Code of Virginia § 15.2-2413.9. Expenses of the tourism improvement district.
115 words·~1 min read·
/va/title-15-2/chapter-24/15-2-2413-9·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A locality may appropriate funds to pay expenses associated with the tourism improvement district. A locality may appropriate funds to the administering nonprofit.
B. A locality may issue bonds and other obligations subject to the provisions of the Public Finance Act of 1991 (§ 15.2-2600 et seq.) for the purpose of funding the costs of the tourism improvement district plan. Principal and interest payments on such bonds may be paid from the proceeds of any fees imposed under this article.
C. No funds raised pursuant to this article shall be used by the locality for any purposes other than funding the expenses of the tourism improvement district.
2021, Sp. Sess. I, c. 500 .