Title 15.2, Title 15.2. Counties, Cities and Towns

A. The City of Virginia Beach may, in its discretion, create a Sports or Entertainment Project Financing Fund, hereafter referred to as "the Fund." The City of Virginia Beach may use the Fund as a non-lapsing revolving fund for the purposes of carrying out the provisions of this …

A. 1. Upon execution of a binding development agreement for a sports or entertainment project, the City of Virginia Beach shall be entitled, subject to appropriation, to sales and use tax revenues defined in this chapter. The State Comptroller shall remit such sales and use tax r…

Nothing in this chapter shall be construed as authorizing the pledging of the faith and credit of the Commonwealth, or the faith and credit of any other political subdivision of the Commonwealth, for the payment of any bonds. No bonds issued pursuant to § 15.2-5931 shall pledge t…

As used in this chapter, unless the context requires a different meaning: "Arena" means an arena or stadium that is located in a Hampton Roads locality or Hampton Roads localities, has a seating capacity of at least 15,000, and (i) is built for the purpose of holding entertainmen…

There is hereby established a body corporate and politic known as the Hampton Roads Regional Arena Authority. The Authority is a political subdivision of the Commonwealth.

A. The Authority shall consist of seven members as follows: four nonlegislative citizen members to be appointed by the Governor in consultation with the chief elected officer of each Hampton Roads locality or his designee, provided that at least one member shall be a resident of …

Four members of the Authority shall constitute a quorum for the purpose of conducting business. Actions of the Authority shall receive the affirmative vote of a majority of the quorum to be effective. No vacancy on the Authority shall impair the right of a quorum to exercise all …

A. The Authority shall appoint an Executive Director, who is the chief administrative officer and secretary of the Authority and serves at the pleasure of the Authority. The Executive Director shall be paid from funds received by the Authority. No state funds shall be used to pay…

Any Hampton Roads locality may, by a majority vote of its governing body, become a participating locality in the Authority.

In addition to all other powers it possesses, the Authority may: 1. Determine the location of, develop, establish, construct, erect, acquire, own, repair, remodel, add to, extend, improve, equip, operate, regulate, and maintain a Facility and Facility Site to the extent necessary…

A. At least 30 days before (i) acquiring or entering into a lease involving a Facility Site and (ii) entering into a construction contract for a Facility, the Authority shall submit to the General Assembly a detailed written report and findings of the Authority on the proposed ac…

A. A bond issuer may at any time and from time to time issue bonds for any valid purpose, including the establishment of reserves and the payment of interest. B. The bonds of any issue shall be payable solely from the property or receipts of the bond issuer, or other security spe…

A. If the Authority plans to use a Facility for the sole purpose of conducting athletic events involving a sports team, the Authority shall not enter into any contractual agreement with such sports team unless such contractual agreement requires that the sports team (i) not reloc…

A. If the Authority issues bonds pursuant to § 15.2-5943 or enters into a contractual agreement pursuant to § 15.2-5942, it shall create a Facility Financing Fund, hereafter referred to as "the Fund." The Authority shall use the Fund as a non-lapsing revolving fund for the purpos…

A. 1. The Authority shall be entitled, subject to appropriation, to sales and use tax revenues defined in this chapter. Such entitlement shall include transactions that occur while a Facility is under construction. The State Comptroller shall remit such sales and use tax revenues…

The Authority shall develop and administer a plan to distribute sales and use tax revenues from the Facility to each participating locality. The Authority shall not distribute such revenues to any participating locality until it has paid off any debt incurred pursuant to the prov…

Nothing in this chapter shall be construed as authorizing the pledging of the faith and credit of the Commonwealth, or the faith and credit of any other political subdivision of the Commonwealth, for the payment of any bonds. No bonds issued pursuant to § 15.2-5943 shall pledge t…

The provisions of this chapter shall expire on the earlier of (i) the maturity date of any bonds issued for the construction of a Facility, including any refunding or refinancing of such bonds, or (ii) July 1, 2060.