CHAPTER 529

An Act to amend Chapter 168 of the Acts of Assembly of 1874-1875,
approved March 11, 1875, as amended, by adding thereto a chapter
numbered Chapter 8-A, providing for the acquisition, construction,
amprovement, operation and maintenance of certain bridge projects
defined herein, conferring powers and imposing duties on the City of
Petersburg, authorizing the issuance by such City of revenue bonds
of the City, payable solely from earnings of such projects, to pay the
cost of such projects and improvements thereof, providing that no
debt of the City shall be incurred in the exercise of any of the powers
granted hereby, providing for the collection of tolls for the payment
of such bonds, and for the cost of maintenance, operation and repair
of such projects, describing conditions upon which such projects shall
become free from tolls, appropriating certain funds for the purposes
hereof, making such bonds exempt from taxation, and making them
eligible for certain investments, providing for condemnation, and
authorizing the issuance of revenue refunding bonds, and providing
for a Toll Bridge Authority in the City of Petersburg and conferring
powers upon the same and imposing limitations similar to those ap-
plying to the City of Petersburg under the provisions of this cr not}

Approved April 2, 1952

Be it enacted by the General Assembly of Virginia:

1. That Chapter 163 of the Acts of Assembly of 1874-1875, approved
March 11, 1875, as amended, be amended by adding thereto a chapter
numbered Chapter 3-A as follows:

CHAP 3-A

§ 1. Definitions. As used in this chapter, the following words and
terms shall have the following meanings:

(1) The word “City” shall mean the City of Petersburg.

(2) The word “project” or “projects” shall mean a bridge or bridges
extending from a point or points within the City of Petersburg across the
Appomattox River to a point or points within the City of Colonial Heights
or the County of Chesterfield, or the City of Petersburg, together with all
necessary approaches, roads, or streets and facilities used in connection
with the maintenance, operation and use of such bridge or bridges.

(3) The word “undertaking” shall mean all of the projects authorized
to be acquired or constructed under this chapter.

The word “improvements” shall mean such repairs, replacements,
additions and betterments of and to a project acquired by purchase or by
condemnation as are deemed necessary to place it in a safe and efficient
condition for the use of the public, if such repairs, replacements, additions
and betterments are ordered prior to the sale of any bonds for the
acquisition of such project.

(5) The term “cost of project’, as applied to a project to be acquired
by purchase or by condemnation, shall include the purchase price or the
amount of the award, cost of improvements, financing charges, interest
during any period of disuse before completion of improvements, cost of
traffic estimates and of engineering and legal expenses, plans, specifications
and surveys, estimates of cost and of revenues, other expenses necessary
or incident to determining the feasibility or practicability of the enter-
‘prises, administrative expense and such other expenses as may be neces-
sary or incident to the financing herein authorized and the acquisition of
the project and the placing of the project in operation.

(6) The term “cost of project’, as applied to a project to be con-
structed shall embrace the cost of construction, the cost of all lands,
properties, rights, easements and franchises acquired, which are deemed
necessary for such construction, the cost of all machinery and equipment,
financing charges, interest prior to and during construction, and for one
year after completion of construction, cost of traffic estimates and engi-
neering data, engineering and legal expenses, cost of plans, specifications
and surveys, estimates of cost and of revenues, other expenses necessary
or incident to determining the feasibility or practicability of the enterprise,
administrative expense and such other expenses as may be necessary or
incident to the financing herein authorized, the construction of the project,
the placing of the project in operation and the condemnation of property -
necessary for such construction and operation.

(7) The word “owner” shall include all individuals, incorporated
companies, copartnerships, societies or associations having any title or
interest in any property, rights, easements or franchises authorized to be
acquired by this chapter.

§ 2. The city may, subject to the provisions of this article:

(1) Acquire by purchase or by condemnation, construct, improve,
operate and maintain any one or more of the projects hereinbefore men-
tioned and included in the undertaking hereinbefore defined in this chapter.

(2) Issue revenue bonds of the city to be known and designated as
“City of Petersburg Toll Revenue Bonds”, payable solely from earnings,
to pay the cost of such projects; and

(3) Fix and collect tolls and other charges for the use of such
projects.

The cost of such projects shall be paid solely from the proceeds of
City of Petersburg Toll Revenue Bonds or from such proceeds and from
any grant or contribution which may be made thereto pursuant to the
provisions of this Chapter.

The city, whenever a reasonable price cannot be agreed upon
or whenever the owner is legally incapacitated or is absent or is unable to
convey valid title or is unknown, may acquire by condemnation any lands,
rights, easements, franchises and other property located in the City of
Petersburg, the City of Colonial Heights, or the County of Chesterfield,
deemed necessary or convenient or convenient for the construction of any
project or for securing a right of way leading to any such project or its
approaches, in the manner hereinafter provided. Such condemnation pro-
ceedings shall be conducted and the compensation to be paid shall be
ascertained and paid in the manner provided by law for the condemnation
of property for public purposes by the city.

Title to any property condemned by the city shall be taken in the
name of the city. The city shall be under no obligation to accept and pay
for any property condemned or any costs incidental to any condemnation
proceedings and shall, in no event, pay for the same except from the funds
provided by this chapter; and in any condemnation proceedings, the court
having jurisdiction of the suit, action or proceeding may make such orders
as may be just to the city and to the owners of the property to be con-
demned and may require an undertaking or other security to secure
such owners against any loss or damage to be sustained by reason of
the failure of the city to accept and pay for the property, but such under-
taking or security shall impose no liability upon the city, except such as
may be paid from the funds provided under the authority of this chapter.

§ 4. The city may construct, whenever it shall deem such construc-
tion expedient, any of the projects authorized by this chapter. The city
may purchase within the City of Petersburg, the City of Colonial Heights,
or the County of Chesterfield, solely from funds provided under the author-
ity of this chapter, such lands, structures, rights of way, franchises,
easements and other interests in lands, including lands under water and
riparian rights of any person, copartnership, association, railroad or other
corporation, or municipal or political subdivision, deemed necessary for
the construction of any such project, upon such terms and at such prices
as may be considered by it to be reasonable and.can be agreed upon between
it and the owner thereof and may take title thereto in the name of the
city. The State hereby consents to the use of all lands lying under water,
which are within the State and are necessary for the construction and
operation of any project and the approaches and appurtenances thereto,
which may be constructed under the provisions of this chapter. All public
or private property damaged or destroyed in carrying out the powers
granted hereunder shall be restored or repaired and placed in their original
condition, as nearly as practicable, or adequate compensation made there-
for, out of the funds provided under the authority of this chapter.

§ 5. Upon the letting of a contract for the construction of a project
under the provisions of this chapter, the city shall proceed with the con-
struction of any roads or streets which may be necessary to connect such
project with roads or streets in the City of Petersburg, the City of Colonial
Heights, or the County of Chesterfield, and to complete the construction of
such connecting roads or streets on or before the date such project shall
be open for traffic.

The City Council of the city may provide, by resolution at one
time or from time to time, for the issuance of revenue bonds of the city
for the purpose of paying all or any part of the cost hereinabove defined
of any one or more projects as hereinabove defined. The principal and
interest of such bonds shall be payable solely from the special fund herein
provided for such payment. The revenue bonds issued hereunder by the
city shall be issued subject to the provisions of the Constitution of the
State of Virginia and the statutes of the State relating to the issuance of
such bonds by municipal corporations.

§ 7. Revenue bonds issued under the provisions of this chapter shall
not be deemed to constitute a debt of the city or a pledge of the faith and
credit of the city, but such bonds shall be payable solely from the funds
herein provided therefor, from tolls and revenues. All such bonds shall
state on their face that the city is not obligated to pay the same or the
interest thereon except from the special fund provided therefor from tolls
and revenues under this chapter, and that the faith and credit of the city
are not pledged to the payment of the principal or interest of such bonds.
The issuance of revenue bonds under the provisions of this chapter shall
not directly or indirectly or contingently obligate the city to levy or to
pledge any form of taxation whatever therefor or to make any appropria-
tion for their payment, other than to appropriate available funds derived
as revenues from tolls and charges collected under this chapter.

§ 8. The bonds of such issue shall be dated, shall bear interest at
such rate or rates not exceeding five per centum per annum, payable semi-
annually and shall mature at such time or times, not exceeding forty
years from their date or dates, as may be determined by the City Council
of the city, and may be made redeemable before maturity, at the option
of the city, at such price or prices and under such terms and conditions
as may be fixed by the city prior to the issuance of the bonds. The prin-
cipal and interest of such bonds may be made payable in any lawful
medium. The city shall determine the form of the bonds, including any
interest coupons to be attached thereto, and shall fix the denomination or
denominations of the bonds in the place or places of payment of principal
and interest thereof, which may be at any bank or trust company within
or without the State. The bonds shall be signed by the mayor of the city
and by the city treasurer, and the seal of the city shall be affixed thereto,
and any coupons attached thereto shall bear the facsimile signature of the
city treasurer. In case any officer whose signature shall appear on the
bond shall cease to be such officer before the delivery of such bonds, such
signature shall nevertheless be valid and sufficient for all purposes the
same as if he had remained i in office until such delivery. All revenue bonds
issued under the provisions of this chapter shall have and are hereby
declared to have, as between successive holders, all the qualities and
incidents of negotiable instruments under the negotiable instruments law
of the State. Such bonds and the income thereof shall be exempt from all
taxation within the State. The bonds may be issued in coupon or in regis-
tered form, or both, as the city may determine, and provision may be
made for the registration of any coupon bond as to principal alone and
also as to both principal and interest and for the reconversion of any bonds
registered as to both principal and interest into coupon bonds. Prior to
the preparation of definite bonds, the city may, under like restrictions,
issue temporary bonds with or without coupons, exchangeable for defini-
tive bonds upon the issuance of the latter. The city may also provide for
the replacement of any bond which shall become mutilated or be destroyed
or lost.

§ 9. Such revenue bonds may be issued without any other proceed-
ings or the happening of any other conditions or things than those pro-
ceedings, conditions and things which are specified and required by this
article.

§ 10. The City may sell such bonds in such manner and for such
price as it may determine to be for the best interests of the City, 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 five per centum per;
annum, computed with relation to the absolute maturity of the bonds in
accordance with standard tables of bond values, excluding, however, from
computations the amount of any premium to be paid on redemption of
any bonds prior to maturity.

§ 11. The proceeds of.such bonds shall be used solely for the pay-
ment of the cost of the project or projects for which they are issued and
shall be disbursed by the City Council under such restrictions, if any, as
the said Council may provide. If the proceeds of the bonds of any issue,
by error of estimates or otherwise, shall be less than the cost of the project
or projects on account of which such bonds are issued, additional bonds
may in like manner be issued to provide the amount of such deficit and
unless otherwise provided in the resolution authorizing the issuance of
the bonds or in the trust indenture hereinafter mentioned 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
project or projects. If the proceeds of bonds issued for any project or
projects shall exceed the cost thereof, the surplus shall be paid into the
fund hereinafter provided for the payment of principal and interest of
such bonds.

§ 12. The City may, in its discretion, couple or unite into one unit
for financing purposes any two or more of such projects, whether acquired
by purchase or condemnation or constructed, and revenue bonds of a
single issue may be issued for the purpose of paying the cost of any
one or more projects.

§ 13. All moneys received pursuant to the authority of this chapter,
whether as proceeds from the sale of revenue bonds, as grants or other
contributions, or as tolls and revenues, shall be held and applied solely
as provided in this chapter. The City Council shall, in the resolution
authorizing the issuance of bonds or in the trust indenture, provide for
the payment of the proceeds of the sale of the bonds and the tolls and
revenues to be received into the city treasury, and carried on the books
of the city auditor in a special account and may provide for the turning
over, transfer or paying over of such funds from the city treasurer to
any officer, agency, bank or trust company, who shall act as trustee of
such funds, and hold and apply the same to the purposes hereof, subject
to such regulations as this article and such resolution or trust indenture
may provide.

All moneys paid into the city treasury pursuant to the provisions
of this chapter are hereby appropriated for the purpose of carrying out
the provisions of this chapter; disbursements and payments of moneys
so paid into the city treasury shall be made by the city treasurer upon
warrants of the city auditor which he shall issue upon vouchers signed
by such person or persons as shall be designated by the City Council for
such purpose.

§ 14. In the discretion of the City Council, each or any issue of
revenue bonds may be secured by a trust indenture by and between the
city and a corporate trustee, which may be any trust company or bank
having the powers of a trust company within or outside of the State.
Such trust indenture may pledge tolls and revenues to be received, but no
such trust indenture shall convey or mortgage any project or any part
thereof. Either the resolution providing for the issuance of revenue bonds
or such trust indenture 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 city in relation to the acquisition, construction, improve-
men, maintenance, operation, repair and issuance of the projects and
the custody, safeguarding and application of all moneys. Such resolution
or trust indenture may also provide that the project or projects shall
be acquired, or acquired and improved, or constructed and paid for under
the supervision and approval of consulting engineers employed or desig-
nated by the city and satisfactory to the original purchasers of the bonds
issued therefor and may also require that the security given by contrac-
tors and by any depository of the proceeds of the bonds or revenues of the
project or projects or other moneys pertaining thereto be satisfactory to
such purchasers. Any bank or trust company incorporated under the laws
of this State may act as such depository and furnish such indemnifying
bonds or pledge such securities as may be required by the city. Such
indenture may set forth the rights and remedies of the bondholders and
of the trustee and may restrict the individual right of action of bond-
holders as is customary in trust indentures securing bonds and debentures
of corporations. In addition to the foregoing, such trust indenture may
contain such other provisions as the city may deem reasonable and proper
for the security of the bondholders. Except as in this article otherwise
provided, the city may provide, by resolution or by such trust indenture,
that after the payment of the proceeds of the sale of the bonds and the
revenues of the project or projects in the City Treasury the city will
immediately transfer or pay same over to such officer, board or deposi-
tory as it may determine for the custody thereof and for the method
of disbursement thereof, with such safeguards and restrictions as it may
determine. All expenses incurred in carrying out such trust indenture
may be treated as a part of the cost of maintenance, operation and repairs
of the project or projects affected by such indenture.

§ 15. The city shall fix and revise from time to time as may be
necessary tolls for the use of each project or projects on account of which
bonds are issued under the provisions of this article and shall charge and
collect the same and may contract with any person, partnership, associa-
tion or corporation desiring the use of such project or projects, approaches
and appurtenances, and any part thereof, for placing thereon water, gas,
oil pipe lines, telephone, telegraph, electric light or power lines, or for any
other purpose, and may fix the terms, conditions and rates and charges
for such use. Such tolls shall be so fixed and adjusted in respect of the
aggregate of tolls from the project or projects on account of which a
single issue of bonds is issued under this article, as to provide a fund suf-
ficient with other revenues of such project or projects, if any, to pay (a)
the cost of maintaining, repairing and operating such project or projects
unless such cost shall be otherwise provided for and (b) such bonds and
the interest thereon as the same shall become due. Such tolls shall not
be subject to supervision or regulation by any other State commission,
board, bureau or agency.

§ 16. The tolls and all other revenues derived from the project or
projects for which a single issue of bonds is issued, except such part there-
of as may be required to pay the cost of maintaining, repairing and oper-
ating such project or projects and to provide such reserves therefor as
may be provided for in the resolution authorizing the issuance of such
bonds or in the trust indenture, shall be set aside at such regular intervals
as may be provided in such resolution or such trust indenture, in a sinking
fund which is hereby pledged to, and charged with the payment of: (1)
The interest upon such bonds as such interest shall fall due, (2) the prin-
cipal of the bonds as the same shall fall due, (3) the necessary charges
of paying agents for paying principal and interest, and (4) any premium
upon bonds retired by call or purchase as herein provided.

The use and disposition of such sinking fund shall be subject to
such regulations as may be provided in the resolution authorizing the issu-
ance of the bonds or in the trust indenture but, except as may otherwise
be provided in such resolution or trust indenture, such sinking fund shall
be a fund for all such bonds without distinction or priority of one over
another. Subject to the provisions of the resolution authorizing the issu-
ance of the bonds or of the trust indenture, any moneys in such sinking
fund in excess of an amount equal to one year’s interest on all bonds then
outstanding may be applied to the purchase or redemption of bonds. All
bonds so purchased or redeemed shall forthwith be cancelled and shall
not again be issued.

§ 17. When the particular revenue bonds issued for any project or
projects and the interest thereon shall have been paid, or a sufficient
amount shall have been provided for their payment and shall continue to
be held for that purpose, the city shall cease to charge tolls for the use
of such project or projects and thereafter such project or projects shall
be free; provided, however, that the city may thereafter charge tolls
for the use of any such project in the event that tolls are required for
maintaining, repairing and operating such project due to the lack of
funds from other sources than tolls or in the event that such tolls shall
have been pledged by the city to the payment of revenue bonds issued under
the provisions of the article for another project or projects. But any
such pledge of tolls of a project to the payment of bonds issued for an-
other project shall not be effectual until the principal and interest of the
bonds issued for the first mentioned project shall have been paid or
provision made for their payment.

§ 18. The city, in addition to the revenues which may be received
from the sale of revenue bonds and from the collection of tolls and other
revenues derived under the provisions of this chapter, shall have authority
to receive and accept from any federal agency or the State or any State
agency or any other public or private body contributions of either money
or property or other things of value, to be held, used and applied for the
purposes of this chapter provided.

§ 19. Any holder of revenue bonds issued under the provisions of
this chapter or any of the coupons attached thereto and the trustee under
the trust indenture, if any, except to the extent the rights herein given
may be restricted by resolution passed before issuance of the bonds or
by the trust indenture, may, either at law or in equity, by suit, action,
mandamus or other proceedings protect and enforce any and all rights
under the laws of the United States or of this State or granted hereunder
or under such resolution or trust indenture and may enforce and compel
performance of all duties required by this chapter, or by such resolution
or trust indenture, to be performed by the State or by the city, or any
officer thereof, including the fixing, charging, and collecting of tolls for
the use of such project or projects.

§ 20. The city may make and enter into all contracts or agreements
necessary or incidental to the execution of its powers under this chapter
and may employ engineering, architectural and construction experts and
inspectors, brokers and such other employees as may be deemed neces-
sary, who shall be paid such compensation as may be provided in ac-
cordance with law. All such compensation and all expenses incurred in
carrying out the provisions of this chapter shall be paid solely from funds
provided under the authority of this chapter and no liability or obligation
shall be incurred hereunder beyond the extent to which money shall have
been provided under the authority of this chapter. The city may exercise
any powers which are necessary or convenient for the execution of its
powers under this chapter.

The powers and duties of the city hereinabove enumerated in this
chapter shall not be construed as a limitation of the general powers or
duties of the city. The city, in addition to the powers and duties enumer-
ated in this chapter, shall do and perform any and all things and acts
necessary in the construction or acquisition, maintenance and operation of
any project to be constructed or acquired under the provisions of this
chapter, to the énd that such project or projects may become and be
operated free of tolls as early as possible and practicable, subject only
to the express limitations of this article and the limitations of other laws
and constitutional provisions applicable thereto.

§ 21. The city may provide by resolution for the issuance of revenue
refunding bonds of the city, subject to all of the provisions of § 7, for
the purpose of refunding any revenue bonds issued under the provisions
of this chapter and then outstanding. The issuance of such revenue re-
funding bonds, the maturities and other details thereof, the rights of the
holders thereof and the duties of the State and of the city in respect
to the same shall be governed by the foregoing provisions of this chapter,
insofar as the same may be applicable, and by the following provisions:

(1) No revenue refunding bonds shall be delivered, unless delivered
in exchange for revenue bonds to be refunded thereby, except in the
amount necessary to provide for the payment of matured or redeemable
revenue bonds or revenue bonds maturing or redeemable within three
months, including any redemption premium thereon.

(2) No revenue refunding bonds shall be issued, unless issued to
refund revenue bonds which have matured or will mature within three
months or unless the interest rate of the revenue refunding bonds shall
be at least one-fourth of one per centum less than the interest rate borne
by the revenue bonds to be refunded. —

§ 22. This chapter 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 any powers now existing.

§ 23. No project shall be constructed hereunder unless the same
shall have received the prior approval of the State Highway Commission
of Virginia. |

§ 24. (1) There is hereby created in the City of Petersburg a
political subdivision of the Commonwealth, with such public and corporate
powers as are set forth in this chapter to be known as “Bridge Authority
of the City of Petersburg’, but such authority shall not transact any
business or exercise any powers unless or until the City Council, by proper
resolution, shall declare at any time hereafter that there is a need for such
an authority to function in the city.

(2) Such authority shall be vested with all of the powers, authority,
rights and privileges that are vested in the city by the provisions of this
chapter, and such authority shall be subject to all of the restrictions,
limitations, duties and procedural provisions as are set forth in the pre.
ceding sections of this chapter unless otherwise provided herein.

(3) For the purposes of applying the provisions of this chapter tc
the Bridge Authority of the City of Petersburg, unless a contrary inten(
shall appear from the context, the term “City of Petersburg” and the word
“City” as used in the preceding sections of this chapter shall be deemed
to mean “Bridge Authority of the City of Petersburg”, and “Authority”
and the term “City Council of the City of Petersburg” and the term “City
Council’ as used in the aforesaid sections shall be deemed to mean ‘‘Com-
missioners of the Bridge Authority of the City of Petersburg’ and “Com-
missioners’’, respectively; the term “City of Petersburg Toll Revenue
Bonds” as used in the aforesaid sections shall be deemed to mean “Bridge
Authority of the City of Petersburg Toll Revenue Bonds”; the terms
“Mayor of the City” and “‘City Treasurer’ as used in the aforesaid sections
shall be deemed to mean “Chairman of the Authority” and ‘“‘Treasurer of
the Authority’, respectively, and the term “City Treasury” as used in the
aforesaid sections shall be deemed to mean “Treasury of the Authority”.
Disbursements and payments of moneys paid into the Treasury of the
Authority under the provisions of this chapter shall be made in such man-
ner as shall be provided by resolution of the Authority. The last sentence
of § 6 of this chapter shall not apply to the issuance of revenue bonds by
the Authority.

(4) The Authority shall consist of not less than three nor more than
nine commissioners appointed by the mayor. The City Council shall have
authority to specify, by ordinance, the length of the terms of the'com-
missioners, the manner of filling vacancies, what officers and agents the
Authority shall have, and what their duties and qualifications shall be and
how they shall be elected or appointed.

§§ 32-223, 32-224, 32-225, 32-226, 32-227, 32-228, 32-229, 32-230,
and 32-232 of the Code of Virginia of 1950 shall apply with respect to
the Authority, the Commissioners and employees of the Authority to the
extent provided in the said sections.

§ The City Council may make appropriations to the Authority
and the funds so appropriated shall be used by the Authority, subject to
the provisions of this chapter. The city may, with or without considera-
tion or for a nominal consideration, lease, sell, convey or otherwise transfer
to the Authority any rea], personal or mixed property, including easements
and rights of way, and the same shall be held by the Authority and used
by it subject to the provisions of this chapter.

§ 26. This chapter, being necessary for the public welfare, shall be
liberally construed to effect the purposes hereof. —