CHAPTER 351

An Act to provide for the creation of the Portsmouth Parking Authority;
authorizing and empowering the Authority to acquire, construct, re-
construct, equip, improve, extend, enlarge, maintain, repair and oper-
ate 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
Authority 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 and
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
therefrom; and prescribing the powers and duties of the Authority
in connection with the foregoing and the rights and remedies of the
holders of any bonds issued under the provisions of this act.

[S 312]
Approved March 31, 1964

Be it enacted by the General Assembly of Virginia:

1. §1. Short Title—This Act shall be known and may be cited as the
“Portsmouth Parking Authority Act’’.

§ 2. Declaration of Public Necessity.—It is hereby determined and
declared that the free circulation of traffic of all kinds through the streets
of the city of Portsmouth in the Commonwealth is necessary to the health,
safety and general welfare of the public, whether residing in the munici-
pality or traveling to, through or from such municipality 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 the municipality; 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 pre-
vents the free circulation of traffic in, through and from the municipality,
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. Definitions.—As used in this Act the following words and terms
shall have the following meanings, unless the context shall indicate an-
other 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

y law.

(b) The word “cost” as applied to Parking Facilities or to exten-
sions or additions thereto shall include the cost of construction or re-
construction, 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 structures may be moved, financing charges, interest
prior to and during construction, and, if deemed advisable by the
Authority, for one year after completion of construction, reasonable pro-
vision 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 con-
nection 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,
council or other body by whatever name it may be known in which the
general legislative powers of the municipality are vested.

The word “municipality” shall mean the city of Portsmouth in
the Commonwealth of Virginia.

(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, but without limiting the generality of the foregoing,
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
interests relating thereto which are deemed necessary for the construc-
tion or operation thereof; provided, however, the words “parking facili-
ties” shall not mean or include the sale or dispensing of products used
in or for the servicing of motor vehicles.

§ 4. Creation of the Authority.—There is created, in the manner
hereinafter set forth a political subdivision of the Commonwealth, with
such public and corporate powers as are granted in this Act, to be known
as the Portsmouth Parking Authority, hereinafter called the Authority.
The Authority shall not transact any business until the necessity therefor
be shown by resolution duly adopted by the governing body of the City
of Portsmouth.

§ 5. Membership of the Authority.—The Authority organized under
the provisions of this Act shall consist of five members selected by the
governing body of the organizing municipality 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 Treas-
urer 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 Authority 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 compensa-
tion but shall be reimbursed for the amount of actual expenses incurred
by them in the performance of their duties.

§ 6. General Grant of Powers.—The Authority created hereunder
shall be deemed to be a public instrumentality exercising public and es-
sential governmental functions to provide for the public health and welfare,
and 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 corporate limits of
the organizing municipality ;

(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,
CH. 351] ACTS OF ASSEMBLY 559

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, puxchaxe 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 cities or towns, any lands or rights in lands and interest
therein, and to acquire such personal property, as it may deem necessary
in connection with the construction, reconstruction, improvement, exten-
sion, enlargement or operation of any parking facilities; provided, how-
ever, that no property of any corporation itself having the power of emi-
nent domain may be condemned hereunder; and provided, further, 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 govern-
ing body of the city;

(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 space
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 revenues 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 shall
be payable solely from funds made available under the provisions of this

cl,

(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. Revenue Bonds.—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 six per centum (65) per annum, as
may be determined by the Authority, and may be made redeemable before
maturity, at the option of the Authority, as such price or prices and under
such terms and conditions 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 interest 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 prin-
cipal and interest, which may be at any bank or trust company within or
without the Commonwealth. In case any officer whose signature or a fac-
simile 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. Notwithstand-
ing 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 also as to both principal and
interest, and for the reconversion into coupon bonds of any bonds regis-
tered as to both principal and interest. The Authority 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 six per centum (6%) 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 shall 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, uuless 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 obtain-
ing the consent of any commission, board, bureau or agency of the Com-
monwealth 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

is Act.

Revenue bonds issued under the provisions of this Act shall not be
deemed to constitute a debt of the Commonwealth or of any municipality
or other political subdivision of the Commonwealth or a pledge of the
faith and credit of the Commonwealth or of any municipality or other
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. Revenues.—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 bureau, 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 Author-
ity, together with any other available funds, will be sufficient at all times
(a) to pay the cost of maintaining, 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 contracts relating to use of the services and
facilities of the parking facilities on such terms as the Authority shall
determine to be proper, which contracts shall not be subject to revision
except in accordance with their terms.

§ 9. Trust Agreement.—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 protecting and enforcing the rights and reme-
dies of the bondholders as may be reasonable and proper and not in viola-
tion 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 connection with such construction, reconstruction,
improvement, maintenance and operation. It shall be lawful for any bank
or trust company incorporated 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 addi-
tion to the foregoing as the Authority may deem reasonable and proper
for the security of the bondholders. Except as in this Act otherwise pro-
vided, 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 disbursements thereof, with such safe-
guards and restrictions as it may determine. All expenses incurred in
carrying out the provisions of such resolution 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. Ali 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 against the Authority, irrespective of whether such parties have
notice thereof.

§ 10. Trust Funds.—All moneys received pursuant to the authority
of this Act shall 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. Remedies.—Any holder of revenue bonds issued under the pro-
visions 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 performance 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. Exemption from Tazation.—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 performance of essential municipal func-
tions, and as parking facilities constructed under the provisions of this
Act constitute the performance of essential municipal functions, and as
parking facilities constructed under the provisions of this Act constitute
public property and are used for municipal purposes, the Authority shall
not be required to pay any taxes or assessments 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 in-
come therefrom (including any profit made on the sale thereof) shall at all
times be free from taxation within the Commonwealth. Anything herein
to the contrary notwithstanding the Authority shall pay to the City of
Portsmouth in lieu of taxes a sum equal to ten per centum (10%) per annum
of the net annual income received by the Authority from any property
owned by it and located in said city.

§ 13. Revenue Refunding Bonds.—The Authority is hereby author-
ized to issue from time to time revenue refunding bonds for the purpose
of refunding any revenue bonds of the Authority then outstanding, in-
cluding the payment of any redemption premium thereon and any in-
terest 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 purpose of (a) refunding any revenue
bonds or revenue refunding bonds of the Authority then outstanding, in-
cluding the payment of any redemption premium thereon and any in-
terest 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 fore-
going provisions of this Act in so far as the same may be applicable.

§ 14. Contributions.—The municipality 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 provisions of this Act or to pay any item of cost of any
parking facilities. The municipality is hereby authorized to transfer to
the Authority the operation and maintenance of such suitable facilities
as are now or may be hereafter owned by the city on such terms and
conditions as the municipality may prescribe; but this shall not be con-
strued as authorizing the Authority to maintain and operate such facilities
unless and until the operation thereof has been transferred by the
municipality.

§ 15. Actions taken by Authority.—Any action taken by the Author-
ity 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. Additional Method.—This Act 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
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. Provisions of Act Severable.—The provisions of this Act are
severable, and if any of its provisions shall be held unconstitutional by any
court of competent jurisdiction, the decision of such court shall not affect
or impair any of the remaining provisions.

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