CODE OF VIRGINIA

ONE OR MORE LOCALITIES MAY CREATE AUTHORITY (§ 15.2-5517)

The governing body of a locality may by ordinance or resolution, or the
governing bodies of two or more localities may by concurrent ordinances or
resolutions or by agreement, create a tourism financing development authority
for the purpose of supporting tourism infrastructure in localities. The name of
the authority shall contain the word “authority.” The authority
shall be a public body politic and corporate. Any such locality that levies a
transient occupancy tax pursuant to § 58.1-3819 shall designate any excess over
two percent to be used for purposes of the authority except such revenues that
are otherwise encumbered by the locality.

HISTORY: 2007, c. 864.