15.2-5517 - One or more localities may create authority. - Virginia Statutes

§ 15.2-5517. One or more localities may create authority.

The governing body of a locality may by ordinance or resolution, or thegoverning bodies of two or more localities may by concurrent ordinances orresolutions or by agreement, create a tourism financing development authorityfor the purpose of supporting tourism infrastructure in localities. The nameof the authority shall contain the word "authority." The authority shall bea public body politic and corporate. Any such locality that levies atransient occupancy tax pursuant to § 58.1-3819 shall designate any excessover two percent to be used for purposes of the authority except suchrevenues that are otherwise encumbered by the locality.

(2007, c. 864.)