Code of Virginia § 15.2-4903. Creation of industrial development authorities.

338 words·~2 min read·/va/title-15-2/chapter-49/15-2-4903

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. The governing body of any locality in the Commonwealth is hereby authorized to create by ordinance a political subdivision of the Commonwealth, with such public and corporate powers as are set forth in this chapter. Any such ordinance may limit the type and number of facilities that the authority may otherwise finance under this chapter, which ordinance of limitation may, from time to time, be amended. Louisa County may, by ordinance, authorize an authority created or established under this chapter to acquire, own, operate, and regulate the use of airports, landing fields, and facilities, and other property incident thereto, including such facilities and property necessary for the servicing of aircraft.

In the absence of any such limitation, an authority shall have all powers granted under this chapter.

B. The name of the authority shall be the Industrial Development Authority of (the blank spaces to be filled in with the name of the locality which created the authority, including the proper designation thereof as a county, city or town).

C. Notwithstanding subsection B, for any authority authorized by this section, the name of the authority may be the Economic Development Authority of (the blank space to be filled in with the name of the locality that created the authority), if the governing body of such locality so chooses.

D. The authority jointly created by the Town of South Boston and Halifax County pursuant to § 15.2-4916 may be named the Economic Development Authority of Halifax, Virginia, or such other name as the governing bodies of the Town of South Boston and Halifax County shall choose in the concurrent resolutions creating such authority.

1966, c. 651, § 15.1-1376; 1975, c. 254; 1997, c. 587 ; 1999, c. 157 ; 2000, c. 398 ; 2001, cc. 5 , 6 , 730 ; 2002, cc. 169 , 680 , 725 ; 2003, cc. 159 , 343 , 345 , 350 , 357 ; 2004, cc. 292 , 782 , 933 ; 2016, cc. 164 , 312 ; 2017, c. 560 .