15.2-6407 - Revenue sharing agreements. - Virginia Statutes

§ 15.2-6407. Revenue sharing agreements.

Notwithstanding the requirements of Chapter 34 (§ 15.2-3400 et seq.) of thistitle, the member localities may agree to a revenue and economicgrowth-sharing arrangement with respect to tax revenues and other income andrevenues generated by any facility owned by an authority. Such memberlocalities may be located in any jurisdiction participating in theAppalachian Region Interstate Compact or a similar agreement for interstatecooperation for economic and workforce development authorized by law. Theobligations of the parties to any such agreement shall not be construed to bedebt within the meaning of Article VII, Section 10 of the Constitution ofVirginia. Any such agreement shall be approved by a majority vote of thegoverning bodies of the member localities reaching such an agreement butshall not require any other approval.

(1997, cc. 276, 587, § 15.1-1717; 2007, cc. 941, 947.)