Code of Virginia - Title 15.2 Counties, Cities And Towns - Chapter 56 Public Recreational Facilities Authorities Act

15.2-5600 Short title
This chapter shall be known and may be cited as the "Public Recreational Facilities Authorities Act." (Code 1950, § 15-714.13; 1962, c. 393, § 1, ...

15.2-5601 Definitions
As used in this chapter, the following words and terms shall mean, unless the context indicates otherwise: "Authority" means an authority created under the provisions ...

15.2-5602 Creation of authorities
A. A locality may by ordinance or resolution, or two or more localities, may by concurrent ordinances or resolutions, signify their intention to create an ...

15.2-5603 Board to exercise powers of authority
The powers of each authority created hereunder shall be exercised by a board which shall consist of not less than five nor more than seventeen ...

15.2-5604 Powers of authority generally
Each authority created hereunder shall be a political subdivision of the Commonwealth Virginia and shall be an instrumentality exercising public and essential governmental functions to ...

15.2-5605 Transfers of property, appropriations and contracts by participating localities
Each participating locality is authorized and empowered: 1. To transfer jurisdiction over, to lease, lend, grant or convey to the authority at its request, with ...

15.2-5606 Acquisition, maintenance and operation of projects; revenues from projects
The authority may acquire or construct and maintain and operate any one or more projects under this chapter in such manner as the authority may ...

15.2-5607 Authority to issue bonds; source of payment
The authority is authorized to issue bonds from time to time in its discretion for the purpose of paying all or any part of the ...

15.2-5608 Bond resolution; terms, conditions, form and execution of bonds; sale; interim receipts or temporar...
Bonds of the authority shall be authorized by resolution of the board and may be issued in one or more series, shall be dated, shall ...

15.2-5609 Trust indenture or agreement to secure payment of bonds
In the discretion of the authority, any bonds issued under the provisions of this chapter may be secured by a trust indenture by way of ...

15.2-5610 Fees, rents and other charges; reserves
The authority is authorized to fix, revise, charge and collect fees, rents and other charges for the use of any project and the facilities thereof. ...

15.2-5611 Moneys received deemed trust funds
All moneys received pursuant to the provisions of this chapter, whether as proceeds from the sale of bonds or as revenues, shall be deemed to ...

15.2-5612 Remedies of bondholders and trustee
Any holder of bonds, notes, certificates or other evidences of borrowing or any coupons appertaining thereto issued under the provisions of this chapter and the ...

15.2-5613 Authority to exercise a governmental function; exemption from taxation
The exercise of the powers granted by this chapter shall be in all respects for the benefit of the inhabitants of the Commonwealth, for the ...

15.2-5614 Bonds legal investments
Bonds issued by the authority are securities in which all public officers and public bodies of the Commonwealth and its political subdivisions, all insurance companies, ...

15.2-5615 Chapter to constitute complete authority for acts authorized; provisions severable; liberal constru...
This chapter shall constitute full and complete authority, without regard to the provisions of any other law, for the doing of the acts and things ...

15.2-5616 Dissolution of authority; disposition of property
Whenever the board of the authority shall by resolution determine that the purposes for which the authority was formed have been substantially complied with and ...