Code of Virginia § 15.2-6406. Donations to authority; remittance of tax revenue.
156 words·~1 min read·
/va/title-15-2/chapter-64/15-2-6406·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Member localities are hereby authorized to lend or donate money or other property to an authority for any of its purposes. The member locality making the grant or loan may restrict the use of such grants or loans to a specific facility owned by the authority, within or without that member locality.
B. The governing body of the member locality in which a facility owned by an authority is located may direct, by resolution or ordinance, that all tax revenue collected with respect to the facility shall be remitted to the authority. Such revenues may be used for the payment of debt service on bonds of the authority and other obligations of the authority incurred with respect to such facility. The action of such governing body shall not constitute a pledge of the credit or taxing power of such locality.
1997, cc. 276 , 587, § 15.1-1716; 2004, cc. 42 , 603 , 640 .