§ 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