[Editor's Note: This article was enacted by Acts
1978, ch. 691. Amendments to the Act are indicated by history notes
following amended provisions. Obvious misspellings have been corrected
without notation. For stylistic purposes, a uniform system of headings,
catchlines and citations to state statutes has been used. Additions
made for clarity are indicated by brackets.]
This act shall be known and may be cited as the "Fredericksburg
Parking Authority Act."
It is hereby determined and declared that the free circulation
of traffic of all kinds through the streets of the City of Fredericksburg
in the commonwealth is necessary to the health, safety and general
welfare of the public, whether residing in the municipality 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
prevents 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 of 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.
As used in this act the following words and terms shall have
the following meanings, unless the context shall indicate another
or different meaning or intent:
A.
The word "Authority" shall mean the Authority created under the provisions
of this act, or, if the Authority shall be abolished, the board, body
or commission succeeding to the principal functions thereof or to
whom the powers given by this act to the Authority shall be given
by law.
B.
The word "bonds" or the words "revenue bonds" shall mean revenue
bonds, revenue refunding bonds or notes of the Authority issued under
the provisions of this act.
C.
The word "cost" as applied to parking facilities or to extensions
or additions thereto shall include the cost of construction or reconstruction,
the cost of all labor, materials, machinery and equipment, the cost
of all lands, property, rights, easements and interests acquired by
the Authority for such construction or reconstruction or the operation
thereof, the cost of demolishing or removing any buildings or structures
on land so acquired, including the cost of acquiring any lands to
which such buildings or structures may be moved, financing charges,
interest prior to and during construction, and, if deemed advisable
by the Authority, for one (1) year after completion of construction,
reasonable provision for working capital, cost of engineering and
legal services, cost of plans and specifications, surveys and estimates
of cost and of revenues, administrative expense and such other expenses
as may be necessary or incident to such construction or reconstruction,
the financing thereof, the placing of the parking facilities in operation.
Any obligation or expense incurred by the Authority or by the organizing
municipality prior to the issuance of bonds under the provisions of
this act in connection with any of the foregoing items of cost may
be regarded as a part of such cost.
D.
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.
E.
The "municipality" shall mean the City of Fredericksburg in the Commonwealth
of Virginia.
F.
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 buses, 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 construction or operation thereof; provided, however,
the words "parking facilities" shall not mean or include the sale
or dispensing of products used in or for the servicing of motor vehicles.
A.
The governing body of the municipality may by resolution signify
its determination to organize an Authority under the provisions of
this act. Such resolution may be adopted only after a public hearing
thereon, notice of which hearing shall be given by publication at
least once, not less than ten (10) days prior to the date fixed for
such hearing, in a newspaper having a general circulation in the municipality.
Such notice shall contain a brief statement of the substance of the
proposed resolution, shall set forth the proposed articles of incorporation
of the Authority and shall state the time and place of the public
hearing to be held thereon. Such municipality shall not be required
to make any other publication of such resolution under the provisions
of any other law.
B.
Such resolution shall include articles of incorporation which shall
set forth:
C.
Passage of such resolution by the governing body shall constitute
the Authority a public body and a body politic and corporate of the
Commonwealth of Virginia.
The Authority organized under the provisions of this act shall
consist of five (5) members selected by the governing body of the
organizing municipality who shall serve for terms expiring one (1),
two (2), three (3), four (4), and five (5) years, respectively, from
the date of appointment, the term of each such member to be designated
by the governing body. The successor of each member of the Authority
shall be appointed for a term of five (5) 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 (1) of its members as chairman
and another as vice-chairman and shall also select a secretary and
a treasurer who may but need not be members of the Authority. The
offices of secretary and treasurer may be combined. The terms of office
of the chairman, vice-chairman, secretary and treasurer shall be as
provided in the bylaws of the Authority.
A majority of the members of the Authority shall constitute
a quorum and the affirmative vote of a majority of all 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 the duties
of the Authority. The members of the Authority shall serve without
compensation but shall be reimbursed for the amount of actual expenses
incurred by them in the performance of their duties.
The Authority created hereunder shall be deemed to be a public
instrumentality exercising public and essential governmental functions
to provide for the public health and welfare, and such Authority is
hereby authorized and empowered:
A.
To adopt bylaws 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, maintain,
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, improvement,
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 acquire in the name of the Authority by gift, or purchase, 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, extension, enlargement
or operation of any parking facilities;
J.
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;
K.
To make and enter into all contracts and agreements necessary or
incidental to the performance of its duties and the execution of its
powers under this act, including a trust agreement or trust agreements
securing any revenue bonds issued hereunder, and to employ such consulting
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 act;
L.
To do all acts and things necessary and convenient to carry out the
powers granted by this act; and
M.
Nothing in this act shall be construed as authorizing the Authority
or any lessee to furnish or dispense at, or in connection with, any
parking facilities authorized by this act, any product or service
other than as provided for in section 3(F).
The Authority is hereby authorized to issue[,] at one (1) 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 (1) or more parking facilities. The
bonds of each issue shall be dated, shall mature at such time or times
not exceeding forty (40) years from their date or dates and shall
bear interest at such rate or rates not exceeding six (6) per centum
per annum, as may be determined by the Authority, and may be made
redeemable before maturity, at the option of the Authority, at such
price or prices and under such terms and 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 principal and interest, which may be
at any bank or trust company within or without the commonwealth. In
case any officer whose signature or a facsimile of whose signature
shall appear on any bonds or coupons shall cease to be such officer
before the delivery of such bonds, such signature or such facsimile
shall nevertheless be valid and sufficient for all purposes the same
as if he had remained in office until such delivery. Notwithstanding
any of the other provisions of this act or any recitals in any bonds
issued under the provisions of this act, all such bonds shall be deemed
to be negotiable instruments under the laws of this commonwealth.
The bonds may be issued in coupon or registered form or both, as the
Authority may determine, and provision may be made for the registration
of any coupon bonds as to principal alone and also as to both principal
and interest, and for the reconversion into coupon bonds of any bonds
registered 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 (6) per centum per annum, computed with relation to
the absolute maturity or maturities of the bonds in accordance with
standard tables of bond values, excluding, however, from such computation
the amount of any premium to be paid on redemption of any bonds prior
to maturity.
The proceeds of the bonds of each issue shall be used solely
for the purpose for which such bonds 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,
unless otherwise provided in the authorizing resolution or in the
trust agreement securing such bonds, shall be deemed to be of the
same issue and shall be entitled to payment from the same fund without
preference or priority of the bonds first issued for the same purpose.
The resolution providing for the issuance of revenue bonds,
and any trust agreement securing such bonds, may also contain such
limitations upon the issuance of additional revenue bonds as the Authority
may deem proper, and such additional bonds shall be issued under such
restrictions and limitations as may be prescribed by such resolution
or trust agreement.
Prior to the preparation of definitive bonds, the Authority
may, under like restrictions, issue interim receipts or temporary
bonds, with or 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 be destroyed or lost.
Bonds may be issued under the provisions of this act without
obtaining the consent of any commission, board, bureau or agency of
the Commonwealth of Virginia or of any political subdivision, and
without any other proceedings or the happening of other conditions
or things other than those proceedings, conditions or things which
are specifically required by this act.
Revenue bonds issued under the provisions of this act shall
not be deemed to constitute a debt of the commonwealth or of any 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.
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 Authority,
together with any other available funds, will be sufficient at all
times (i) 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 (ii) 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.
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 commonwealth.
The resolution authorizing the issuance of the bonds or such trust
agreement may pledge the revenues to be received. In connection with
the issuance of such bonds or in order to secure the payment thereof,
the Authority shall have power under such agreement to mortgage all
or any part of its property, real or personal, then owned or thereafter
acquired, to vest in the trustee thereunder the right to foreclose
such mortgage and to provide the terms and conditions upon which such
trustee or the holders of bonds or any proportion thereof may exercise
the right of foreclosure. Such trust agreement or resolution providing
for the issuance of such bonds may contain such provisions for protecting
and enforcing the rights and remedies of the bondholders as may be
reasonable and proper and not in violation of law, including covenants
setting forth the duties of the Authority in relation to the construction,
reconstruction, equipment, improvement, maintenance, repair, operation
and insurance of any parking facilities, the fixing and revising of
rates, rentals, fees and charges, and the custody, safeguarding and
application of all monies, 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 depository of the proceeds of bonds or of revenues to furnish
such indemnifying bonds or to pledge such securities as may be required
by the Authority. Such resolution or trust agreement may set forth
the rights and remedies of the bondholders and of the trustee, if
any, and may restrict the individual right of action by bondholders.
Such resolution or trust agreement may contain such other provisions
in addition to the foregoing as the Authority may deem reasonable
and proper for the security of the bondholders. Except as in this
act otherwise provided, the Authority may provide for the payment
of the proceeds of the sale of the bonds and the revenues of any parking
facilities or part thereof to such officer, board or depository as
it may designate for the custody thereof, and for the method of disbursements
thereof, with such safeguards 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.
Any pledge made by the Authority pursuant to this chapter [this
act] shall be governed by the laws of the commonwealth.
All monies 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.
Any holder of revenue bonds issued under the provisions of this
act or of any of the coupons appertaining thereto, and the trustee
under any trust agreement, except to the extent the rights herein
given may be restricted by the resolution authorizing the issuance
of such bonds or such trust agreement, may, either at law or in equity,
by suit, action, mandamus or other proceeding, protect and enforce
any and all rights under the laws of the commonwealth or granted hereunder
or under such resolution or trust agreement, and may enforce and compel
the 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.
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 constitutes
the performance of essential municipal functions, 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 provision 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 income therefrom,
including any profit made on the sale thereof, shall at all times
be free from taxation within the commonwealth.
The Authority is hereby authorized to issue from time to time
revenue refunding bonds for the purpose of refunding any revenue bonds
of the Authority then outstanding, including the payment of any redemption
premium thereon and any interest accrued or to accrue to the date
of redemption of such bonds. The Authority is further authorized to
issue from time to time revenue bonds of the Authority for the combined
purpose of (i) refunding any revenue bonds or revenue refunding bonds
of the Authority then outstanding, including the payment of any redemption
premium thereon and any interest accrued or to accrue to the date
of redemption of such bonds, and (ii) paying all or any part of the
cost of constructing any additional parking facilities or part thereof,
or any improvements, extensions or enlargements of any parking facilities.
The issuance of such bonds, the maturities and other details thereof,
the rights and remedies of the holders thereof, and the rights, powers,
privileges, duties and obligations of the Authority with respect to
the same, shall be governed by the foregoing provisions of this act
insofar as the same may be applicable.
The municipality is hereby authorized to make contributions
or advances to an authority which it organizes under the provisions
of this act from any available monies for any purpose of such Authority.
Any action taken by the Authority under the provisions of this
act may be authorized by resolution at any regular or special meeting
and each such resolution shall take effect immediately and need not
be published or posted.
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.
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.
This act, being necessary for the welfare of the commonwealth
and its inhabitants, shall be liberally construed to effect the purpose
thereof.
