Code of Virginia - Title 15.2 Counties, Cities And Towns - Section 15.2-6407 Revenue sharing agreements

§ 15.2-6407. Revenue sharing agreements

Notwithstanding the requirements of Chapter 34 (§ 15.2-3400 et seq.) of this title, the member localities 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 an authority. Such member localities may be located in any jurisdiction participating in the Appalachian Region Interstate Compact or a similar agreement for interstate cooperation for economic and workforce 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 member localities reaching such an agreement but shall not require any other approval.

(1997, cc. 276, 587, § 15.1-1717; 2007, cc. 941, 947.)

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 16, 2009