Virginia Code 33.2-3807: Revenue sharing agreements
Notwithstanding the requirements of Chapter 34 of Title 15.2, the members may agree to a revenue and economic growth-sharing arrangement with respect to tax revenues and other income and revenues generated by any facility owned by the authority. Such members may be located in any jurisdiction participating in the Appalachian Region Interstate Compact or a similar agreement of interstate cooperation for economic development authorized by law. 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 members reaching such an agreement but shall not require any other approval.
Terms Used In Virginia Code 33.2-3807
- Authority: means a regional passenger rail station authority created pursuant to this chapter. See Virginia Code 33.2-3800
- Facility: includes structures that are not owned by the authority or its members but are subject to a cooperative arrangement pursuant to subdivision 13 of § Virginia Code 33.2-3800
- Governing bodies: means the county boards of supervisors, city and town councils, and boards of visitors of institutions of higher education that are members of the authority. See Virginia Code 33.2-3800
- 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.
- Members: means the counties, cities, towns, and institutions of higher education that comprise the authority. See Virginia Code 33.2-3800
- Region: means Planning District 4. See Virginia Code 33.2-3800