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Code · Virginia · Title 15.2 · Chapter 55.2

Code of Virginia § 15.2-5517. One or more localities may create authority.

106 words·~1 min read·/va/title-15-2/chapter-55-2/15-2-5517·

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The governing body of a locality may by ordinance or resolution, or the governing bodies of two or more localities may by concurrent ordinances or resolutions or by agreement, create a tourism financing development authority for the purpose of supporting tourism infrastructure in localities. The name of the authority shall contain the word "authority." The authority shall be a public body politic and corporate. Any such locality that levies a transient occupancy tax pursuant to § 58.1-3819 shall designate any excess over two percent to be used for purposes of the authority except such revenues that are otherwise encumbered by the locality.
2007, c. 864 .
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