CHAPTER 365

An Act to amend and reenact §§ 1, 11 and 18 of Chapter 662, Acts of
Assembly, 1956, approved March 31, 1956, which created the Cedar
Island Bridge and Beach Authority, the amended sections relating to
definitions thereto, and to the issuance of certain bonds, and the terms
and conditions thereof.

[S 224]

Approved March 30, 1962

Be it enacted by the General Assembly of Virginia:

1. That §§ 1, 11 and 13 of Chapter 662, Acts of Assembly, nineteen hun-
dred fifty-six, approved March thirty-one, nineteen hundred fifty-six, be
amended and reenacted as follows:

§ 1. (a) “County” means the county of Accomack.

(b) “Governing body” means board of supervisors.

(c) ‘Authority’ means the political subdivision created by this act.

(d) “Board” means the Board of Commissioners of the political sub-
division created by this act.

(e) “Project” means a bridge or bridges from Cedar Island now known
as Ocean City, Virginia, to a point in Lee District of Accomack County,
Virginia, together with all necessary and convenient approaches, roads and
streets used in connection with such bridge or bridges and beaches and
beach facilities convenient to such roads and streets, including necessary
roads on Cedar Island.

(f) 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
necessary or incident to the financing herein authorized and the acquisition
of the project and the placing of the project in operation.

(zg) 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 *
five years after completion of construction, cost of traffic estimates and
engineering data, engineering and legal expenses, cost of plans, specifica-
tions and surveys, estimates of cost and of revenues, other expenses neces-
sary or incident to determining the feasibility or practicability of the enter-
prise, 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.

(h) 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.

(i) ‘Federal Government” includes the United States of America or
any department, agency or instrumentality thereof corporate or otherwise.

§ 11. The bonds issued hereunder shall be issued in accordance with
Chapter 19 of Title 15 of the Code. The bonds of such issue shall be dated,
shall bear interest at such rate or rates not exceeding * six per centum per
annum, payable semiannually and shall mature at such time or times, not
exceeding forty years from their date or dates, as may be determined by
the board, and may be made redeemable before maturity, at the option of
the board, at such price or prices and under such terms and conditions as
may be fixed by the board prior to the issuance of the bonds. The principal
and interest of such bonds may be made payable in any lawful medium.
The board shall determine the form of the bonds, including any interest
coupons to be attached thereto, and shall fix the denomination or denomina-
tions 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. 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 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 registered form, or
both, as the board 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 board may, under like restrictions, issue temporary
bonds with or without coupons, exchangeable for definitive bonds upon
the issuance of the latter. The board may also provide for the replacement
of any bond which shall become mutilated or be destroyed or lost.

§ 18. The Authority may sell such bonds in such manner 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 * siz 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.

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