CHAPTER 3883

An Act providing for the organization of a Parking Authority as a public
body and body politic and corporate by certain counties; authorizing
and empowering the Authority to acquire, construct, reconstruct,
equip, improve, extend, enlarge, maintain, repair and operate off-
street parking facilities; providing 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 Author-
ity power to acquire necessary real and personal property and to
exercise the power of eminent domain; providing for the imposition
and collection of rates, rentals, fees and charges for the use of land
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 there-
from; and prescribing the powers and duties of the Authority in con-
nection with the foregoing and the rights and remedies of the holders
of any bonds issued under the provisions of this act. CH 280)

Approved March 29, 1958

Be it enacted by the General Assembly of Virginia:

1. §1. This Act shall be known and may be cited as the “Parking
Authorities Act’’.

§ 2. It is hereby determined and declared that the free circulation
of traffic of all kinds through the streets of any county having a density of
population in excess of four thousand per square mile is necessary to the
health, safety and general welfare of the public, whether residing in such
county or traveling to, through or from such county 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 traffic congestion in the
streets of such counties; 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 prevents the free circu-
lation of traffic in, through and from such county, 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.

§ 3. As used in this Act the following words and terms shall have the
following meanings, unless the context shall indicate another 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 law.

(b) The word “cost” as applied to Parking Facilities or to extensions
or additions thereto shall include the cost of construction or reconstruction,
the cost of all labor, materials, machinery and equipment, the cost of all
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 buildings or struc-
tures may be moved, financing charges, interest prior to and during con-
struction, and, if deemed advisable by the governing body, for one year
after completion of construction, reasonable provision for working capital,
cost of engineering and legal services, cost of plans and specifications,
surveys and estimates of cost and of revenues, administrative expense 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,
or other body by whatever name it may be known in which the general
legislative powers of such county are vested.

‘(d) The word “county” shall mean any county having a density of
population in excess of four thousand per square mile.

(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 terminal facilities for trucks and busses, waiting rooms, lockers,
and offices catering primarily to those using such parking facilities, and all
facilities appurtenant thereto and all property, rights, easements and inter-
ests 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. (a) The governing body of any such county 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 news-
paper having a general circulation in the county. Such notice shall contain
a brief statement of the substance of the proposed resolution, shall set forth
the proposed articles of incorporation of the Authority and shall state the
time and place of the public hearing to be held thereon. Such county 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) the name of the Authority;

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

(3) the name of the organizing county; and

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

(c) Passage of such resolution by the governing body shall constitute
the Authority a public body and a body politic and corporate of the Com-
monwealth of Virginia.

§ 5. The Authority organized under the provisions of this Act shall
consist of five members selected by the governing body of the organizing
county who shall serve for terms expiring one, two, three, four, and five
years, respectively, from the date of appointment, the term of each such
member to be designated by said governing 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 another
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. The Authority created hereunder shall be deemed to be a public
instrumentality exercising public and essential 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 limits of the organiz-
ing county;

(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 hereinafter
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
furnished by such parking facilities, and to establish and revise from time
to time regulations in respect of the use, operation and occupancy of such
parking facilities or part thereof;

(i) to accept from any authorized agency of the Federal Government
loans or grants for the planning, construction or acquisition of any park-
ing facilities and to enter into agreements with such agency respecting
any such loans or grants, and to receive and accept aid and contributions
from any source of either money, property, labor or other things of value,
to be held, used and applied only for the purposes for which such loans,
grants or contributions may be made;

(j) to acquire in the name of the Authority by gift, purchase or the
exercise of the right of eminent domain in accordance with the laws of
the Commonwealth of Virginia which are applicable to the exercise of
such powers by counties, any lands or rights in lands and interest therein,
and to acquire such personal property, as it may deem necessary in con-
nection with the construction, reconstruction, improvement, extension,
enlargement or operation of any parking facilities, provided, however, that
the Authority shall not condemn any lands or personal property or right or
interest therein, unless authorized so to do by resolution of the governing
body of the county; and provided, further, that the property of any public
service corporation may not be condemned without the approval of the
State Corporation Commission pursuant to § 25-233 of the Code of Vir-
ginia, and provided, further, that no property may be condemned without
the approval of the county board.

(k) 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 parking
facility or any space leased thereon.

(1) 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 con-
sulting 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
Be Pa pevabile solely from funds made available under the provisions
of this Act;

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

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

§ 7. 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 five per centum 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 con-
ditions 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 in-
terest coupons to be attached thereto, and the manner of execution of the
bonds, and shall fix the denomination or denominations 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 without 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
algo as to both principal and interest, and for the reconversion into coupon
bonds of any bonds registered as to both principal and interest. The Au-
thority 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 five per centum 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 computation 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 ehall 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 this Act.

Revenue bonds issued under the provisions of this Act shall not be
deemed to constitute a debt of the Commonwealth or of any political sub-
division of the Commonwealth or a pledge of the faith and credit of the
Commonwealth or of any 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. 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 facilities 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 bur-
eau, 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 main-
taining, 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. Notwithstanding any of the
foregoing provisions of this section, the Authority may enter into con-
tracts relating to use of the services and facilities of the parking facilities
on such terms as the Authority shall determine to be proper, which con-
tracts shall not be subject to revision except in accordance with their

rms.

§ 9. 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, but shall not convey or mortgage any parking
facilities or any part thereof, and may contain such provisions for pro-
tecting 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 connec-
tion with such construction, reconstruction, improvement, maintenance
and operation. It shall be lawful for any bank or trust company incorpor-
ated under the laws of the Commonwealth which may act as depositary of
the proceeds of bonds or of revenues to furnish such indemnifying bonds
or to pledge such securities as may be required by the Authority. Such
resolution or trust agreement 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 bondholders. Such resolution or trust agreement may
contain such other provisions in addition to the foregoing as the Author-
ity 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 the bonds and the revenues of
any parking facilities or part thereof to such officer, board or depositary
as it may designate for the custody thereof, and for the method of dis-
bursements thereof, with such safeguards and restrictions as it may deter-
mine. All expenses incurred in carrying out the provisions of such resolu-
tion or trust agreement 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 otherwise
a the Authority, irrespective of whether such parties have notice

ereof.
§ 10. All moneys received pursuant to the Authority of this Act

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 hereof, subject to such
regulations as this Act and the resolution authorizing the issuance of
bonds or trust agreement securing such bonds may provide.

§ 11. 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 perfor-
mance 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. 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 per-
formance of essential county functions, and as parking facilities con-
structed under the provisions of this Act constitute the performance of
essential county functions, and as parking facilities constructed under the
provisions of this Act constitute public property and are used for county
purposes, the Authority shall not be required to pay any taxes or assess-
ments 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
ore ala shall at all times be free from taxation within the Common-
wealth.

§ 18. The Authority is hereby authorized to issue from time to time
revenue refunding bonds for the purpose of refunding any revenue bonds
of the Authority then outstanding, including the payment of any redemp-
tion premium thereon and any interest accrued or to accrue to the date of
redemption of such bonds. The Authority is further authorized to issue
from time to time revenue bonds of the Authority for the combined pur-
pose 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 insofar as the same may
be applicable.

§ 14. Any such county is hereby authorized to make contributions
or advances to an Authority which it organizes under the provisions of this
Act, from any moneys which may be available for such purpose, to provide
for the preliminary expenses of such Authority in carrying out the provi-
Sions of this Act or to pay any item of cost of any parking facilities.

§ 15. Any action taken by the Authority 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. This Act shall be deemed to provide an additional and alter-
native 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. The provisions of this Act are severable, and if any of its pro-
visions shall be held unconstitutional by any court of competent jurisdic-
tion, the decision of such court shall not affect or impair any of the remain-
ing provisions.