2006 Code of Virginia § 58.1-3245.4 - Issuance of obligations for project costs

58.1-3245.4. Issuance of obligations for project costs.

Any county, city or town which adopts tax increment financing may issueobligations and may make development project cost commitments secured by theTax Increment Financing Fund established in 58.1-3245.2 to finance thedevelopment project costs. All obligations issued pursuant to this sectionshall be subject to the requirements and limitations of the Public FinanceAct (Chapter 26, 15.2-2600 et seq., of Title 15.2) and the charterprovisions of each county, city or town. The ordinance authorizing theissuance of obligations may pledge all or any part of the funds deposited inthe Tax Increment Financing Fund for the payment of the development projectcosts and any obligations to be issued to finance them. Any revenues in theTax Increment Financing Fund which are not pledged as security for theobligations issued or allocated for development project cost commitmentsshall be deemed "surplus funds." At the end of the tax year, all surplusfunds may be paid into the general fund of the county, city or town in whichthe development project area is located. The local governing body may agree,in writing, to pay all or a portion of any project development cost in annualinstallments from the tax increment and other available funds.

A county, city or town may also pledge any part or combination of thefollowing revenues for a period not to exceed the term of the obligations:

1. Net revenues of all or part of any development project;

2. All real estate and tangible personal property taxes;

3. The full faith and credit of the locality;

4. Any other taxes or anticipated revenues that the county, city or town maylawfully pledge.

(1988, c. 776; 1990, c. 296; 1994, c. 667.)