Code of Virginia - Title 15.2 Counties, Cities And Towns - Section 15.2-6406 Donations to authority; remittance of tax revenue

§ 15.2-6406. Donations to authority; remittance of tax revenue

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.)

Sections:  Previous  15.2-6400  15.2-6401  15.2-6402  15.2-6403  15.2-6404  15.2-6405  15.2-6406  15.2-6407  15.2-6408  15.2-6409  15.2-6410  15.2-6411  15.2-6412  15.2-6413  15.2-6414  Next

Last modified: April 2, 2009