§ 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