Virginia Code 15.2-5811: Stadium Authority Financing Fund; use
A. There is hereby created a Virginia Baseball Stadium Authority Financing Fund (“Fund”). The Authority shall use the Fund as a nonlapsing revolving fund for carrying out the provisions of this chapter.
Terms Used In Virginia Code 15.2-5811
- Authority: means the Virginia Baseball Stadium Authority. See Virginia Code 15.2-5800
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
B. All of the following receipts of the Authority shall be placed in the Fund: (i) proceeds from the sale of bonds, (ii) revenues collected or received from any source under the provisions of this chapter, and (iii) any other revenues under the jurisdiction of the Authority.
C. The Authority shall pay all expenses and make all expenditures from the Fund. To the extent deemed appropriate by the Authority, the receipts of the Fund shall be pledged to and charged with the payment of debt service on Authority bonds and all reasonable charges and expenses related to Authority borrowing and the management of Authority obligation.
1992, c. 823, § 15.1-227.81; 1997, c. 587.