Virginia Code 15.2-6214: Revenue sharing agreements
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Notwithstanding the requirements of Chapter 34 of Title 15.2, the County of Alleghany and the Town of Clifton Forge may agree to a revenue and economic growth sharing arrangement with respect to tax revenues generated by any industry, business or other for-profit employment generating enterprise locating in any of the localities. The obligations of the parties to any such agreement shall not be construed to be debt within the meaning of Article VII, § 10 of the Constitution of Virginia. Any such agreement shall be approved by a majority vote of the governing bodies of the localities reaching agreement but shall not require any other approval.
Terms Used In Virginia Code 15.2-6214
- County: means any existing county or such unit hereafter created. See Virginia Code 15.2-102
- Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July one, nineteen hundred seventy-one, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 15.2-102
1993, c. 982, § 15.1-1675; 1997, c. 587; 2006, c. 861.