15.2-975 - Use of cash proffers. - Virginia Statutes

§ 15.2-975. Use of cash proffers.

Localities which are authorized to accept voluntary cash proffers may alsoissue bonds under the provisions of the Public Finance Act and otherapplicable law including local charters, to finance improvements contained inthe construction improvement program, to the extent that the costs of suchimprovements have been pledged by landowners as voluntary cash proffers.Authorized localities may pledge the proceeds of such proffers as a specificundertaking from which revenue is derived pursuant to Article VII, Section 10(a) (3) of the Constitution of Virginia. The use of pledged cash proffers tofinance improvements shall be limited to the improvements or class ofimprovements for which the proffer was originally pledged, and all or anypart of the total amount pledged through the conditional zoning process maybe further pledged by the locality to support repayment of any such debt.

(2004, c. 927.)