CHAPTER 688

An Act to amend and reenact §§ 1, 2, 5, 6, 7, 8, 9, 10, 11, 12, 14, 15, 16, 17,
18 and 19 of Chapter 157 of the Acts of Assembly of 1954,as amended,
relating to the Portsmouth Port and Industrial Commission, confirm-
ing the creation of such Commisssion relating to the term of existence
of said Commission; permitting the election of certain additional
officers, and defining a quorum; relating to the powers and functions
of the Commission, including the power of condemnation; validating
and ratifying certain property transfers made by the city of Ports-
mouth to the Commission; relating to the amount of money the city
of Portsmouth will receive from the Commission in lieu of taxes;
authorizing the issuance of bonds, notes and refunding bonds and cer-
tain aspects thereof; relating to the establishment of rates by the Com-
mission; relating to the power of the Commission to accept grants;
and to amend such chapter by adding §§ 22, 23 and 24 relating to,
respectively, exemption of the Commission from taxation, permitting
bonds issued by the Commission to be approved securities; and relat-
ang to the police powers of the Commission, the jurisdiction and trial
of certain cases and disposition of fines collected therefrom.

[H 884]

Approved April 5, 1968

Be it enacted by the General Assembly of Virginia:

1. That §§ 1, 2, 5, 6, 7, 8, 9, 10, 11, 12, 14, 15, 16, 17, 18 and 19 of Chapter
157 of the Acts of Assembly of 1954, approved March 5, 1954, shall be
amended and reenacted, and that such Chapter shall be amended by adding
thereto §§ 22, 23 and 24, such amended and new sections to read as
ollows:

§ 1. * The creation, pursuant to this act, of the political subdivision
of the Commonwealth now known as the Portsmouth Port and Industrial
Commission, hereinafter called the Commission, is confirmed, and the
Commission shall continue, as provided in § 2 hereof, under that name as
such subdivision, with such public and corporate powers as are granted
in this act.

§ 2. * The existence of the Commission shall continue until all its
liabilities have been met and its bonds have been paid in full

The provisions of this section shall not, however, be construed as re-
quiring the dissolution of the Commission, or as automatically dissolving
the Commission, upon the discharge of all such liabilities and the payment
of all such bonds.

§ 5. The commissioners shall elect from their membership a chair-
man and vice chairman, and from their membership or not, as they desire,
a secretary and a treasurer or secretary-treasurer. The Commission may
also elect, from their membership or not, as they desire, one or more
assistant secretaries, one or more assistant treasurers or one or more
assistant secretary-treasurers. The Commission shall meet at least monthly
and at such times as may be required. A majority of the whole number
of the commissioners, at a meeting duly held at a time fixed by any bylaw
adopted by the Commission, or at any duly adjourned meeting of such
meeting, or at any meeting duly held upon reasonable notice to all of the
commissioners, shall constitute a quorum, and a majority of the whole
number of the commissioners may perform and exercise the powers author-
azed and provided in this act. For the purpose of this section the words
“whole number” shall be construed to mean the total number of commis-
sioners which the Commission would have were there no vacancies and
were none of the commissioners disqualified from acting. The Commission
may delegate to one or more of its commissioners, or its agents, or
employees, such powers and duties as it may deem proper. The commis-
sioners shall receive no salary but shall be reimbursed for necessary trav-
eling and other expenses incurred in the performance of their duties. The
Commission shall keep detailed minutes of its proceedings, which shall be
open to public inspection at all times. It shall keep suitable records of all
its financial transactions and shall arrange to have the same audited
annually. Copies of each such audit shall be furnished to the council of
the city of Portsmouth and shall be open to public inspection. In event of
the dissolution of the Commission the council of the city of Portsmouth
shall be the trustees thereof, with full power and authority to settle its
affairs, collect all outstanding debts, sell and cause to be conveyed its
property, real and personal, and to deliver the same to the city of Ports-
mouth, after paying all its debts.
§ 6. The Commission shall have the following powers:

(a) To contract and be contracted with; to sue and be sued; and to
adopt and use a corporate seal, and to alter the same at pleasure;

(b) To acquire* (whether by purchase, lease, grant, gift or other-
wise), construct, reconstruct, hold, maintain, repair, sell, lease and dis-
pose of, personal property necessary for its purposes;

(c) To acquire (whether by purchase, lease, grant, gift or other-
wise) real property or rights, easements or estates therein necessary for
its purposes; * to hold the same; and to sell, lease and dispose of the same,
or any portion thereof or interest therein ;

(d) To acquire * (whether by purchase, lease, grant, gift, exchange
or otherwise), construct, reconstruct, hold, develop, wmprove, extend,
enlarge, furnish, equip, maintain, repair and operate, landings, wharves,
docks and piers, and the approaches to and appurtenances thereof, tracks,
spurs, crossings, switchings, terminals, warehouses, and terminal facilities
of every kind and description necessary or useful in the transportation
and storage of goods, wares and merchandise; to perform any and all
services at said facilities in connection with the receipt, delivery, ship-
ment and transfer in transit, weighing, marking. tagging, ventilating,
fumigating, refrigerating, icing, storing and handling of goods, wares,
and merchandise; to prescribe and collect charges from vessels coming
into or using any landings, wharves, docks and piers, operated and main-
tained by the Commission and from persons using any of its other facili-
ties; and to lease any and all of such facilities or any concessions properly
incident thereto for the maintenance and operation of any or all thereof
on such terms and conditions as it may deem proper.

(e) To maintain and operate a foreign trade zone under such terms
and conditions as may be prescribed by law.

(f) To sell or lease, or to * acquire by purchase, lease, grant, gift,
construction or otherwise, for sale or lease, on such terms and condi-
tions as it may deem proper, factories, manufacturing facilities of any
kind and description, or any of the facilities described in subparagraph
(d) of this section, and approaches to and appurtenances thereof, and to
reconstruct, hold, improve, extend, enlarge, furnish and equip any of the
same owned or leased by the Commission.

(g) To fix, * alter, charge and collect tolls, fees, rentals and any
other charges for the use of, or for the services rendered by, any of the
facilities it is authorized hereunder to maintain and operate.

(h) To employ a director and such other agents and employees as
may be necessary, to serve at the pleasure of the Commission, and to fix
their compensation and prescribe their duties.

(1) * To borrow money and incur debt, and to issue its bonds, notes
or other obligations in the manner and subject to the provisions herein-
after set forth in this chapter, for the purpose of carrying out any of its
powers and purposes; to provide for the rights of the holders of such
bonds, notes or other obligations and the securing of such rights and the
payment of such bonds, notes and other obligations as hereinafter pro-
vided; and to purchase such bonds, notes or other obligations for invest-
ment, resale or cancellation. All bonds, notes or other obligations hereto-
fore issued by the Commission, and all acts and proceedings heretofore
taken in connection with the authorization, issuance and sale of bonds,
notes or other obligations of the Commission, are hereby ratified, validated
and confirmed, and all such bonds, notes and other obligations heretofore
issued and now outstanding shall constitute valid and legally binding obli-
gations of the Commission payable in accordance with their terms.

(j) * To receive and accept from any public or private source for
any one or more of its purposes or in aid in carrying out any one or more
of its purposes or in aid in carrying out any one or more of its powers,
grants, aid or contributions of money, property, labor or other things of
value, to be held, used and applied only for the purposes for which such
grants or contributions are made, and to expend the same for the purposes
for which made.

(k) To make payments to the city of Portsmouth or the State of
Virginia or agencies or instrumentalities thereof in reimbursement for
grants, contributions or appropriations to the Commission made by such
city or by the State or such agencies or instrumentalities or in reimburse-
ment for the payment by the city or the State or such agencies and
enstrumentalities of the principal and interest of bonds issued by the city,
or by the State or such agencies or instrumentalities, to obtain moneys to
make such grants or contributions or appropriations to the Commission;
and to make payments to the city of Portsmouth from the surplus rev-
enues and income of the Commission not otherwise required by the Com-
mission to carry out its purposes and powers.

(1) To make and enter into all contracts and agreements, execute
all instruments, and do all other acts and things, which may be reasonably
necessary and convenient to carry out its purposes and powers.

(m) To make bylaws or rules and regulations for the management
and regulation of its affairs.

(n) The Commission has the right to acquire property for the pur-
pose of encouraging commerce and manufacture, to construct on such
property buildings and structures necessary or appropriate for industrial
or commercial uses, and to sell, lease, or operate the same for such uses
and purposes.

(o) The Commission 18 hereby vested with the power of eminent
domain to acquire property or any interest therein, however held, but not
property of the State or its agencies, and may exercise the same for any
of its purposes in the manner and to the extent set forth in, and subject
to the provisions of, Title 25 of the Code of Virginia; provided that the
Commission shall have no power to condemn any property belonging to
any other political subdivision of the Commonwealth or to any common
carrier, or public utility, or other public service corporation which is being
devoted to public use or service and provided further that the Commission
shall have no power to condemn any property lying within the County of
Nansemond. Whether property is being devoted to public use or service in
the case of a public service corporation, common carrier or public utility,
shall be decided by the State Corporation Commission in a proceeding
under § 25-288; and in the case of a political subdivision shall be decided
by the court in which the proceeding is brought.

§ 7. The Commission shall foster and stimulate the commerce of
the port of Portsmouth and the shipment of freight through such port, and
may investigate and handle matters pertaining to all transportation rate
structures affecting the commerce of the port. To this end, the Commis-
sion may appoint a Port Advisory Committee to advise it, consisting of
such number of persons as it may deem advisable; such persons shall not
receive any compensation for their services, but may be reimbursed their
necessary traveling and other expenses incurred while on business of the
Commission.

§ 8. The Commission may foster and stimulate the development of
industry in the area within its jurisdiction. To this end, the Commission
may appoint an Industrial Advisory Committee to advise it, consisting of
such number of persons as it may deem advisable; such persons shall not
receive any compensation for their services, but may be reimbursed their
necessary traveling and other expenses incurred while on business of the
Commission. *

§ 9. The Commission may sell any property owned by it which it
deems to be no longer useful or necessary in its operations, provided, how-
ever, that the Commission shall first advertise for bids therefor by publi-
cation of the notice of receipt of such bids, once in a newspaper, published
in or having a general circulation in the city of Portsmouth at least ten
days prior to the receipt of such bids. The Commission shall have the right
to reject any and all bids. Notwithstanding, and without being subject to
the foregoing provisions of this section, the Commission may lease, *
assign, convey or otherwise transfer or dispose of to the Commonwealth of
Virginia or any authority, commission or political subdivision thereof any
of its property, real or personal, upon such terms as may be agreed upon,
and may also lease, * assign, convey or otherwise transfer or dispose of to
any person, firm or corporation the facilities described in subparagraphs
(d) and (f) of § 6 of this act upon such terms as may be agreed upon.

§ 10. The council of the city of Portsmouth is authorized and em-
powered to transfer to the Commission the operation and maintenance of
such suitable facilities as are now or may be hereafter owned by the city,
on such terms and conditions which it may prescribe; but this section shall
not be construed as authorizing the Commission to maintain and operate
such facilities unless and until the operation thereof has been transferred
by the council. The council of the city of Portsmouth is also authorized
and empowered by ordinance or resolution to lease, * assign, convey or
otherwise transfer or dispose of to the Commission any property, real
or personal, or rights or estates therein, now or hereafter owned by the
city, on such terms and conditions which the council may prescribe and no
provision of the charter of the city, or any other law to the contrary, shall
be applicable to such lease, * assignment, conveyance * or disposition. Any
and all leases, assignments, conveyances, transfers or other dispositions
of personal or real property heretofore made by the city of Portsmouth
to the Commission, and the making thereof, are hereby validated, rattfied
and confirmed. |

§ 11. The city of Portsmouth is authorized and empowered to make
appropriations and to provide funds for the * carrying out by the Com-
mission of any of its powers and purposes, and any such appropriations
heretofore made by the city of Portsmouth to the Commission are hereby
validated, ratified and confirmed. The Commission shall pay to the city
of Portsmouth in lieu of taxes a sum equal to five per cent per annum of
the * neé annual income received by the Commission exclusive of the
proceeds of bonds, notes, or other obligations of the Commission and any
grants or contributions received from the federal government, the Com-
monwealth of Virginia, or any political subdivision thereof or from any
other source, public or private; provided, however, that the council of
the city of Portsmouth may, from time to time, by resolution, waive the
payment by the Commission of all or any part of such payment in lieu
of taxes on all or any part of the income of the Commission for such
period of time as may be prescribed therein. For the purposes of this
paragraph “net annual income” shall mean the income received by the
Commission in any year remaining after there shall have been deducted
from the gross income of the Commission for such year the costs to
the Commission of operation, repair and maintenance of its facilities
and properties, including the administrative costs of the Commission;
payment of, or accruals for the payment of, principal of and interest
on its bonds, notes or other obligations of indebtedness; amounts required
by its resolution or resolutions or trust agreements or indentures author-
tzing or securing its bonds, notes or other obligations, to establish, main-
tain or replenish the reserves required by such resolutions, trust agree-
ments or indentures; payments to the State or any agency or instrumen-
tality thereof or to the city of Portsmouth in reimbursement for grants,
contributions or appropriations made to the Commission by the State
or such agency or instrumentality or by said city, including therein any
reimbursement by the Commission to the State or tts agencies or instrz
mentalities or to said city, for the payment by the State or its agencie
or instrumentalities or by the city, for the principal and interest of an;
bonds issued by the State or its agencies or instrumentalities or by sax
city, to derive the funds or moneys so granted, contributed or appropriatec

to the Commission.

§ 12. The Commission shall have the power to issue bonds fron
time to time in its discretion for any of its purposes or to carry out any
of its powers, including, without limiting the generality of the foregoing
the payment or retirement of * notes or obligations issued by it in antici-
pation of the issuance of its bonds. The Commission may issue such types
of bonds as it may determine, including (without limiting the generality
of the foregoing) bonds payable, both as to principal and interest, from
any one or more of the following or any combination thereof: (a) from
its income and revenues generally; (b) exclusively from the income and
revenues of a “particular facility”, which term shall mean a particular
building or structure or particular buildings or structures, including all
equipment, appurtenance and accessories necessary or appropriate for
the operation of such facility; or (c) exclusively from the income and
revenues of certain designated facilities. The bonds may be payable from
any one or more, or combination, of the foregoing, income and revenues
whether or not the facility or facilities from which ts derived such
revenue and income have been, or are, financed in whole or in part from
the proceeds of such bonds. Any such bonds may be additionally secured
by a pledge of any grant or contribution from the federal government,
Commonwealth of Virginia, or any authority, commission or political
subdivision thereof, or a pledge of any income or revenues of the Com-
mission, or a mortgage of any particular facility or facilities or other
property of the Commission.

Without limiting in any way the provisions of this section as to the
purposes for which the Commission may issue bonds, notes or other obliga-
tions, the proceeds of the sale of bonds, notes or other obligation of the
Commission may be applied to the creation, maintenance or augmenting
of such reserves as may be required to be created, maintained or increased
by the resolution authorizing such bonds, notes or obligations or the trust
agreement or indenture securing the same, which reserves may include
(but shall not be limited to) reserves for costs of operation and main-
tenance, reserves for the payment of the principal of and interest on
the bonds and reserves for extraordinary repairs and expenses. Such pro-
ceeds may also be applied to the payment of the cost of any facility or
facilities of the Commission, and the word “cost” as used in this sentence
and as applied to any facility or extension or addition thereto may
include the purchase price of any facility or property acquired by the
Commission or the cost of acquiring all the capital stock of any corpora-
tion owning such facility or property so acquired and the amount to be
paid to discharge all of its obligations in order to vest title to such facility
or property or any part thereof in the Commission (which corporation
shall be dissolved as soon as practicable after the acquisition by the
Commission of such capital stock); the cost of construction or reconstruc-
tion; the cost of all labor, materials, machinery, furnishings and equip-
ment; the cost of all lands, property, rights, easements, estates and fran-
chises acquired; financing charges; interest prior to, during and after
construction for such period as the Commission may determine; costs of
plans, and specifications, surveys and estimates of costs and of revenues;
cost of engineering services; cost of legal services; cost of all other
expenses necessary or incident to determine the feasibility or practicality
of such acquisition, construction, reconstruction; administrative expense,
and such other expenses as may be necessary or incident to the financing
of any facility. Any obligation or expense incurred by or for or on behalf
of the Commission in connection with any of the foregoing items of cost
may be regarded as a part of such cost and be reimbursed out of the
proceeds of the bonds.

The Commission may borrow money for temporary use for any pur-
pose for which it is authorized above to issue bonds, and in evidence of
such borrowing may issue from time to time notes or other obligations.
Any such temporary borrowing may be made in anticipation of the is-
suance and sale of bonds, and in such event the principal proceeds from
the sale of such bonds shall, to the extent necessary, be used for the pay-
ment of the principal of and interest on the notes or other obligations is-
sued in anticipation of the issuance and sale of such bonds. Such notes
or other obligations may be renewed from time to time, either by the is-
suance of renewal notes or other obligations in exchange for the outstand-
tng notes or obligations or by the issuance and sale of the renewal notes
or obligations and the application of the proceeds of such sale in payment
of the outstanding notes or obligations. The Commission, in its discretion,
may also retire any notes or obligations by means of the application
thereto of any moneys available for such purpose. All notes and obliga-
tions issued pursuant to this paragraph and the issuance and details
thereof shall be governed by the provisions of this chapter with respect
to bonds insofar as the same may be applicable; and, without limiting the
generality of the provisions of this sentence, the provisions of sections
18, 14, 15, 16, 17, 18, 22 and 23 of this chapter shall be equally applicable
to such notes or other obligations.

For the purpose of paying and retiring any of its bonds heretofore or
hereafter issued, the Commission may from time to time tssue its refund-
ing bonds with which to pay, call and redeem all or any part of its outstand-
ing bonds, and may include various series and issues of such outstanding
bonds in a single issue of refunding bonds and may include refunding bonds
and bonds otherwise to be issued by the Commission under this chapter
in a single issue of bonds. Refunding bonds may be issued to pay princi-
pal, any redemption premium and interest to accrue and become payable
on the outstanding bonds being refunded. The interest rate or rates of
the refunding bonds shall not be limited by the interest rate or rates borne
by any of the bonds to be refunded thereby. The refunding bonds may be
issued and delivered at or at any time before the maturity or redemption
date of the bonds to be refunded that the Commission determines to be
in its best interest. The refunding bonds shall be issued in accordance
with the provisions of this chapter applicable to the issuance of bonds,
and all of the provisions of sections 12, 18, 14, 15, 16, 17, 18, 22 and 28
of this chapter shall be equally applicable to such ‘refunding bonds; pro-
vided that, notwithstanding the provisions of Section 14 as to the sale of
bonds issued under this chapter, in the discretion of the Commission re-
funding bonds may be exchanged at not less than the par value of such
refunding bonds for an equal amount of the bonds to be refunded under
the provisions of this chapter at not more than the par value of the bonds
to be refunded. In the event of the sale of refunding bonds, the proceeds
therefor shall be applied solely to the payment of the bonds to be re-
funded under the provisions of this Chapter, but nothing in this sentence
shall prohibit the tssuance and sale of a single issue of bonds, both for
refunding purposes and for other purposes of the Commission. "All bonds
so refunded and redeemed by the issue and sale or issue and exchange
of refunding bonds shall be cancelled.

§ 14. Bonds of the Commission shall be authorized by resolution
adopted by the Commission and may be issued in one or more series and
shall bear such date or dates, mature at such time or times, bear interest
at such rate or rates, not exceeding six per centum per annum, be of such
tenor, be in such denomination or denominations be in such form, either
bearer, coupon or registered, carry such conversion or registration privi-
leges, have such rank or priority, be * payable in such medium of pay-
mert at such place or places within or without the Commonwealth, and
be subject to such terms * of redemption (with or without premium) as
such resolution or * the trust agreement or indenture or mortgage secur-
ing such bonds may provide. To secure the payment of the principal of
and interest on the bonds the Commission shall have power to execute
and deliver a trust agreement or indenture by and between it and any
trust company, or any bank having the powers of a trust company, within
or without the Commonwealth. Any such resolution, trust agreement or
indenture and the provisions thereof shall be a part of the contract with
the holders of the bonds. The bonds may be sold in such manner, either
at public or private sale, and for such price, as the Commission may de-
termine to be for its best interests, 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 per annum computed with relation
to the absolute maturity or maturities of the bonds, excluding from such
computation the amount of any premium to be paid on the redemption
of any bonds prior to maturity.

15. The bonds and coupons and any certification or endorsement
thereon may be executed with an engraved, imprinted, stamped or other-
wise reproduced facsimile of any signature, seal or other means of au-
thentication, certification or endorsement thereon, if so authorized by the
Commission, so long as at least one signature thereon shall be manually
subscribed, which manual signature may be that of any authenticating
or certifying person, agent or trustee. In case any of the commissioners
or officers of the Commission whose signatures appear on any bonds or
coupons shall cease to be such commissioners or officers before the deliv-
ery of such bonds, such signatures shall nevertheless, be valid and suf-
ficient for all purposes, the same as if such commissioners or officers had
remained in office until such delivery. Any provision of any law to the
contrary notwithstanding, any bonds issued pursuant to this act shall be
fully negotiable within the meaning and for all the purposes of Chapter
10 of Title 6 of the Code of Virginia.

§ 16. In order to secure the payment of such bonds the Commission
shall have power by provision or provisions included in any resolution
authorizing such bonds or in any trust agreement or indenture made to
secure their payment:

(a) To pledge all or any part of its gross or net rents, fees, * reve-
nues, and other income to which its right then exists or may thereafter
come into existence, and whether or not the facility or facilities from
which such rents, fees, revenues and income are, or shall be, derived have
been, or are, financed from the proceeds of such bonds.

(b) To mortgage all or any part of its real or personal property,
then owned or thereafter acquired.

(c) To covenant against pledging all or any part of its rents, fees,
* revenues or other income, or against mortgaging all or any part of its
real or personal property, to which its right or title then exists or may
thereafter come into existence or against permitting or suffering any lien
on such revenues or property; to covenant with respect to limitations on its
right to sell, lease or otherwise dispose of any facility or any part thereof;
and to covenant as to what other, or additional debts or obligations may
be incurred by it, and as to the limitations on the issuance of additional
bonds by it.

(d) 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, investment and
disposition of the proceeds thereof; to provide for the replacement of lost,
destroyed or mutilated bonds; to covenant against extending the time for
the payment of its bonds or interest thereon; and to redeem the bonds,
and to covenant for their redemption and to provide the terms and con-
ditions thereof.

(e) To covenant as to the rents and fees to be charged in the opera-
tion of a facility or facilities, the amount to be raised each year or other
period of time by rents, fees and other revenues, and as to the use, invest-
ment and disposition to be made thereof; to create or to authorize the
creation and maintenance of special funds for moneys held for construc-
tion or operating costs, debt services, sinking funds, reserves, or other
purposes, and to covenant as to the use, investment and disposition of the
money held in such funds and reserves.

(f) To prescribe the procedure, if any, by which the terms of any
contract with bondholders 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.

(g) 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.

(h) To covenant as to the rights, liabilities, powers and duties aris-
ing upon the breach by it of any covenant, condition, or obligation; and
to covenant and prescribe as to events of default and terms and con-
ditions 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 con-
ditions upon which such declaration and its consequences may be waived.

(i) 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 Commission, 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 Commission 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 the restrictions, if any, upon
the dividual right of action by the holders of the bonds; and otherwise
to provide for the rights and remedies of the holders of the bonds and
any trustee or trustees therefor.

(j) To exercise all or any part or combination of the powers herein
granted; to * include in such resolution, trust agreement or indenture
such covenants and provisions other than and in addition to the covenants
and provisions herein expressly authorized, of like or different character
as the Commission may deem reasonable and proper for the security of
the holders of the bonds; 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 Commission,
as will tend to make the bonds more marketable notwithstanding that
such covenants, acts or things may not be enumerated herein.

§ 17. An obligee of the Commission shall have the right in ad-
dition to all other rights which may be conferred on such obligee, subject
only to any contractual restrictions binding upon such obligee: *

(a) By mandamus, suit, action or proceeding at law or in equity to
compel the Commission and the commissioners, officers, agents or em-
ployees thereof to perform each and every term, provision, * covenant and
agreement contained in any contract, bond resolution, trust agreement or
indenture of the Commission with or for the benefit of such obligee, and
to require the carrying out of any or all such terms, provisions, covenants
and agreements of the Commission and the fulfillment of all duties in
posed upon the Commission by this chapter.

_ (b) By suit, action or proceeding in equity, to enjoin any acts o
things which may be unlawful, or the violation of any of the rights o
such obligee of the Commission.

§ 18. The Commission shall fix and revise from time to time th
rents, fees and other charges to be paid by persons for the use of th
various facilities of the Commission and from any other service furnishec
or provided by the Commission. Such rents, fees and charges shall be
fixed so as to provide at least sufficient funds: to pay the cost of main.
taining, repairing and operating such facilities and principal and interest
of any bonds issued by the Commission or other debts contracted as the
same shall become due and payable; to establish, maintain and increase
any reserves required by the resolution authorizing such bonds, or the
trust agreement or indenture securing the same, to be established, matn-
tained or increased; and to carry out all other terms, provisions, cove-
nants and agreements of such resolution, trust agreement or indenture.
A reserve or reserves may be accumulated and maintained out of the pro-
ceeds of the sale of bonds or the revenues of such Commission, or both,
for operation and maintenance costs, the payment of the principal of and
anterest on the bonds, for extraordinary repairs and expenses and for
such other purposes as may be provided in any resolution authorizing
a bond issue or in any trust agreement or indenture securing such bonds.
Subject to such provisions and restrictions as may be set forth in the
resolution or in the trust agreement or indenture authorizing or securing
any of the bonds or other obligations issued hereunder, the Commission
shall have exclusive control of the revenues derived from any facility or
facilities operated and controlled by it and the right to use such revenues
in the exercise of its powers and duties set forth in this section. Unless
otherwise provided in the resolution or trust agreement or indenture
authorizing or securing its bonds, all deposits of moneys or funds of the
Commission shall be secured in the manner provided by law for securing
deposits of the City of Portsmouth, and all banks and trust companies
are hereby authorized to give such security for such deposits. No part of
the net earnings of the Commission remaining after the payment of tts
expenses and debts shall enure to the benefit of any individual, firm or
corporation except the Commonwealth of Virginia and the agencies, tn-
strumentalities and political subdivisions thereof, and no individual firm,
association or corporation other than the Commonwealth of Virginia and
the agencies, instrumentalities and political subdivisions thereof shall re-
ceive any profit or dividend from the revenues, earnings or other funds
or assets of * the Commission other than for the payment of bonds, for
debts contracted, for services rendered, for materials and supplies fur-
nished and for other value actually received by the Commission.

§ 19. In addition to the other powers conferred by this act, the
Commission shall have the power to borrow money and to accept contri-
butions, grants and other financial assistance from the federal govern-
ment and agencies or instrumentalities thereof, or the Commonwealth of
Virginia or agencies or instrumentalities thereof, for or in aid of the
construction and equipment of its facilities or the retirement or refund-
ing of its bonds. To these ends the Commission shall have the power tc
comply with such conditions and to execute such mortgages, trust in.
dentures and agreements as may be necessary, convenient or desirable.

§ 22. The creation of the Commission and the carrying out of it.
corporate purposes shall be in all respects a public purpose and th
Commission will be performing an essential governmental function in th
exercise of the powers conferred upon it by this act. The Commissio
shall not be required to pay any taxes or assessments upon amy of th
property acquired by it or under its jurisdiction, control, possession,
operation or supervision or upon the income and revenues therefrom,
except as provided in Section 11 of this act, and the bonds issued here-
under, their transfer and the interest and income therefrom, including
any profit made on the sale thereof, shall at all times be free and exempt
from taxation within the Commonwealth of Virginia.

§ 23. Bonds issued by the Commission under the provisions of this
act are hereby made securities in which all public officers and public bodies
of the Commonwealth of Virginia and its political subdivisions, all
msurance companies, trust companies, banking institutions, investment
companies, executors, administrators, trustees and other fiduciaries, sav-
wngs banks and savings institutions, including savings and loan associa-
tions, in the Commonwealth, may properly and legally invest funds, includ-
mg 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 Commonwealth or municipal officer or any agency or
political subdivision of the Commonwealth for any purpose for which
me (lepostt of bonds or obligations is now or may hereafter be authorized

y law.

§ 24. Without in any manner limiting the general powers granted
by this act, the Commission shall have power:

(a) To adopt and enforce reasonable rules and regulations which
after publication one time in full in a newspaper of general circulation
published in or having general circulation in the city of Portsmouth and
when posted where the using public may conveniently see the same, shall
have the force and effect of law as to (1) maximum and minimum speed
limits applicable to motor vehicles using such project and other property
under control of the Commission, (2) the types, kinds and sizes of the ve-
hicles which may use such project, (3) the nature, size, type or kind of
materials or substances which shall not be transported through or over
such project, and (4) such other rules and regulations as may be neces-
sary or expedient in the interest of public safety with respect to the use of
such project.

(b) The violation of any such rules and regulations shall be punish-
able as follows:

(1) If such a violation would have been a violation of law or
ordinance if committed on any public road, street, highway or turnpike
m the county or municipality in which such violation occurred, it shall
be tried and punished in the same manner as if it had been committed
on such public road, street, highway or turnpike.

(2) All other violations shall be punishable as a misdemeanor.

(c) To appoint and employ policemen to enforce within the area
under the control of the Commission the rules and regulations adopted
by the Commission and the laws of this Commonwealth. Such police shall
have the powers vested in police officers under § 15.1-188 and § 52-8 of
the Code of Virginia which sections shall apply, mutatis mutandis, to
police appointed under this act.

Such policemen appointed by the Commission may issue summons
to appear, or arrest on view or on information without warrant as per-
mitted by law, within the jurisdiction of this State, and conduct before
the Municipal Court of the City of Portsmouth any person violating. within
or upon the project or other property under the control of the Commis-
sion, any rule or regulation of the Commission or any law of this
Commonwealth pertaining to the regulation and control of highway traffic
on any pier or project owned or operated by the Commission.

(d) For the purpose of enforcing such laws, rules and requlations,
the court or courts having jurisdiction for the trial of criminal offenses
of the city of Portsmouth shall have jurisdiction to try any person
charged with the violating of any such laws, rules and regulations. Funes
and costs assessed and collected for violation of any regulation, statute
or ordinance not being a law adopted by the General Assembly or pro-
mulgated by a State agency under authority thereof shall be paid to the
court trying such case for the benefit of the city of Portsmouth; provided
that fines and costs assessed for violation of any criminal law of the
State, Title 46.1 of the Code, or any other State law, or regulation pro-
mulgated by a State agency shall be paid into the literary fund.
An emergency exists and this act is in force from its passage.