Code of Virginia § 15.2-5811. Stadium Authority Financing Fund; use.
145 words·~1 min read·
/va/title-15-2/chapter-58/15-2-5811·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. There is hereby created a Virginia Baseball Stadium Authority Financing Fund ("Fund"). The Authority shall use the Fund as a nonlapsing revolving fund for carrying out the provisions of this chapter.
B. All of the following receipts of the Authority shall be placed in the Fund:
(i)proceeds from the sale of bonds,
(ii)revenues collected or received from any source under the provisions of this chapter, and
(iii)any other revenues under the jurisdiction of the Authority.
C. The Authority shall pay all expenses and make all expenditures from the Fund. To the extent deemed appropriate by the Authority, the receipts of the Fund shall be pledged to and charged with the payment of debt service on Authority bonds and all reasonable charges and expenses related to Authority borrowing and the management of Authority obligation.
1992, c. 823, § 15.1-227.81; 1997, c. 587.