15.2-4903 - Creation of industrial development authorities. - Virginia Statutes

§ 15.2-4903. Creation of industrial development authorities.

A. The governing body of any locality in this Commonwealth is herebyauthorized to create by ordinance a political subdivision of theCommonwealth, with such public and corporate powers as are set forth in thischapter. Any such ordinance may limit the type and number of facilities thatthe authority may otherwise finance under this chapter, which ordinance oflimitation may, from time to time, be amended. In the absence of any suchlimitation, an authority shall have all powers granted under this chapter.

B. The name of the authority shall be the Industrial Development Authority of________ ________ (the blank spaces to be filled in with the name of thelocality which created the authority, including the proper designationthereof as a county, city or town).

C. Notwithstanding subsection B, for any authority authorized by thissection, the name of the authority may be the Economic Development Authorityof ______________ (the blank space to be filled in with the name of thelocality that created the authority), if the governing body of such localityso chooses.

D. The authority jointly created by the Town of South Boston and HalifaxCounty pursuant to § 15.2-4916 may be named the Economic DevelopmentAuthority of Halifax, Virginia, or such other name as the governing bodies ofthe Town of South Boston and Halifax County shall choose in the concurrentresolutions creating such authority. The authority jointly created by theCity of Bedford and Bedford County pursuant to § 15.2-4916 may be named theBedford Joint Economic Development Authority, or such other name as thegoverning bodies of the City of Bedford and Bedford County shall choose inthe concurrent resolutions creating such authority.

(1966, c. 651, § 15.1-1376; 1975, c. 254; 1997, c. 587; 1999, c. 157; 2000,c. 398; 2001, cc. 5, 6, 730; 2002, cc. 169, 680, 725; 2003, cc. 159, 343,345, 350, 357; 2004, cc. 292, 782, 933.)