Virginia § 15.2-5947 Sharing of revenue among participating localities

Virginia Statutes

§ 15.2-5947 — Sharing of revenue among participating localities

Virginia § 15.2-5947

Title 15.2Counties, Cities and Towns

Subtitle IVOther Governmental Entities

Ch. 59.3Hampton Roads Regional Arena Authority

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Bluebook

Va. Code Ann. § 15.2-5947 (2026).

Text

The Authority shall develop and administer a plan to distribute sales and use tax revenues from the Facility to each participating locality. The Authority shall not distribute such revenues to any participating locality until it has paid off any debt incurred pursuant to the provisions of this chapter. The plan to distribute sales and use tax revenues shall reasonably account for each participating locality's contributions to the costs of financing, constructing, maintaining, and operating the Facility and Facility Site.

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The Authority shall develop and administer a plan to distribute sales and use tax revenues from the Facility to each participating locality. The Authority shall not distribute such revenues to any participating locality until it has paid off any debt incurred pursuant to the provisions of this chapter. The plan to distribute sales and use tax revenues shall reasonably account for each participating locality's contributions to the costs of financing, constructing, maintaining, and operating the Facility and Facility Site.