Virginia Code Title 15.2. Counties, Cities and Towns § 15.2-5945. Facility Financing Fund; use
Current as of January 01, 2020 | Updated by FindLaw Staff
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A. If the Authority issues bonds pursuant to § 15.2-5943 or enters into a contractual agreement pursuant to § 15.2-5942, it shall create a Facility Financing Fund, hereafter referred to as “the Fund.” The Authority shall use the Fund as a non-lapsing revolving fund for the purposes of carrying out the provisions of this chapter.
B. 1. The following receipts of the Authority shall be placed in the Fund: (i) proceeds from the sale of bonds issued pursuant to § 15.2-5943; (ii) revenues collected or received from any Hampton Roads locality, including local tax revenues appropriated for the purpose of deposit in the Fund; (iii) sales and use tax revenue remitted to the Authority pursuant to § 15.2-5946; (iv) development fees; and (v) revenues collected or received from any source under the provisions of this chapter. The Authority may place in the Fund any other revenues under its jurisdiction.
2. Any Hampton Roads locality may appropriate funds to the Fund for the Authority to use in accomplishing the purposes identified in this chapter.
C. The Authority shall pay expenses and make expenditures from the Fund, subject to appropriation by its governing board. Money in the Fund shall be used only (i) to pay debt service on bonds issued pursuant to § 15.2-5943, (ii) to make expenditures related to contractual obligations for the construction, development, operation, and maintenance of a Facility, (iii) to pay all reasonable charges and expenses related to borrowing and management of obligations by the Authority, and (iv) to remit to each participating locality its share of revenues from the Facility.
Cite this article: FindLaw.com - Virginia Code Title 15.2. Counties, Cities and Towns § 15.2-5945. Facility Financing Fund; use - last updated January 01, 2020 | https://codes.findlaw.com/va/title-15-2-counties-cities-and-towns/va-code-sect-15-2-5945/
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