Virginia § 15.2-5517 One or more localities may create authority

Virginia Statutes

§ 15.2-5517 — One or more localities may create authority

Virginia § 15.2-5517

Title 15.2COUNTIES, CITIES AND TOWNS

Subtitle IVOTHER GOVERNMENTAL ENTITIES

Ch. 55.2TOURISM FINANCING DEVELOPMENT AUTHORITY ACT

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Bluebook

Va. Code Ann. § 15.2-5517 (2026).

Text

The governing body of a locality may by ordinance or resolution, or the governing bodies of two or more localities may by concurrent ordinances or resolutions or by agreement, create a tourism financing development authority for the purpose of supporting tourism infrastructure in localities. The name of the authority shall contain the word "authority." The authority shall be a public body politic and corporate. Any such locality that levies a transient occupancy tax pursuant to § 58.1-3819 shall designate any excess over two percent to be used for purposes of the authority except such revenues that are otherwise encumbered by the locality.

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The governing body of a locality may by ordinance or resolution, or the governing bodies of two or more localities may by concurrent ordinances or resolutions or by agreement, create a tourism financing development authority for the purpose of supporting tourism infrastructure in localities. The name of the authority shall contain the word "authority." The authority shall be a public body politic and corporate. Any such locality that levies a transient occupancy tax pursuant to § 58.1-3819 shall designate any excess over two percent to be used for purposes of the authority except such revenues that are otherwise encumbered by the locality.