§62.1-136. Power of eminent domain. - The authority is hereby vested with the power of eminent domain to acquire property or any interest therein, however held, but not property of the Commonwealth or its agencies, and may exercise the same for the purposes set forth in §§62.1-132.18 and 62.1-132.19 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 Authority shill 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. 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 §§25-233; and in the case of a political subdivision shall be decided by the court in which the proceeding is brought. (Code 1950, §§62-106.8:1; 1962, c. 346; 1968, c. 659 1981, c, 589.)
§62.1-137: Repealed by Acts 1981, c. 589.
§62.1-138. Powers of State Corporation Commission not affected. - Nothing contained in this chapter shall be construed as affecting the powers and duties now conferred by law upon the State Corporation Commission. (Code 1950, §62.106.9; 1952, c. 61; 1968, c. 659.)
§62.1-139. Forms of accounts and records; annual report, - The accounts and records of the Authority showing the receipt and disbursement of funds from whatever source derived, shill be in such form as the Auditor of Public Accounts prescribes. Such accounts shall correspond as nearly as possible to the accounts and records for such matters maintained by corporate enterprises. The Authority shall submit an annual report to the Governor and General Assembly on or before November 1 of each year. Such report shill contain the audited annual financial statements of the Authority for the year ending the preceding June 30. The annual report shall be distributed in accordance with the provisions of §2.1-467. (Code 1950, §62-106.11; 1954, c. 667; 1968, c. 659; 1984, c. 734; 1985, c. 146.)
§62.1-140. Definitions; bond resolution; form and requisites of bonds; sale and disposition of proceeds; temporary bonds. - (A) As used in this section and in §§62.1-141 through 62.1-146, the term "port facility" means harbors, seaports and all facilities used in connection therewith and shall include all those facilities named in §§62.1-138.18 and 62.1-138.19.
The term "cost" as used in this chapter embraces the cost of construction, the cost of the acquisition of all land, rights-of-way, property rights, easements and interests acquired by the Authority for such construction, the cost of all machinery and equipment, financing charges, interest prior to and during construction and, if deemed advisable by the Authority, for one year after completion of construction, engineering and legal expenses, cost of plans, specifications, surveys and estimates of cost and of revenues, other expenses necessary or incident to determining the feasibility or practicability of constructing any port facility, administrative expense, the creation of a working capital fund for placing the port facility in operation and such other expense as may be necessary or incident to the construction of such port facility, the financing of such construction and the placing of the same in operation.
The term "bonds" as used in this chapter means obligations of the Authority for the payment of borrowed money. For purposes of the limitations imposed by subsections B and C of §62.1-140, contingent obligations to reimburse providers for amounts drawn under credit facilities, letters of credit, lines of credit or liquidity enhancement facilities, including any such enhancement facility obtained by the Authority for deposit into any reserve account or fund relating to any bonds, shall not constitute bonds.
For purposes of the limitations imposed by subsections B and C of §62.1-140, the term "revenue bonds" means bonds for which only the revenues of port facilities are pledged to the payment of the principal of and interest on said bonds.
(B) The Authority is hereby authorized to provide by resolution for the issuance, at one time or from time to time, of bonds of the Authority for the purpose of paying all or any part of the cost of any Authority project for the acquisition, construction, reconstruction or control of port facilities or of any portion or portions thereof, provided that the total principal amount of bonds, including refunding bonds, outstanding at any time shall not exceed $200 million, excluding from such limit any revenue bonds.
All of the bonds of one or more series of the bonds of the Authority at any time outstanding may be refunded by the Authority by the issuance of its refunding bonds in such amount as the Authority may deem necessary, but not exceeding an amount sufficient to provide for the payment of the principal of the bonds so to be
