15.2-6214 - Revenue sharing agreements. - Virginia Statutes

§ 15.2-6214. Revenue sharing agreements.

Notwithstanding the requirements of Chapter 34 (§ 15.2-3400 et seq.) of Title15.2, the County of Alleghany and the Town of Clifton Forge may agree to arevenue and economic growth sharing arrangement with respect to tax revenuesgenerated by any industry, business or other for-profit employment generatingenterprise locating in any of the localities. The obligations of the partiesto any such agreement shall not be construed to be debt within the meaning ofArticle VII, Section 10 of the Constitution of Virginia. Any such agreementshall be approved by a majority vote of the governing bodies of thelocalities reaching agreement but shall not require any other approval.

(1993, c. 982, § 15.1-1675; 1997, c. 587; 2006, c. 861.)