CHAPTER 138

An Act to amend and reenact § 33-224 of the Code of Virginia, relating to
purchase of toll bridges by the Commonwealth. SR BH
[ ]

Approved February 27, 1956

Be it enacted by the General Assembly of Virginia:
an That § 33-224 of the Code of Virginia be amended and reenacted as

ollows:

§ 33-224. In addition to the power of eminent domain as provided by
law for roads in the State Highway System, the Commonwealth, acting
through the State Highway Commission, may purchase any such bridge
and the approaches thereto with the real estate and tangible personal
property necessary for their proper operation, at such time as may be
specified in the permit granted for such bridge, or at the expiration of any
two-year period after such time, all at a price equal to the original cost, to
be determined as hereinafter provided, less depreciation.

In order to exercise the right of the Commonwealth to purchase and
take over any such bridge and approaches and real estate and tangible
personal property, the Commonwealth, through the Commission, shall give
to the permittee, or its successor in title of record to such bridge and other
property, not less than two months’ notice of its intention so to do, specify-
ing the date on which the conveyance will be required. Title to such bridge
and approaches and property shall be vested in the Commonwealth free
of lien at the time set out in such notice and upon the payment or offer
of the purchase price determined in accordance with this article, to such
permittee or successor in title of record to such bridge and other property,
or to the trustee or trustees, or mortgagor or mortgagees in any deed of
trust or mortgage on such property, or to the lien creditor or creditors, as
their interest may appear of record.

The original cost of such bridge and approaches and real estate and
tangible personal property shall be determined by the Commission and
shall include the actual cost thereof * and an additional amount equal to
interest at the rate of six per cent per annum on the amount actually
invested by such permittee, or successor in title of record, in such property,
or in hand for investment therein, during the period of construction. There
shall be included in “Actual costs” all costs including the cost of improve-
ments, financing charges, cost of traffic estimates and of engineering and
148 ACTS OF ASSEMBLY [va., 1956

legal expenses, plans, specifications and surveys, estimates of cost and of
revenue, other expenses necessary or incident to determining the feasibility
or practicability of the enterprise, administrative expenses and such other
expenses as may be necessary or incident to the financing of the project and
the placing of the project in operation. The Commission shall determine
the depreciation and the reasonableness of each item of “actual costs.”