15.2-5103 - Ordinance, agreement or resolution creating authority to include articles of incorporation. - Virginia Statutes

§ 15.2-5103. Ordinance, agreement or resolution creating authority to includearticles of incorporation.

A. The ordinance, agreement or resolution creating an authority shall includearticles of incorporation which shall set forth:

1. The name of the authority and address of its principal office.

2. The name of each participating locality and the names, addresses and termsof office of the first members of the board of the authority.

3. The purposes for which the authority is being created and, to the extentthat the governing body of the locality determines to be practicable,preliminary estimates of capital costs, proposals for any specific projectsto be undertaken by the authority, and preliminary estimates of initial ratesfor services of such projects as certified by responsible engineers.

4. If there is more than one participating locality, the number of boardmembers who shall exercise the powers of the authority and the number fromeach participating locality.

B. Any such ordinance, agreement or resolution that does not set forth theinformation required in subdivision 3 of subsection A regarding capital costestimates, project proposals and project service rate estimates shall setforth a finding by the governing body that inclusion of such information isimpracticable.

C. Any ordinance, agreement or resolution adopted pursuant to §§ 15.2-5152through 15.2-5157 shall provide that any bonds issued by the communitydevelopment authority shall be a debt of the authority, not the localgovernment. Unless otherwise provided in the ordinance which establishes theauthority, the local government shall not retire any part of the bonds or payany debt service of an authority out of revenues or funds derived fromsources other than those set out in § 15.2-5158, except that, where theauthority finances improvements not contemplated by the original ordinance,the local government may, by ordinance or resolution, make such provisionsfor repayment as are otherwise permitted under general law. This subsectionshall have no effect upon authorities formed pursuant to § 15.2-5102.

(Code 1950, § 15-764.4; 1950, p. 1315; 1962, c. 623, § 15.1-1242; 1972, cc.370, 544; 1984, c. 239; 1997, cc. 363, 587.)