CHAPTER 39

An Act to amend and reenact §§ 1 and 2, as amended, 8, 4, 9, 10, 11, 12, 18,
14, 15, 16, 18 and 19 of Chapter 46 of the Acts of Assembly of 1952,
approved February 15, 1952, relating to the Peninsula Port and Indus-
trial Authority which was created as the Newport News Port and
Industrial Authority, so as to provide for changing the name of said
authority to the Peninsula Ports Authority of Virginia, validate its
creation and the appointment of the present commissioners, vest addt-
tional powers in said Authority, declare purposes to conform to State
policy, authorize the city of Newport News to assume certain contin-
gent liabilities enhancing the security and marketability of bonds of
the authority, exempt port facilities and bonds of the Authority from
taxation and vest additional powers respecting the issuance of and
security for bonds of the Authority, including refunding bonds.

(H 15]
Approved February 18, 1964

Be it enacted by the General Assembly of Virginia:

1. That §§ 1 and 2 as amended, 8, 4, 9, 10, 11, 12, 18, 14, 15, 16, 18 and
19 of Chapter 46 of the Acts of Assembly of 1952, approved February 15,
1952, be amended and reenacted as follows:

§ 1.* The creation and organization of the Peninsula Port and Indus-
trial Authority by the city of Newport News and the city of Hampton and
all actions and proceedings by said cities relating to said Authority are
hereby ratified, validated and confirmed. The Authority shall be known
hereafter as the Peninsula Ports Authority of Virginia and shall exercise
such powers as are authorized by this act or as this act may be amended
from time to time. ;

§ 2.* The Authority may exercise such powers within the boundartes
of the cities of Newport News and Hampton and in the waters and counttes
adjacent thereto.

§ 3.* As used in this act, the following words and terms shall have
the following meanings:

(a) “Authority” shall mean the Peninsula Ports Authority of Vtr-
ginia, a body politic and corporate and a political subdivision of the State
of Virginia, created and operating under this act, or if said Authority shall
be abolished, the board, body, commission, department or officer succeed-
ng to the principal functions thereof or to whom the powers given by this
act shall be given by law;

(b) “Authority Facilities” shall mean any or all harbor, seaport and
mdustrial facilities, as described in § 6 of this act, now existing or here-
after acquired or constructed by the Authority under this act, together
with any or all buildings, improvements, additions, extensions, replace-
ments, appurtenances, lands, rights in land, water rights, franchises, ma-
chinery, equipment, furnishings, landscaping, utilities, approaches, road-
ways and other facilities necessary or desirable in connection therewith or
incidental thereto, acquired or constructed by the Authority;

(c) “bond resolution” shall mean the resolution or resolutions of the
commission of the Authority authorizing and providing for the issuance of
revenue bonds under this act;

(d) “bonds” or “revenue bonds” shall embrace notes, bonds and other
obligations authorized to be issued by the Authority under this act;

(e) “city of Newport News’ shall mean the Consolidated City of
Newport News, Virginia;

(f) “cost” shall mean and shall include, as applied to Authority Facil-
ities, the cost of construction, the cost of acquisition of all lands, structures,
rights of way, franchises, easements and other property rights and inter-
ests, the cost of demolishing, removing or relocating any buildings or struc-
tures on lands acquired, including the cost of acquiring any lands to which
such buildings or structures may be moved or relocated, the cost of all
labor, materials, machinery and equipment, financing charges, interest on
all bonds prior to and during construction and, if deemed advisable by the
Authority, for a period not exceeding one year after completion of such
construction, cost of engineering, financial and legal services, plans, speci-
fications, studies, surveys, estimates of cost and of revenues, other ex-
penses necessary or incident to determining the feasibility or practicability
of constructing the Authority Facilities, administrative expenses, pro-
visions for working capital, reserves for interest and for extensions, en-
largements, additions and improvements, and such other expenses as may
be necessary or incident to the construction of the Authority Facilities, the
financing of such construction and the placing of the Authority Factttres
in operation. Any obligation or expense incurred by the State or any agency
thereof, with the approval of the Authority, for studies, surveys, borings,
preparation of plans and specifications or other work or materials in con-
nection with the construction of the Authority Facilities may be regarded
as a part of the cost of the Authority Facilities and may be reimbursed to
the State or such agency out of the proceeds of the revenue bonds issued for
such Authority Facilities as hereinafter authorized; a

(g) “Port Facilities” shall mean any or all of the Authority Faculties,
as described above, exclusive of the factories and manufacturing facilities
within the purview of § 6(f) of this act;

(h) “revenues” shall mean any or all fees, tolls, rates, rentals and
receipts derived by the Authority from, and all other moneys and income
of whatsoever kind or character obtained by the Authority in connection
with, the ownership or operation of the Authority Facilities; _

(t) “State” shall mean the State or Commonwealth of Virginia; and

(j) “trust agreement” shall mean any trust agreement under which
bonds authorized under this act may be secured.

For the purpose of this act the references to the City of Newport
News in §§ 5 and 7 shall be deemed to include the City of Hampton.

§ 4.*% The Authority shall be governed by a commission composed of
nine commissioners. All powers and duties of the Authority shall be exer-
cised and performed by the commission. The nine incumbent members of
the commission are declared to be and are the lawfully constituted members
of the commission, and their appointments to office, qualification and terms
of office, being March 1, 1964 for two members, March 1, 1965 for two
other members, March 1, 1966 for two other members and March 1, 1967
for the remaining three members, are hereby ratified, validated and con-
firmed. Each of such incumbent members shall continue in office until his
successor shall be duly appointed and qualified. The successor of each
member of the commission shall be a resident of the same city as his prede-
cessor and shall be appointed for a term of four years and until his succes-
sor shall be duly appointed and qualified, except that any person appointed
to fill a vacancy shall serve only for the unexpired term. The successors to
the six members residing in the city of Newport News shall be appointed by
the council of the city of Newport News and the successors to the three
members residing in the city of Hampton shall be appointed by the council
of the city of Hampton. Each member of the commission shall, before enter-
ing upon the discharge of his duties, take and subscribe the oath of office
required by § 84 of the Constitution of Virginia.

Any member who shall cease to reside within the city from which he
was appointed shall thereupon be disqualified from holding office as a
member of the commission.

Five members of the commission shall constitute a quorum and the
affirmative vote of five members shall be necessary for any action taken by
the commission. No vacancy in the membership of the commission shall
impair the right of a quorum to exercise all the powers and perform all
the duties of the commission.

§ 9.*% The Authority is authorized to sell, lease to others or otherwise
dispose of, or grant concessions or rights in, all or any part of the Author-
ity Facilities, in the exercise of its powers and the performance of its
dutzves under this act, and is authorized to lease to a lessee or lessees all or
any part of the Authority Facilities for such period or periods of years,
with or without options of renewal or options to purchase, in such manner,
upon such terms and conditions and at such prices or rentals as the Author-
ity shall determine to be in the public interest.

The State of Virginia hereby consents to the use by the Authority,
in the performance of its duties hereunder, of all lands lying under the
waters of the State which are deemed by the Authority to be necessary for
the construction or operation of any Authority Facilities. But such use
shall in no way hinder or prevent any deepening and widening of the
channel in the James River which may hereafter be authorized or under-
taken.

§ 10.* The cities of Newport News and Hampton are each empow-
ered to convey to the Authority any and all port facilities of whatsoever
kind or character owned by it and any other property owned by it useful
or convenient in the exercise of the powers and functions of the Authority
under this act, and are further authorized to provide advances and dona-
tions of funds to assist the Authority in the performance of its functions
under this act. Any such conveyance, advance or donation shall be made
upon such terms and conditions, with or without consideration and at such
time or times and in such manner, as the respective city may determine.

§ 11.* The improvement and development of Port Facilities for the
purpose of increasing trade and commerce beneficial to the economy, pros-
perity and welfare of the State conform to the overall State policy of pro-
moting the development and operation of adequate, modern and efficient
seaports and harbors through such aids and other encouragement as may
be authorized by the General Assembly. To promote and encourage the
acquisition, construction, operation and maintenance of Port Facilities and
to enable the Authority to sell its bonds for paying the cost of such Port
Facilities, the Authority is authorized to pledge for the payment of such
bonds, in addition to other revenues, moneys from time to time (1) appro-
priated to or for the use of the Authority by the General Assembly and
available for such purpose and (ii) paid to the Authority by the City of
Newport News or the city of Hampton or both cities as provided in this
section. Notwithstanding any charter or statutory provision to the con-
trary, the cities of Newport News and Hampton are, or either of them is,
authorized to pay to the Authority for each fiscal year during which any of
such bonds are outstanding an amount not exceeding the Bond Require-
ment Deficiency, as hereinafter defined, incurred in such fiscal year and
the city of Newport News and the City of Hampton, or either of them, and
the Authority are empowered to enter into any contract or contracts, for
such period of years as they determine to be necessary, providing for such
payments and further providing that in consideration of the assumption by
the city of Newport News or the city of Hampton, or both cities, as the
case may be, of such contingent liability to make such payments the Au-
thority may convey to the respective city or cities, when all bonds of the
Authority payable from any revenues of such Port Facilities, including
interest thereon, shall have been paid or sufficient funds for such payment
shall have been deposited in trust therefor, title to such Port Facilities of
the Authority, subject to any leasehold interests, licenses, liens or other
lawful encumbrances thereon. The term “Bond Requirement Deficiency’’
as used in this act means for any fiscal year an amount equal to one-half
of the total amount required for such fiscal year to provide for payment of
principal of and interest on, and for amortization and reserves for, the
bonds of the Authority that are issued under this act to pay the cost of
such Port Facilities, less the amount of any funds appropriated by the Gen-
eral Assembly to or for the use of the Authority for such fiscal year and
available for such purpose.

Any liability to make any payment assumed by the city of Newport
News or the city of Hampton under any such contract or contracts, being
contingent upon the existence of a Bond Requirement Defictency caused by
inadequate appropriations to or for the use of the Authority by the General
Assembly, shall not constitute or create an obligation or an indebtedness
within the meaning of any constitutional, statutory or charter limitations
upon obligations or debts of such city, and the execution of any such con-
tract or contracts by the city of Newport News or the city of Hampton
shall not be deemed to create any obligation or debt contrary to any such
lamitations.

§ 12.* (a) The Authority is authorized to provide for the issuance,
at one time or from time to time, of revenue bonds of the Authority for the
purpose of paying all or any part of the cost of Authority Facilities. The
principal of and the interest on such bonds shall be payable solely from
the funds herein provided for such payment. The bonds of each issue shall
be dated, shall bear interest at such rate or rates not exceeding six per
centum per annum, shall be serial, term or both serial and term bonds
maturing at such time or times not exceeding forty years from their date
or dates, as may be determined by the Authority, and may be made redeem-
able before maturity, at the option of the Authority, at 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 shall
fiz 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 State. The bonds shall be signed by the
chairman of the Authority or shall bear his facsimile signature, and the
corporate seal of the Authority or a facsimile thereof shall be impressed or
imprinted thereon and attested by the signature of the secretary (or the
secretary-treasurer) of the Authority, and any coupons attached thereto
Shall bear the facsimile signature of said chairman. 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 untu
such delivery. The bonds may be issued in coupon or in 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, for the reconversion into coupon bonds of any
bonds registered as to both principal and interest, and for the interchange
of registered and coupon bonds. All bonds issued under the provisions of
this act shall have and are hereby declared to have all the qualities and in-
cidents of and shall be and are hereby made negotiable instruments under
the negotiable instruments law of the State (§§ 6-858 to 6-549 of the Code
of Virginia, 1950, as amended), subject only to provisions respecting
registration of the bonds. The Authority may sell such bonds in such man-
ner, either at public or private sale, and for such price, as it may determine
will best effect the purposes of this act.

(b) The proceeds of the bonds of each issue shall be used solely for
the payment of the cost of the Authority Facilities for which such bonds
shall have been issued, and shall be disbursed in such manner and under
such restrictions, if any, as the Authority may provide in the bond resolu-
tion or in the trust agreement hereinafter mentioned securing the same.
If the proceeds of the bonds of any issue, 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
bond resolution authorizing the issuance of the bonds of such issue or
tn the trust agreement securing the same, 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. If the proceeds of the
bonds of any issue shall exceed such cost, the surplus may be deposited
to the credit of the sinking fund for such bonds or may be applied to the
payment of the cost of any additions, betterments, improvements or en-
largements of the Authority Facilities for which such bonds shall have
been issued.

(c) Prior to the preparation of definitive bonds, the Authority may,
under like restrictions, issue interim receipts or temporary bonds, with or
without 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 shall be destroyed or lost. Bonds may be issued under the provisions
of this act without obtaining the consent of any department, division,
commission, board, bureau or agency of the State, and without any other
proceedings or the happening of any other conditions or things other than
those proceedings, conditions or things which are specifically required by
this act; provided, however, that nothing contained in this act shall be
construed as affecting the powers and duties now conferred by law upon
the State Corporation Commission.

(d) The Authority is hereby authorized to provide by resolution for
the issuance of revenue refunding bonds of the Authority for the purpose
of refunding any bonds then outstanding which shall have been issued
under the provisions of this act, including the payment of any redemption
premium thereon and any interest accrued or to accrue to the date of
redemption of such bonds, and, if deemed advisable by the Authority, for
either or both of the following additional purposes: (1) constructing vm-
provements, extensions or enlargements of the Authority Facilities in
connection with which the bonds to be refunded shall have been issued,
and (2) paying all or any part of the cost of any additional Authority
Facilities. The issuance of such bonds, the maturities and other details
thereof, the rights of the holders thereof, and the rights, duties and
obligations of the Authority in respect to the same, shall be governed by
the provisions of this act insofar as the same may be applicable. Revenue
refunding bonds issued under this section may be sold or exchanged for
outstanding bonds issued under this act and, if sold, the procecds thereof
may be applied to the purchase, redemption or payment of such out-
standing bonds.

(e) In addition to all other powers granted to the Authority by this
act, the Authority 1s authorized to provide for the issuance, at one time or
from time to time, of notes or other obligations of the Authority for any
of its authorized purposes. All of the provisions of this act which relate
to bonds or revenue bonds shall apply to such notes or other obligations
insofar as such provisions may be appropriate.

§ 13. * Revenue bonds issued under the provisions of this act shall
not be deemed to constitute a debt or a pledge of the faith and credit of
the State but shall be payable solely from the funds provided therefor as
herein authorized. All such revenue bonds shall contain on the face thereof
a statement to the effect that neither the State nor the Authority shall
be obligated to pay the same or the interest thereon except from the
revenues and moneys pledged therefor and that neither the fatth and credit
nor the taxiny power of the State is pledged to the payment of the prin-
cipal of or the interest on such bonds.

All expenses incurred in carrying out the provisions of this act shall
be payable solely from funds of the Authority and no liability or obligation
shall be incurred by the Authority hereunder beyond the extent to which
moneys shall be available to the Authority.

§ 14. * (a) Inthe discretion of the Authority any bonds issued under
the provisions of this act 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 the State.
Such trust agreement or the bond resolution providing for the issuance of
such bonds may pledge or assign the revenues of, but shall not convey or
mortgage, the Authority Facilities (or any part thereof). Such trust
agreement or bond resolution may contain such provisions for protecting
and enforcing the rights and remedies of the holders of the bonds as may
be reasonable and proper and not in violation of law, ancluding covenants
setting forth the duties of the Authority in relation to the acquisition of
property and the construction, improvement, maintenance, repair, operation
and insurance of the Authority Facilities, the rates to be charged, the
custody, safeguarding and application of ‘all moneys and conditions or
limitations with respect to the issuance of additional bonds. It shall be
lawful for any bank or trust company incorporated under the laws of the
State 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. Any such trust agreement may set forth
the rights and remedies of the holders of the bonds and of the trustee,
and may restrict the individual right of action by such bondholders. In
addition to the foregoing, any such trust agreement or bond resolution
may contain such other provisions as the Authority may deem reasonable
and proper for the security of the holders of bonds. All expenses incurred
tin carrying out the provisions of such trust agreement or bond resolution
Le be treated as part of the cost of the operation of the Authority
attes.

(b) All moneys received pursuant to the provisions of this act,
whether as proceeds from the sale of bonds, revenues or other moneys made
available hereunder shall be deemed to be trust funds to be held and
applied solely as provided in this act. The Authority shall provide in the
bond resolution or in the trust agreement for the payment of the proceeds
derived from the sale of the bonds and the revenues to be received toa
trustee, which shall be any trust company or bank having the powers of
a trust company within the State, that shall act as trustee of such funds
and hold and apply the same to the purposes of this act, subject to such
requirements as may be provided in this act, the bond resolution or the
trust agreement. The trustee may invest and reinvest such funds, pending
their disbursement for the Authority Facilities, in securities that are legal
investments under the laws of the State for funds held by fiduciaries.

§ 15. * (a) The exercise of the powers granted by this act shall be
tn all respects for the benefit of the inhabitants of the State, for the
encrease of their commerce, and for the promotion of their safety, health,
welfare, convenience and prosperity. The bonds, notes or other obligations
issued under the provisions of this act, their transfer and the income
therefrom including any profit made on the sale thercof, shall at all times
be free and exempt from taxation by the State and by any municipality,
county or other political subdivision thereof. Bonds issued by the Author-
ity under the provisions of this act are hereby made securities in which
all public officers and public bodies of the State and its political subdivt-
sions, all insurance companies, trust companies, banking associations,
investment companies, executors, administrators, trustees and other fidu-
ciaries may properly and legally invest funds, including capital in their
control or belonging to them. Such bonds are hereby made securities which
may properly and legally be deposited with and received by any State or
municipal officer or any agency or political subdivision of the State for
any purpose for which the deposit of bonds or obligations is now or may
hereafter be authorized by law

(b) As the operation and maintenance of Port Facilities will consti-
tute the performance of essential governmental functions, no taxes or
assessments shall be levied by the State or by any county, city, political
subdivision, district or other agency or instrumentality of the State upon
any Port Facilities or upon any leasehold or other interest or property
acquired or used in connection with, or any income derived from, the
operation and maintenance of any Port Facilities by the Authority or any
lessee or other holder of any right to or interest in the Port Facilities
pursuant to any contract with the Authority.

(c) The operation and maintenance of Authority Facthties within the
meaning of § 6(f) of this act constitute the performance of essential gov-
ernmental functions and are for a public purpose promoting the industry
and economy of the State and thereby providing employment, stimulating
business, increasing tax revenues and contributing to the general welfare
of the State. No taxes or assessments shall be levied by the State or by
any county, city, political subdivision, district or other agency or instru-
mentality of the State upon Authority Facilities within the meaning of
§ 6(f) or upon any leasehold or other interest or property acquired or
used in connection with, or any income derived from, the operation and
maintenance of any such facilities by the Authority or any lessee or other
holder of any right to or interest in such facilities pursuant to any con-
tract with the Authority. The Authority is authorized to agree to make
and may make, out of any revenues or other funds available therefor, pay-
ments in lieu of taxes or assessments to the city of Newport News, the
city of Hampton or any other political subdivision of the State.

§ 16. * In order to secure the payment of such bonds the Authority
shall have power by provisions included in any bond resolution or trust
agreement:

(a) to pledge all or any part of the gross or net revenues of the
Authority Facilities (or any part thereof) and to pledge all or any part
of any other moneys then or thereafter available to the Authority;

(b) to covenant against pledging all or any part of such revenues and
other moneys or against permitting or suffering any lien on such revenues
or moneys or against the Authority Facilities; to covenant with respect to
limitations on its right to sell, lease or otherwise dispose of any Authority
Facilities (or any part thereof) or any other property; and to covenant as
to what other or additional bonds or obligations may be issued by it;

(c) to covenant as to the bonds to be issued and as to the issuance
of such bonds in escrow or otherwise, and as to the use and disposition
of the proceeds thereof; to covenant against extending the time for the
payment of its bonds or interest thereon; and to redeem the bonds, cove-
nant for their redemption and provide the terms and conditions thereof ;

(d) to covenant as to the rents and fees to be charged in the opera-
tion of any Authority Facilities, the amount to be raised each year or
other period of time by rates, fees, rents, tolls, charges and other revenues
and as to the use and disposition to be made thereof; to create or to
authorize the creation of special funds for moneys held for acquisition,
construction or operating cost, payment of the bonds and interest thereon,
reserves, or other purposes, and to covenant as to the use and disposition
of the moneys held in such funds;

(e) to prescribe the procedure, if any, by which the terms of any
contract with the holders of the bonds may be amended or abrogated, the
amount of bonds the holders of which must consent thereto and the manner
in which such consent may be given;

(f) to covenant as to the use of any or all of its real or personal
property; and to covenant as to the maintenance of its real and personal
property, the replacement thereof, the insurance to be carried thereon and
the use and disposition of insurance moneys;

(g) to covenant as to the rights, liabilities, powers and duties arising
upon the breach by it of any covenant, condition or obligation; and to
covenant and prescribe as to events of default and terms and conditions
upon which any or all of its bonds or obligations shall become or may be
declared due before maturity and as to the terms and conditions upon
which such declaration and its consequences may be waived;

(h) to vest in a trustee or trustees or the holders of bonds or any
proportion of them the right to enforce the payment of the bonds or any
covenant securing or relating to the bonds; to vest in a trustee or trustees
the right, in the event of a default by the Authority, to take possession
and use, operate and manage any facility or part thereof, and to collect
the rents and revenues arising therefrom and to dispose of such moneys
in accordance with the agreement of the Authority with said trustee; to
provide for the powers and duties of a trustee or trustees or the holders
of bonds or any proportion of them who may enforce any covenant or
rights securing or relating to the bonds; and

(i) to exercise all or any part or combination of the powers herein
granted; to make covenants other than and in addition to the covenants
herein expressly authorized, of like or different character; to make such
covenants and to do any and all such acts and things as may be necessary
or convenient or desirable in order to secure its bonds or, in the absolute
discretion of said Authority, as will tend to make the bonds more market-
able notwithstanding that such covenants, acts or things may not be
enumerated herein.

§ 18. * The Authority is hereby authorized to establish, maintain,
revise, charge and collect such rates, fees, rents, tolls or other charges for
the use, services and facilities of the Authority Facilities and to contract
with any person, partnership, association or corporation desiring the use
of any part thereof, and to fix the terms, conditions, rates, fees, rents,
tolls and charges for such use. Such rates, fees, rents, tolls and charges
shall be so fixed and adjusted so that the revenues of the Authority Facili-
ties, including moneys to be provided by the State, the city of Newport
News, the city of Hampton or any other public agency or donor shall be
sufficient to pay (a) the cost to the Authority of maintaining, repairing
and operating the Authority Facilities and (b) the principal of and the
interest on such bonds as the same shall become due and payable, and to
create reserves for such purposes. Such rates, fees, rents, tolls and charges
shall not be subject to supervision or regulation by any commission, board,
bureau or agency of the State or of any municipality, county, or other
political subdivision of the State. The revenues derived from or in con-
nection with the ownership or operation of the Authority Facilities, except
such part thereof as may be necessary to pay the cost of maintenance,
repair and operation thereof and to provide such reserves therefor as may
be required under the bond resolution or the trust agreement, shall be
set aside at such regular intervals as may be provided in the bond resolu-
tion or the trust agreement in a sinking fund which is hereby pledged to,
and charged with, the payment of the principal of and the interest on
such bonds as the same shall become due and the redemption price or the
purchase price of bonds retired by call or purchase as therein provided.
Such pledge shall be valid and binding from the time when the pledge is
made. The revenues so pledged and thereafter received by the Authority
shall immediately be subject to the lien of such pledge without any physi-
cal delivery thereof or further act and the lien of any such pledge 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. Neither the bond resolution nor any trust
agreement by which a pledge is created need be filed or recorded except
tn the records of the Authority. The use and disposition of moneys to the
credit of such sinking fund shall be subject to the provisions of the bond
resolution or the trust agreement. Such sinking fund shall be a fund for
all such bonds without distinction or priority of one over another or with
such distinctions and priorities among such bonds as may be provided in
the bond resolution or the trust agreement. A reserve may be accumulated
and maintained out of the revenues and other moneys avatlable to the
Authority for extraordinary repairs and expenses and for such other pur-
poses as may be provided in the bond resolution or trust agreement.
Subject to such provisions and restrictions as may be set forth in the
bond resolution or trust agreement the Authority shall have exclustve
control of the revenues derived from or in connection with the Authority
Facilities and the right to use such revenues in the exercise of its powers
and duties set forth in this act.

§ 19.* In addition to other powers conferred by this act, the Author-
ity shall have the following additional authority and powers:

(a) to borrow money and to accept contributions, grants and other
financial assistance from the United States of America and agencies or
instrumentalities thereof, the State, the cities of Newport News and
Hampton, or any other political subdivision, agency or public instrumen-
tality of the State, for or in aid of the construction, acquisition, operation,
maintenance or repair of the Authority Facilities or for the payment of
principal of or interest on any revenue bonds of the Authority, and to this
end the Authority shall have the power to comply with such conditions
and to execute such agreements, trust agreements and other legal instru-
ments as may be necessary, convenient or desirable and to agree to such
terms and conditions as may be imposed;

(b) to exercise the powers vested under this act free of the jurisdic-
tion or control of any other State agency or instrumentality empowered to
eerie powers and duties relating to harbors, seaports or port facilities;
a

(c) to use, apply and expend funds appropriated by the General
Assembly in conformity with the requirements of the respective appro-
priation,; provided, however, that no such appropriated funds shall be used,
applied or expended in connection with any property or facilities other
than property or facilities owned by the State or the Authority or in
which the Authority has a leasehold interest extending at least to the final
maturity date of any bonds of the Authority then outstanding.

Any provision of this act which is found to be in conflict with any
other statute or city charter shall be controlling and shall supersede such
other statute or charter to the extent of such conflict.

2. An emergency exists and this act is in force on and after April one,
nineteen hundred sixty-four.