Virginia Code 15.2-5947: Sharing of revenue among participating localities
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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.
Terms Used In Virginia Code 15.2-5947
- 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
- Facility Site: means real estate designated, donated, purchased, or otherwise acquired for the purpose of constructing a Facility. See Virginia Code 15.2-5935
- 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
- Sales and use tax revenues: means tax collections under the Virginia Retail Sales and Use Tax Act (§ Virginia Code 15.2-5935