Virginia Code 53.1-95.4: Ordinance, agreement or resolution creating authority.
A. Each such ordinance, agreement or resolution shall include the following:
Terms Used In Virginia Code 53.1-95.4
- Political subdivision: means a county, city, or town of the Commonwealth of Virginia. See Virginia Code 53.1-95.3
1. The name of the “authority” and address of its principal office.
2. The name of each participating political subdivision, together with the names, addresses and terms of office of the first members of the board of the authority.
3. The purpose or purposes for which the authority is to be created together with, insofar as the governing bodies of the participating political subdivisions determine to be practicable, preliminary estimates of capital costs and financing proposals for any specific project or projects to be undertaken by the authority.
4. The number of members who shall exercise the powers of the authority and the number from each participating political subdivision.
B. Any such ordinance, agreement or resolution that does not set forth the information required in subdivision A 3 of this section regarding capital cost estimates and project financing proposals shall also set forth a finding that inclusion of such information is impracticable.
1990, c. 837.