality in the course
of lawful pursuits; that in recent years the greatly increased use by the
public of motor vehicles of all kinds has caused serious trafic congestion
in the streets of the municipality; that the parking of motor vehicles in
the streets has contributed to this congestion to such an extent as to
constitute at the present time a public nuisance; that such parking pre-
vents the free circulation of traffic in, through and from the municipality
and endangers the health, safety and welfare of the general public; that
this traffic congestion is not capable of being adequately abated except by
provisions for sufficient off-street parking facilities; that adequate off-
street parking facilities have not been heretofore provided; and that the
enactment of the provisions of this Act is hereby declared to be a public
necessity.

§ 8. Definitions.—As used in this act the following words and terms
shall have the following meanings, unless the context shall indicate an-
other or different meaning or intent:

(a) The word “Authority” shall mean the Authority created under
the provisions of this act, or, if the Authority shall be abolished, the
board, body or commission succeeding to the principal functions thereof
or to whom the powers given by this act to the Authority shall be given by
aw.

(a-1) The word “bonds” or the words “revenue bonds” shall mean
revenue bonds, revenue refunding bonds or notes of the Authority issued
under the provisions of this act.

(bo) The word “cost” as applied to parking facilities or to extensions
or additions thereto shall include the cost of construction or reconstruc-
tion, the cost of al] labor, materials, machinery and equipment, the cost of
all the lands, property, rights, easements and interests acquired by the
Authority for such construction or reconstruction or the operation thereof,
the cost of demolishing or removing any buildings or structures on land
so acquired, including the cost of acquiring any lands to which such build-
ings or structures may be moved, financing charges, interest prior to and
during construction, and, if deemed advisable by the Authority, for one
year after completion of construction, reasonable provision for working
capital, cost of engineering and legal services, cost of plans and specifica-
tions, surveys and estimates of cost and of revenues, administrative ex-
pense and such other expenses as may be necessary or incident to such
construction or reconstruction, the financing thereof and the placing of the
parking facilities in operation. Any obligation or expense incurred by the
Authority or by the organizing municipality prior to the issuance of bonds
under the provisions of this act in connection with any of the foregoing
items of cost may be regarded as a part of such cost.

(c) The words “governing body” shall mean the board, commission,
council or other body by whatever name it may be known in which the
genera] legislative powers of the municipality are vested.

(d) The word “municipality” shall mean the city of Bristol in the
Commonwealth of Virginia.

(e) The words “parking facilities” shall mean and shall include lots,
garages, parking terminals, or other facilities or structures for the off-
street parking of motor vehicles, open to public use for a fee, and may also
include, but without limiting the generality of the foregoing, terminal
facilities for trucks and busses, waiting rooms, lockers, and offices catering
primarily to those using such parking facilities, and all facilities appur-
tenant thereto and all property, rights, easements and interests relating
thereto which are deemed necessary for the construction or operation
thereof; provided, however, the words “parking facilities’ shall not mean
or include the sale or dispensing of products used in or for the servicing of
motor vehicles.

§ 4. Creation of the Authority—(a) The governing body of the
municipality may by resolution signify its determination to organize an
Authority under the provisions of this Act. Such resolution may be adopted
only after a public hearing thereon, notice of which hearing shall be given
by publication at least once, not less than 10 days prior to the date fixed
for such hearing, in a newspaper having a general circulation in the
municipality. Such notice shall contain a brief statement of the substance
of the proposed resolution, shall set forth the proposed articles of incor-
poration of the Authority and shall state the time and place of the public
hearing to be held thereon. Such municipality shall not be required to
make any other publication of such resolution under the provisions of any
other law.

(b) Such resolution shall include articles of incorporation which
shall set forth:

(1) thename of the Authority ;

(2) astatement that such Authority is organized under this Act;

(3) thename of the organizing municipality; and

(4) the names and addresses of the first members of the Authority
appointed by the organizing municipality.

(c) Passage of such resolution by the governing body shall consti-
tute the Authority a public body and a body politic and corporate of the
Commonwealth of Virginia.

§ 5. Membership of the Authority.—The Authority organized under
the provisions of this Act shall consist of five members selected by the
governing body of the organizing municipality who shall serve for terms
expiring one, two, three, four, and five years, respectively, from the date
of appointment, the term of such member to be designated by said gov-
erning body. The successor of each member of the Authority shall be
appointed for a term of five years but any person appointed to fill a
vacancy shall be appointed to serve only for the unexpired term and any
member of the Authority may be reappointed.

Each member of the Authority before entering upon his duties shall
take and subscribe an oath or affirmation to support the Constitution of
the United States and of the Commonwealth and to discharge faithfully
the duties of his office and a record of each such oath shall be filed with
the Secretary of the Authority.

The Authority shall select one of its members as Chairman and an-
other as Vice-Chairman and shall also select a Secretary and a Treasurer
who may but need not be members of the Authority. The offices of
Secretary and Treasurer may be combined. The terms of office of the
Chairman, Vice-Chairman, Secretary and Treasurer shall be as provided
in the by-laws of the Authority.

A majority of the members of the Authority shall constitute a quorum
and the affirmative vote of a majority of all of the members of the Author-
ity shall be necessary for any action taken by the Authority. No vacancy
in the membership of the Authority shall impair the right of a quorum to
exercise all the rights and perform all of the duties of the Authority. The
members of the Authority shall serve without compensation but shall be
reimbursed for the amount of actual expenses incurred by them in the
performance of their duties.

§ 6. General Grant of Powers.—The Authority created hereunder
shall be deemed to be a public instrumentality exercising public and essen-
tial governmental] functions to provide for the public health and welfare,
and each such Authority is hereby authorized and empowered:
(a) to adopt by-laws for the regulation of its affairs and the conduct
of its business ;

(b) to adopt an official seal and alter the same at pleasure;

(c) to maintain an office at such place or places as it may designate;

(d) to sue and be sued in its own name, plead and be impleaded;

(e) to construct, reconstruct, equip, improve, extend, enlarge, main-
tain, repair and operate parking facilities within the corporate limits of
the organizing municipality ;

(f) to issue revenue bonds of the Authority as hereinafter provided
to pay the cost of such construction, reconstruction, equipment, improve-
ment, extension or enlargement;

(g) to issue revenue refunding bonds of the Authority as herein-
after provided;

(h) to fix and revise from time to time and to charge and collect
rates, rentals, fees and other charges for the services and facilities fur-
nished by such parking facilities, and to establish and revise from time
to time regulations in respect to the use, operation and occupancy of such
parking facilities or part thereof ;

(1) to acquire in the name of the Authority by gift, or purchase,
any lands or rights in lands and interest therein, and to acquire such
personal property, as it may deem necessary in connection with the con-
struction, reconstruction, improvement, extension, enlargement or opera-
tion of any parking facilities ;

(j) to lease all or any part of such parking facilities upon such terms
and conditions and for such term of years as it may deem advisable to
carry out the provisions of this Act; provided, however, that no enterprise
involving the sale or dispensing of any product or commodity used in or
for the servicing of motor vehicles shall be conducted on any space thereon;

(k) to make and enter into all contracts and agreements necessary
or incidental to the performance of its duties and the execution of its
powers under this Act, including a trust agreement or trust agreements
securing any revenue bonds issued hereunder, and to employ such consult-
ing and other engineers, superintendents, managers, construction and
financial experts, accountants and attorneys and such employees and
agents as may, in the judgment of the Authority, be deemed necessary,
and to fix their compensation; provided, however, that all such expenses
Shall be payable solely from funds made available under the provisions of

is Act;

(i) to do all acts and things necessary or convenient to carry out the
powers granted by this Act; and ©

(m) nothing in this Act shall be construed as authorizing the Au-
thority or any lessee to furnish or dispense at, or in connection with, any
parking lot or area authorized by this Act, any product or service other
than parking of vehicles.

§ 7. Revenue Bonds.—The Authority is hereby authorized to issue
at one time or from time to time, revenue bonds of the Authority for the
purpose of paying the cost of constructing, reconstructing, equipping,
improving, extending or enlarging any one or more parking facilities.
The bonds of each issue shall be dated, shall mature at such time or times
not exceeding forty years from their date or dates and shall bear interest
at such rate or rates not exceeding six per centum (6%) per annum, as
may be determined by the Authority, and may be made redeemable before
maturity, at the option of the Authority, at such price or prices and under
such terms and conditions as may be fixed by the Authority prior to the
issuance of the bonds. The Authority shall determine the form of the
bonds, including any interest coupons to be attached thereto, and the
manner of execution of the bonds, and shall fix the denomination or de-
nominations of the bonds and the place or places of payment of principal
and interest, which may be at any bank or trust company within or with-
out the Commonwealth. In case any officer whose signature or a facsimile
of whose signature shall appear on any bonds or coupons shall cease to
be such officer before the delivery of such bonds, such signature or such
facsimile shall nevertheless be valid and sufficient for all purposes the
same as if he had remained in office until such delivery. Notwithstanding
any of the other provisions of this act or any recitals in any bonds issued
under the provisions of this act, all such bonds shall be deemed to be
negotiable instruments under the laws of this Commonwealth. The bonds
may be issued in coupon or registered form or both, as the Authority may
determine, and provision may be made for the registration of any coupon
bonds as to principal alone and also as to both principal and interest, and
for the reconversion into coupon bonds of any bonds registered as to both
principal and interest. The Authority may sell such bonds in such manner,
either at public or private sale, and for such price, as it may determine to
be for the best interests of the Authority, but no such sale shall be made at
a price so low as to require the payment of interest on the money received
therefor at more than six per centum (6%) per annum, computed with
relation to the absolute maturity or maturities of the bonds in accordance
with standard tables of bond values, excluding, however, from such com-
putation the amount of any premium to be paid on redemption of any
bonds prior to maturity.

The proceeds of the bonds of each issue shall be used solely for the
purpose for which such bonds shall have been authorized and shall be
disbursed in such manner and under such restrictions, if any, as the
Authority may provide in the resolution authorizing the issuance of such
bonds or in the trust agreement hereinafter mentioned securing the same.
If the proceeds of such bonds, by error of estimates or otherwise, shall be
less than such cost, additional bonds may in like manner be issued to
provide the amount of such deficit, and, unless otherwise provided in the
authorizing resolution or in the trust agreement securing such bonds, shall
be deemed to be of the same issue and shall be entitled to payment from
the same fund without preference or priority of the bonds first issued for
the same purpose.

The resolution providing for the issuance of revenue bonds, and any
trust agreement securing such bonds, may also contain such limitations
upon the issuance of additional revenue bonds as the Authority may deem
proper, and such additional bonds shall be issued under such restrictions
and limitations as may be prescribed by such resolution or trust agreement.

Prior to the preparation of definitive bonds, the Authority may, under
like restrictions, issue interim receipts or temporary bonds, with or with-
out coupons, exchangeable for definitive bonds when such bonds shall have
been executed and are available for delivery. The Authority may also
provide for the replacement of any bonds which shall become mutilated
or be destroyed or lost.

Bonds may be issued under the provisions of this act without ob-
taining the consent of any commission, board, bureau or agency of the
Commonwealth of Virginia or of any political subdivision, and without
any other proceedings or the happening of other conditions or things than
those Proceedings, conditions or things which are specifically required by

is act.

Revenue bonds issued under the provisions of this act shall not be
deemed to constitute a debt of the Commonwealth or of any municipality
or other political subdivision of the Commonwealth, or a pledge of the
faith and credit of the Commonwealth or of any municipality or other
political subdivision, but such bonds shall be payable solely from the funds
herein provided therefor and a statement to that effect shall be recited on
the face of the bonds.
§ 8. Revenues.—The Authority shall fix, and may revise from time
to time, rates, rentals, fees and other charges for the use of and for the
services and facilities furnished or to be furnished by any parking facili-
ties or parts thereof owned or operated by the Authority. Such rates,
rentals, fees and charges shall not be subject to supervision or regulation
by any bureau, board, commission or other agency of the Commonwealth
or of any political subdivision. Such rates, rentals, fees and charges shall
be fixed and revised so that the revenues of the Authority, together with
any other available funds, will be sufficient at all times (a) to pay the cost
of maintaining, repairing and operating the parking facilities or parts
thereof owned or operated by the Authority, including reserves for such
purposes, and (b) to pay the principal of and the interest on all bonds
issued by the Authority under the provisions of this Act as the same shall
become due and payable and to provide reserves therefor. Notwithstand-
ing any of the foregoing provisions of this section, the Authority may
enter into contracts relating to use of the services and facilities of the
parking facilities on such terms as the Authority shall determine to be
proper, which contracts shall not be subject to revision except in accord-
ance with their terms.

§ 9. Trust Agreement.—In the discretion of the Authority, each or
any issue of revenue bonds may be secured by a trust agreement by and
between the Authority and a corporate trustee, which may be any trust
company or bank having the powers of a trust company within or without
the State. The resolution authorizing the issuance of the bonds or such
trust agreement may pledge the revenues to be received. In connection
with the issuance of such bonds or in order to secure the payment thereof,
the Authority shall have power under such agreement to mortgage all or
any part of its property, real or personal, then owned or thereafter ac-
quired, to vest in the trustee thereunder the right to foreclose such mort-
gage and to provide the terms and conditions upon which such trustee or
the holders of bonds or any proportion thereof may exercise the right of
foreclosure. Such trust agreement or resolution providing for the issuance
of such bonds may contain such provisions for protecting and enforcing
the rights and remedies of the bondholders as may be reasonable and
proper and not in violation of law, including covenants setting forth the
duties of the Authority in relation to the construction, reconstruction,
equipment, improvement, maintenance, repair, operation and insurance
of any parking facilities, the fixing and revising of rates, rentals, fees and
charges, and the custody, safeguarding and application of all moneys, and
for the employment of consulting engineers in connection with such con-
struction, reconstruction, improvement, maintenance and operation. It
shall be lawful for any bank or trust company incorporated under the laws
of the Commonwealth which may act as depository of the proceeds of bonds
or of revenues to furnish such indemnifying bonds or to pledge such securi-
ties as may be required by the Authority. Such resolution or trust agree-
ment may set forth the rights and remedies of the bondholders and of the
trustee, if any, and may restrict the individual right of action by bond-
holders. Such resolution or trust agreement may contain such other pro-
visions in addition to the foregoing as the Authority may deem reasonable
and proper for the security of the bondholders. Except as in this act
otherwise provided, the Authority may provide for the payment of the
proceeds of the sale of bonds and the revenues of any parking facilities or
part thereof to such officer, board of depository as it may designate for
the custody thereof, and for the method of disbursements thereof, with
such safeguards and restrictions as it may determine. All expenses in-
curred in carrying out the provisions of such resolution or trust agree-
ment may be treated as a part of the cost of operation.

All pledges of revenues under the provisions of this act shall be valid
and binding from the time when such pledge is made. All such revenues
so pledged and thereafter received by the Authority shall immediately be
subject to the lien of such pledges without any physical delivery thereof
or further action, and the lien of such pledges shall be valid and binding
as against all parties having claims of any kind in tort, contract or other-
wise against the Authority, irrespective of whether such parties have
notice thereof.

§ 10. Trust Funds.—All moneys received pursuant to the authority
of this Act shall be deemed to be trust funds, to be held and applied solely
as provided in this Act. Any officer to whom, or bank, trust company or
fiscal agent to which, such moneys shall be paid shall act as trustee of such
moneys and shall hold and apply the same for the purposes thereof, subject
to such regulations as this Act and the resolution authorizing the issuance
of bonds or trust agreement securing such bonds may provide.

§ 11. Remedies.—Any holder of revenue bonds issued under the
provisions of this Act or of any of the coupons appertaining thereto, and
the trustee under any trust agreement, except to the extent the rights
herein given may be restricted by the resolution authorizing the issuance
of such bonds or such trust agreement, may, either at law or in equity, by
suit, action, mandamus or other proceeding, protect and enforce any and
all rights under the laws of the Commonwealth or granted hereunder or
under such resolution or trust agreement, and may enforce and compel the
performance of all duties required by this Act or by such resolution or
trust agreement to be performed by the Authority or by any officer thereof,
including the fixing, charging and collecting of rates, rentals, fees and
charges for the use of or for the services and facilities furnished by any
Parking Facilities.

§ 12. Exemption from Taxation.—As adequate off-street Parking
Facilities are essential to the health, safety and general welfare of the
public, and as the exercise of the powers conferred by this Act to effect
such purposes constitute the performance of essential municipal func-
tions, and as parking facilities constructed under the provisions of this
Act constitute the performance of essential municipal functions, and as
parking facilities constructed under the provisions of this Act constitute
public property and are used for municipal purposes, the Authority shall
not be required to pay any taxes or assessments upon any such parking
facilities or any part thereof, or upon the income therefrom, and any bonds
issued under the provisions of this Act, their transfer and the income
therefrom (including any profit made on the sale thereof) shall at all times
be free from taxation within the Commonwealth.

§ 18. Revenue Refunding Bonds.—The Authority is hereby author-
ized to issue from time to time revenue refunding bonds for the purpose
of refunding any revenue bonds of the Authority then outstanding, in-
cluding the payment of any redemption premium thereon and any interest
accrued or to accrue to the date of redemption of such bonds. The Author-
ity is further authorized to issue from time to time revenue bonds of the
Authority for the combined purpose of (a) refunding any revenue bonds
or revenue refunding bonds of the Authority then outstanding, including
the payment of any redemption premium thereon and any interest accrued
or to accrue to the date of redemption of such bonds, and (b) paying all or
any part of the cost of constructing any additional parking facilities or
part thereof, or any improvements, extensions or enlargements of any
parking facilities. The issuance of such bonds, the maturities and other
details thereof, the rights and remedies of the holders thereof, and the
rights, powers, privileges, duties and obligations of the Authority with
respect to the same, shall be governed by the foregoing provisions of this
Act in so far as the same may be applicable.

§ 13-a. Competing Parking Facilities—So long as any bonds issued
under the provisions of this act are outstanding, the municipality shall
not construct, operate or maintain any parking facilities competing with
parking facilities of the Authority.

§ 14. Contributions—The municipality is hereby authorized to
make contributions or advances to an Authority which it organizes under
the provisions of this Act from any available moneys for any purpose of
the Authority, including payment of principal and interest on its bonds.
The municipality is hereby further authorized to enter into agreements
with the Authority obligating the municipality to pay to the Authority
any part or all of the receipts from the operation of on-street parking
meters and making such covenants as may be deemed necessary or desir-
able to assure the successful and profitable operation of the on-street park-
ing meters for so long as any bonds of the Authority remain outstanding.

§ 15. Actions taken by Authority.—Any action taken by the Author-
ity under the provisions of this Act may be authorized by resolution at
any regular or special meeting and each such resolution shall take effect
immediately and need not be published or posted.

§ 16. Additional Method.—This Act shall be deemed to provide an
additional and alternative method for the doing of the things authorized
hereby and shall be regarded as supplemental and additional to powers
conferred by other laws, and shall not be regarded as in derogation of or
as repealing any powers now existing under any other law, either general,
special or local; provided, however, that the issuance of revenue bonds or
revenue refunding bonds under the provisions of this Act need not comply
with the requirements of any other law applicable to the issuance of bonds.

§ 17. Construction.—This act, being necessary for the welfare of
the Commonwealth and its inhabitants, shall be liberally construed to
effect the purpose thereof.

2. An emergency exists and this act is in force from its passage.