CHAPTER 41

An Act to amend and reenact §§ 10-100, 10-101, 10-106 and 10-107 of the
Code of Virginia, to permit the pledging of revenues of existing camp-
ing and recreational facilities and camping and recreational facilities
to be financed from the proceeds of revenue bonds issued under the
State Park Development Revenue Bond Act to secure the payment o}
the princtpal of and interest on such revenue bonds. 'S 100)

Approved February 26, 1966

Be it enacted by the General Assembly of Virginia:

1. That §§ 10-100, 10-101, 10-106 and 10-107 of the Code of Virginia be
amended and reenacted as follows:

§ 10-100. As used in this chapter, the following words and terms
shal] have the following meanings: ;

(1) “Board” shall mean the Board of Conservation and Economic
Development.

(2) “Camping and recreational facilities” shall mean and embrace
camp sites, cabins, lodges, halls, tent camps, trailer camps, furnishings and
equipment appurtenant thereto and useful in connection therewith includ-
ing, but not limited to sanitary and utility services, restaurants, cafeterias,
stables, horses and riding equipment, and shall also embrace bathing
beaches, boat houses, boats, and all incidental equipment appurtenant
thereto, now under the control of the Department of Conservation and
Economic Development or acquired, constructed, enlarged or improved
under the provisions of this chapter.

(3) “Cost of camping and recreational facilities” shall include the
purchase price, the cost of construction, enlargements or improvements,
financing charges, interest during any period of disuse before completion
of enlargements or improvements, cost of engineering studies and estimates
and of engineering data, engineering and legal expenses, cost of plans,
specifications, surveys, estimates of cost and of revenues, 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.

(4) “Department” shall mean the Department of Conservation and
Economic Development.

(5) “Director” shall mean the Director of Conservation and Economic
Development.

§ 10-101. The Director may be authorized by the Board, subject to
the provisions of this chapter:

(1) To acquire, construct, enlarge, improve, operate and maintain
camping and recreational facilities in any of the State parks under the
control of the Department; :

(2) To issue revenue bonds of the State * to pay the cost of camping
and recreational facilities and to pledge to the payment of the principal of
an? the tnterest on such revenue bonds all or any portion of the revenues
to be derived from * camping and recreational facilities then under the
control of the Department and from camping and recreational facilities to
he acquired or constructed from the proceeds of such revenue bonds, after
first obtaining the consent of the Governor;

(3) To fix and collect fees and charges for the use of camping and
recreational facilities;

(4) To receive and accept from any agency or instrumentality of
the United States or 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;

(5) To make and enter into all contracts or agreements necessary
er incidental to the execution of his powers under this chapter, and to
employ engineering, architectural and construction experts, brokers and
such other employees as he may deem necessary and fix their compensation
im accordance with law.
The powers and duties of the Director and of the Board hereinabove
enumerated in this section shall not be construed as a limitation of their
general powers or duties or in derogation of other powers now possessed
by them and not in conflict with the provisions of this chapter.

§ 10-106. The Board shall fix and revise, or authorize the Director

to fix and revise, from time to time as may be necessary fees and charges
for the use of camping and recreational facilities * the revenues of which
shall have been pledged to pay the principal of and the interest on * revenue
bonds * issued under the provisions of this chapter, and shall charge and
collect the same. Such fees and charges shall be so fixed and adjusted in
respect of the aggregate fees and charges for the camping and recreational
facilities * the revenues of which shall have been so pledged as to pro-
vide a fund sufficient to pay (1) the cost of maintaining, repairing and
operating such facilities unless such cost shall otherwise be provided for,
(2) such bonds and the interest thereon as the same shall become due and
(8) reasonable reserves for such purposes. Such fees and charges shall not
be subject to supervision or regulation by any other State commission,
board, bureau or agency. _
, § 10-107. The fees, charges and revenues derived from any camping
and recreational facilities * the revenues of which shall have been pledged
to pay the principal of and the interest on revenue bonds * issued under
the provisions of this chapter, except such part thereof as may be required
to pay the cost of maintaining, repairing and operating such facilities 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 principal of the bonds as the same shall fall
due, (3) the necessary charges of paying agents for paying such interest
and principal, 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 issuance of the bonds, or in the trust indenture, but, except as may other-
wise 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 bond
over another. Subject to the provisions of the resolution authorizing the
issuance 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.