Virginia Code 15.2-2413.20: Expenses of the business improvement and recruitment district
Current as of: 2023 | Check for updates
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A. A locality may appropriate funds to pay expenses associated with the business improvement and recruitment district.
Terms Used In Virginia Code 15.2-2413.20
- Business: means a business of any kind located in a business improvement and recruitment district. See Virginia Code 15.2-2413.12
- Business improvement and recruitment district: means a district established by a locality under the provisions of this article within a Main Street District. See Virginia Code 15.2-2413.12
- Locality: means any county, city, or town in the Commonwealth. See Virginia Code 15.2-2413.12
B. A locality may issue bonds and other obligations subject to the provisions of the Public Finance Act of 1991 (§ 15.2-2600 et seq.) for the purpose of funding the costs of the business improvement and recruitment district plan. Principal and interest payments on such bonds may be paid from the proceeds of any fees imposed under this article.
C. No funds raised pursuant to this article shall be used by the locality for any purposes other than funding the expenses of the business improvement and recruitment district.
2023, c. 745.