Virginia Code 15.2-5945: Facility Financing Fund; use
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.
Terms Used In Virginia Code 15.2-5945
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Authority: means the authority created pursuant to § Virginia Code 15.2-5935
- Facility: includes any temporary construction related to the Facility. See Virginia Code 15.2-5935
- Hampton Roads locality: means the City of Chesapeake, Norfolk, or Virginia Beach. See Virginia Code 15.2-5935
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
- Participating locality: means a Hampton Roads locality that joins the Authority. See Virginia Code 15.2-5935
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.