Code of Virginia - Title 15.2 Counties, Cities And Towns - Chapter 49 Industrial Development And Revenue Bond Act

15.2-4900 Short title
This chapter shall be known and may be cited as the "Industrial Development and Revenue Bond Act." (1966, c. 651, § 15.1-1373; 1997, c. 587.) ...

15.2-4901 Purpose of chapter
It is the intent of the legislature by the passage of this chapter to authorize the creation of industrial development authorities by the localities in ...

15.2-4902 Definitions
Wherever used in this chapter, unless a different meaning clearly appears in the context: "Authority" means any political subdivision, a body politic and corporate, created, ...

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 ...

15.2-4904 Directors; qualifications; terms; vacancies; compensation and expenses; quorum; records; certificat...
A. The authority shall be governed by a board of directors in which all powers of the authority shall be vested and which board shall ...

15.2-4905 Powers of authority
The authority shall have the following powers together with all powers incidental thereto or necessary for the performance of those hereinafter stated: 1. To sue ...

15.2-4906 Public hearing and approval
A. Whenever federal law requires public hearings and public approval as a prerequisite to obtaining federal tax exemption for the interest paid on industrial development ...

15.2-4907 Fiscal impact statement
Every request for industrial development (facility) financing when submitted to the governing body of the locality for approval shall be accompanied by a statement in ...

15.2-4908 Issuance of bonds, notes and other obligations of authority
A. Subject to the limitations of Chapter 50 (§ 15.2-5000 et seq.) of this title, the authority may issue bonds from time to time in ...

15.2-4909 Liability of Commonwealth, political subdivisions, directors and officers
A. Bonds issued pursuant to this chapter shall not be deemed to constitute a debt or a pledge of the faith and credit of the ...

15.2-4910 Security for payment of bonds; default
The principal of and interest on any bonds issued by the authority shall be secured by a pledge of the revenues and receipts out of ...

15.2-4911 Rents, fees and other charges
The authority shall fix and revise from time to time the rents, fees and other charges to be paid to it in connection with the ...

15.2-4912 Exemption from taxation
The authority is hereby declared to be performing a public function in behalf of the locality with respect to which the authority is created and ...

15.2-4913 Authority to be nonprofit; excess earnings
The authority shall be nonprofit and no part of its net earnings remaining after payment of its expenses shall enure to the benefit of any ...

15.2-4914 Dissolution of authority; disposition of property
Whenever the board of directors of the authority by resolution determines that the purposes for which the authority was formed have been substantially complied with ...

15.2-4915 Bonds as legal investments and lawful security
The bonds issued pursuant to this chapter shall be and are hereby declared to be legal and authorized investments for banks, savings banks, trust companies, ...

15.2-4916 Authorities acting jointly
The powers herein conferred upon authorities created under this chapter may be exercised by two or more authorities acting jointly. Two or more localities may ...

15.2-4917 Facility sites
Any locality may acquire, pursuant to § 15.2-1800, but not by condemnation, a facility site and may likewise transfer any facility site to an authority. ...

15.2-4918 Provisions of chapter cumulative; construction
This chapter neither limits nor restricts any powers which the authority might otherwise have under any laws of this Commonwealth. No proceedings, notice or approval ...

15.2-4919 Powers, etc., severable; provisions of chapter controlling over other statutes and charter...
The powers granted and the duties imposed in this chapter are independent and severable. If any one or more sections, subsections, sentences, or parts of ...

15.2-4920 Validation of creation of authorities, appointment of directors and proceedings; curative resolutio...
All proceedings heretofore taken with respect to the creation of authorities by any locality pursuant to this chapter are hereby validated and confirmed and all ...