A. If the City of Virginia Beach issues bonds pursuant to § 15.2-5924 for an arena as defined in § 15.2-5921 or enters into a contract for the construction, development, operation, or maintenance of a facility as defined in § 15.2-5921, then it shall create an Arena Financing Fund, referred to in this section as “the Fund.” The City of Virginia Beach may use the Fund as a nonlapsing revolving fund for carrying out the provisions of this chapter.

B. All of the following receipts of the City of Virginia Beach shall be placed in the Fund: (i) proceeds from the sale of bonds issued pursuant to § 15.2-5924 and (ii) revenues collected or received from any source under the provisions of this chapter. The City of Virginia Beach may also place any other revenues under the jurisdiction of the City of Virginia Beach in the Fund.

C. The City of Virginia Beach shall, subject to appropriation by City Council, pay expenses and make expenditures from the Fund. The revenues authorized under the provisions of this chapter shall only be used to support the payment of debt service on City of Virginia Beach bonds issued pursuant to § 15.2-5924 or to meet contractual obligations for the construction, development, operation, and maintenance of the facility, and all reasonable charges and expenses related to the City borrowing and the management of the City’s obligations.

History

2013, c. 767; 2014, cc. 738, 742.