any municipality, county or other political subdivision thereof. The exemption from a retail sales and use tax shall apply to property acquired or used by the Authority, or by a nonstock, nonprofit corporation that operates a marine terminal or terminals solely on behalf of the Authority. (Code 1950, §62-106.17; 1954, c. 667; 1968, c. 659; 1974, c. 546; 1990, c. 694.)
§62.1-146. Bonds as legal investments. - Bonds issued by the Authority under the provisions of this chapter are hereby made securities in which all public officers and public bodies of the Commonwealth and its political subdivisions, all insurance companies, trust companies, banking associations, investment Companies, executors, administrators, trustees and other fiduciaries 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 Commonwealth for any officer or any agency or political subdivision of the Commonwealth for any purpose for which the deposit of bonds or obligations is now or may hereafter be authorized by law. (Code 1950, §62-106.18; 1954, c. 667; 1968, c. 659.)
§62.1-147. Bonds not debt or pledge of credit of Commonwealth or political subdivision; payment of expenses. - Bonds and refunding bonds issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or of any political subdivision thereof or a pledge of the faith and credit of the Commonwealth or of any such political subdivision, but shall be payable solely from the funds provided therefor from revenues. All such bonds shall contain on the face thereof a statement to the effect that neither the Commonwealth nor the Authority shall be obligated to pay the same or the interest thereon except from revenues of the port facility and that neither the faith and credit not the taxing power of the Commonwealth or of any political subdivision thereof is pledged to the payment of the principal of or the interest on such bonds.
All expenses incurred in carrying out the provisions of this chapter shall be payable solely from funds provided under the authority of this chapter and no liability or obligation shall be incurred by the Authority hereunder beyond the extent to which moneys shall have been provided under the provisions of this chapter. (Code 1950, §62-106.19; 1954, c. 667; 1968, c. 659; 1981, c. 590; 1993, c. 656.)
§62.1-147.1. Legalization of prior actions. - Any bonds issued to refund bonds or other obligations of the Authority prior to the adoption of the amendments in this chapter relating to refunding bonds which could now be taken under this chapter are hereby approved, validated and ratified by the legislature of the Commonwealth. (1981, c. 590.)
CHAPTER 15.
PORT MANAGEMENT GENERALLY.
Sec.
62.1-163. Port management.
§62.1-163. Port management. - The governing body of any county, city or town having a port may, at its pleasure, create such agencies, appoint such agents and employ such persons as may be required for the orderly and effective management of such port and its harbor; but nothing herein shall be construed to repeal or amend any prior act of the General Assembly creating or authorizing the creation of any port authority, port and industrial authority, port commission or port and industrial commission or the provisions of any municipal charter. The Circuit Court of the County of Northumberland shall appoint such an agent for the Port of Reedville. The appointing
authority may prescribe for such agents and agencies such terms of office, titles, authority, duties, fees and compensation not inconsistent with law as it may deem appropriate, and may require from each person so appointed a fidelity bond in favor of the Commonwealth. All controversies arising between or among agents, agencies, authorities or commissions of two or more ports shall be referred to the Virginia Port Authority, which authority shall, under such rules and regulations not inconsistent with law as it shall promulgate, resolve every such controversy in the best interests of the Commonwealth as a whole; but any party thereto shall have a right of appeal to the Supreme Court in the same manner and under the same rules as appeals are taken from orders of the State Corporation Commission. (Code 1950, §62-124; 1968, c. 659; 1990, c. 204.)
