Virginia Code 15.2-6406: Donations to authority; remittance of tax revenue
A. Member localities are hereby authorized to lend or donate money or other property to an authority for any of its purposes. The member locality making the grant or loan may restrict the use of such grants or loans to a specific facility owned by the authority, within or without that member locality.
Terms Used In Virginia Code 15.2-6406
- Authority: means any regional facility authority organized and existing pursuant to this chapter. See Virginia Code 15.2-6400
- Facility: means any structure or park, including real estate and improvements as applicable, for manufacturing, warehousing, distribution, office, or other industrial, residential, recreational or commercial purposes. See Virginia Code 15.2-6400
- Governing body: means the board of supervisors of a county, council of a city, or council of a town, as the context may require. See Virginia Code 15.2-102
- Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
- Member localities: means the counties, cities, and towns, or combination thereof, which are members of an authority. See Virginia Code 15.2-6400
B. The governing body of the member locality in which a facility owned by an authority is located may direct, by resolution or ordinance, that all tax revenue collected with respect to the facility shall be remitted to the authority. Such revenues may be used for the payment of debt service on bonds of the authority and other obligations of the authority incurred with respect to such facility. The action of such governing body shall not constitute a pledge of the credit or taxing power of such locality.