CODE OF VIRGINIA

DONATIONS TO AUTHORITY; REMITTANCE OF TAX REVENUE (§ 15.2-6406)

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.

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.

HISTORY: 1997, cc. 276, 587, § 15.1-1716; 2004, cc. 42, 603, 640.