HB 5 — Town of Leesburg Parking Authority; created.

SESSION ENROLLED VIRGINIA ACTS OF ASSEMBLY ––-- 2024 SESSION CHAPTER E265 An Act to create the Town of Leesburg Parking Authority.

N R [H 5] O Approved LApril 2, 2024 Be it enacted by the General Assembly of Virginia:

L 1.

E § 1.

DThis act shall be known and may be cited as the "Town of Leesburg Parking Authority Act." § 2.

Declaration of public necessity.tednecessity. as the "Town of Leesburg Parking Authority Act." It is hereby determined and declared that the free circulation of traffic of all kinds through the streets of the Town of Leesburg 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;

It is hereby determined and declared that the free circulation of traffic of all kinds through the streets of the Town of Leesburg in the Commonwealth is necessary to the health, safety, and general municipality in the course of lawful pursuits;

that the parking of motor vehicles in the streets has contributed to this congestion to such anHextentan extent as to constitute at the present time a public nuisance;

that such parking prevents the free circul5tioncirculation 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 the provisions for sufficient off-street parking facilities;

"Authority" means the Authority created under the provisions of this act, or, if the Authority shall be powersabolished, giventhe byboard, thisbody, actor commission succeeding to the Authorityprincipal shall be given by law.cipal functions thereof or to whom the "Cost,"powers asgiven appliedby tothis parkingact facilities or to extensions or additions thereto, includes the costAuthority ofshall constructionbe orgiven reconstruction;by law.

"Cost," as applied to parking facilities or to extensions or additions thereto, includes the cost of construction or reconstruction;

and, if deemed advisable by the Authority, for one 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 expenses, and such other expenses as may be necessary or incidentesincident of to such construction or reconstruction, the financing thereof, and the placing of the parking facilities in operation.

"Parking facilities" means and includes 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 that are deemed necessary for the instruction or operation thereof;

The governing body of the municipality may by resolution signify its determination to organize an thereon,Authority noticeunder of which hearing shall be given by publication at least once, not less than 10 days prior to the dateprovisions fixedof forthis suchact. hearing, in a newspaper having a general circulation in the municipality.

Such ofresolution 5may noticebe shalladopted containonly after a briefpublic statementhearing ofthereon, thenotice substance of thewhich proposedhearing resolution, shall setbe forthgiven theby proposedpublication articlesat ofleast incorporationonce, ofnot theless Authority,than and10 shalldays stateprior to the timedate andfixed placefor ofsuch thehearing, publicin hearinga tonewspaper behaving helda thereon.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 of 5 hearing to be held thereon.

Acquire in the name of the Authority by gift, purchase, or the exercise of the right of eminent domain in accordance with the laws of the Commonwealth of Virginia that are applicable to the exercise of such powers by cities or towns 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, of 5 reconstruction, improvement, extension, enlargement, or operation of any parking facilities;

however, no property of any corporation itself having the power of eminent domain may be condemned hereundeE,hereunder, and the Authority shall not condemn any lands or personal property or right or interest therein unless authorized so to do by resolution of the governing body of the city;

N 11.

Lease all or any part of such parking facilities upon such terms and conditions and for Ruchsuch of 5 term of years as it may deem advisable to carry out the provisions of this act;

however, no enterprise vehiclesinvolving shallthe besale conductedor ondispensing of any spaceproduct thereon;ror commodity used in or for the servicing of moOormotor 12.vehicles shall be conducted on any space thereon;

Make12. 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,L superintendents, managers, construction and financial experts, accountants, attorneys, and suchE employees and agents as may, in the judgment of the Authority, be deemed necessary, and to fix their compensation;

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, attorneys, and such employees and agents as may, in the judgment of the Authority, be deemed necessary, and to fix their compensation;

§ 7.

Revenue bonds.

The bonds of each issue shall be dated, shall mature at such time or times not exceeding 40 years from their date or dates, and shall bear inHerestinterest at such rate or rates not exceeding the maximum rate permitted by law to be paid by public bodies, as may be determined by the Authority, and may be made redeemable before maturity, at the option oEof 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 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 appearwithout on any bonds shall cease to be such officer before the deliveryCommonwealth. 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.

In case any officer whose signature or a facsimile of whose signature shall appear on any bonds 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.

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 the maximum rate permitted by law to be paid by public bodies, computed with relation to the absolute maturity or maturities of the bonds in accordance with standard paidtables on redemption of anybond bondsvalues, priorexcluding, tohowever, maturity.chfrom such computation the amount of any premium to be Thepaid proceedson ofredemption the bonds of eachany issue shall be used solely for the purpose for which such bonds shallprior haveto beenmaturity. 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.

IfThe the proceeds of suchthe bonds,bonds by error of estimateseach orissue otherwise, shall be lessused thansolely suchfor cost, additional bonds may in like manner be issued to provide the amountpurpose offor suchwhich deficit and, unless otherwise provided in the authorizing resolution or in the trust agreement securing such bonds,bonds shall behave deemedbeen toauthorized be of the same issue and shall be entitleddisbursed toin paymentsuch frommanner theand sameunder fundsuch withoutrestrictions, preferenceif orany, priorityas of the bondsAuthority firstmay issuedprovide forin the same purThe resolution providingauthorizing for the issuance of revenue bonds, and any trust agreement securing such bonds,bonds mayor alsoin contain such limitations upon the issuancetrust ofagreement additionalhereinafter revenuementioned bondssecuring as the Authoritysame. 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.

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.

Bonds may be issued under the provisions of this act without obtaining the consent of any commission, board, bureau, or agency of the Commonwealth or of any political subdivision and without conditions, or things that are specifically required by this act.ngs than those proceedings, Revenue bonds issued under the provisions of this act shall not be deemed to constitute a debt of the of 5 Commonwealth or of any municipality or other politicalproceedings subdivision of the Commonwealth or a pledge of the faithhappening and credit of theother Commonwealthconditions or ofthings anythan municipalitythose orproceedings, otherconditions, politicalor subdivision,things but such bonds shall be payable solely from the funds herein provided therefor and a statement to that effectare shallspecifically berequired recitedby onthis theact. face of the bonds.

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.

Such rates, rentals, fees, and charges shall not be of 5 subject to supervision or regulation by any bureau, board, commission, or other agency of the Commonwealth or of any political subdivision.

Any holder of revenue bonds issued under provisions of this act 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 of 5 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 bEby any parking facilities.

N 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 pOovisions of this act constitute the performance of essential municipal functions, and as parking facilities constructed pursuant to the provisions 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 parLing facilities or any part thereof, or upon the income therefrom, and any bonds issued under the provisions shall at all times be free from taxation within the Commonwealth.g any profit made on the sale Ehereof, § 13.12.

Exemption from taxation.

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 pursuant to the provisions 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 5 of this act and 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.