15.2-6406 - Donations to authority; remittance of tax revenue. - Virginia Statutes

§ 15.2-6406. Donations to authority; remittance of tax revenue.

A. Member localities are hereby authorized to lend or donate money or otherproperty to an authority for any of its purposes. The member locality makingthe grant or loan may restrict the use of such grants or loans to a specificfacility owned by the authority, within or without that member locality.

B. The governing body of the member locality in which a facility owned by anauthority is located may direct, by resolution or ordinance, that all taxrevenue collected with respect to the facility shall be remitted to theauthority. Such revenues may be used for the payment of debt service on bondsof the authority and other obligations of the authority incurred with respectto such facility. The action of such governing body shall not constitute apledge of the credit or taxing power of such locality.

(1997, cc. 276, 587, § 15.1-1716; 2004, cc. 42, 603, 640.)