§ 15.2-4903. Creation of industrial development authorities
A. The governing body of any locality in this 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. 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. The authority jointly created by the City of Bedford and Bedford County pursuant to § 15.2-4916 may be named the Bedford Joint Economic Development Authority, or such other name as the governing bodies of the City of Bedford and Bedford 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.)
Sections: Previous 15.2-4900 15.2-4901 15.2-4902 15.2-4903 15.2-4904 15.2-4905 15.2-4906 15.2-4907 15.2-4908 15.2-4909 15.2-4910 15.2-4911 15.2-4912 15.2-4913 15.2-4914 NextLast modified: April 16, 2009