Virginia Code 15.2-2413.9: Expenses of the tourism improvement district
Current as of: 2023 | Check for updates
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A. A locality may appropriate funds to pay expenses associated with the tourism improvement district. A locality may appropriate funds to the administering nonprofit.
Terms Used In Virginia Code 15.2-2413.9
- Administering nonprofit: means a private nonprofit entity that is under contract with a locality to administer or implement activities specified in the tourism improvement district plan. See Virginia Code 15.2-2413.1
- Locality: means any county, city, or town in the Commonwealth. See Virginia Code 15.2-2413.1
- Tourism improvement district: means a district established by a locality under the provisions of this article. See Virginia Code 15.2-2413.1
- Tourism improvement district plan: means a proposal for a tourism improvement district under the provisions of this article. See Virginia Code 15.2-2413.1
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 tourism improvement 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 tourism improvement district.
2021, Sp. Sess. I, c. 500.