Code of Virginia § 33.2-3807. Revenue sharing agreements.
136 words·~1 min read·
/va/title-33-2/chapter-38/33-2-3807A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Notwithstanding the requirements of Chapter 34 (§ 15.2-3400 et seq.) of Title 15.2, the members may agree to a revenue and economic growth-sharing arrangement with respect to tax revenues and other income and revenues generated by any facility owned by the authority. Such members may be located in any jurisdiction participating in the Appalachian Region Interstate Compact or a similar agreement of interstate cooperation for economic development authorized by law. The obligations of the parties to any such agreement shall not be construed to be debt within the meaning of Article VII, Section 10 of the Constitution of Virginia.
Any such agreement shall be approved by a majority vote of the governing bodies of the members reaching such an agreement but shall not require any other approval.
2021, Sp. Sess. I, cc. 353 , 354 .