{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-4906.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-4906.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-4906.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-4906.html"}],"law_id":54514,"edition_id":1,"section_id":54514,"structure_id":13549,"section_number":"15.2-4906","catch_line":"Public hearing and approval","history":"1983, c. 514, \u00a7 15.1-1378.1; 1997, c. 587; 2023, c. 130.","full_text":"A\n\nWhenever federal law requires public hearings and public approval as a prerequisite to obtaining federal tax exemption for the interest paid on private activity bonds, unless otherwise specified by federal law or regulation, the public hearing shall be conducted by the authority and the procedure for the public hearing and public approval shall be in accordance with this section.B\n\nFor a public hearing by the authority, notice of the hearing shall be published not less than seven days in advance of such hearing in a newspaper having general circulation in the locality in which the facility to be financed is to be located. The applicant shall pay the cost of publication. The notice shall specify the time and place of hearing at which persons may appear and present their views. The hearing shall be held not less than seven days after the notice has been published.\n\t\t\tThe notice shall contain: (i) the name and address of the authority; (ii) the name and address (principal place of business, if any) of the party seeking financing; (iii) the maximum dollar amount of financing sought; and (iv) the type of business and purpose and specific location, if known, of the facility to be financed.\n\t\t\tIf after the hearing has been held the authority approves the financing, a reasonably detailed summary of the comments expressed at the hearing shall be conveyed promptly to the locality’s governing body together with the recommendation of the authority.C\n\nFor public approval, the governing body of the locality on behalf of which the bonds of the authority are issued shall no more than one year after the public hearing held by the authority either approve or disapprove financing of any facility recommended by the authority.\n\t\t\tAction of the governing body shall be by a majority of a quorum set out in a resolution. Such vote shall be recorded and disclose how each member voted.\n\t\t\tIn case of a joint authority the approval required by the governing body of the locality shall be that governing body of the area where the facility will be located, if permitted by federal law or regulation.\n\t\t\tThe provisions of this section shall not apply to bonds, notes or other obligations issued pursuant to hearings held and governmental approvals obtained prior to the effective date of this act in compliance with federal law or regulation.","order_by":null,"text":{"0":{"id":200170,"text":"Whenever federal law requires public hearings and public approval as a prerequisite to obtaining federal tax exemption for the interest paid on private activity bonds, unless otherwise specified by federal law or regulation, the public hearing shall be conducted by the authority and the procedure for the public hearing and public approval shall be in accordance with this section.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":200171,"text":"For a public hearing by the authority, notice of the hearing shall be published not less than seven days in advance of such hearing in a newspaper having general circulation in the locality in which the facility to be financed is to be located. The applicant shall pay the cost of publication. The notice shall specify the time and place of hearing at which persons may appear and present their views. The hearing shall be held not less than seven days after the notice has been published.\n\t\t\tThe notice shall contain: (i) the name and address of the authority; (ii) the name and address (principal place of business, if any) of the party seeking financing; (iii) the maximum dollar amount of financing sought; and (iv) the type of business and purpose and specific location, if known, of the facility to be financed.\n\t\t\tIf after the hearing has been held the authority approves the financing, a reasonably detailed summary of the comments expressed at the hearing shall be conveyed promptly to the locality’s governing body together with the recommendation of the authority.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":200172,"text":"For public approval, the governing body of the locality on behalf of which the bonds of the authority are issued shall no more than one year after the public hearing held by the authority either approve or disapprove financing of any facility recommended by the authority.\n\t\t\tAction of the governing body shall be by a majority of a quorum set out in a resolution. Such vote shall be recorded and disclose how each member voted.\n\t\t\tIn case of a joint authority the approval required by the governing body of the locality shall be that governing body of the area where the facility will be located, if permitted by federal law or regulation.\n\t\t\tThe provisions of this section shall not apply to bonds, notes or other obligations issued pursuant to hearings held and governmental approvals obtained prior to the effective date of this act in compliance with federal law or regulation.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":13549,"edition_id":1,"name":"Industrial Development and Revenue Bond Act","identifier":"49","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:45:11","date_modified":"2026-06-26 03:45:11","permalink":{"id":158343,"object_type":"structure","relational_id":13549,"identifier":"49","token":"15.2\/IV\/49","url":"\/15.2\/IV\/49\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12721,"edition_id":1,"name":"Other Governmental Entities","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12720,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":157897,"object_type":"structure","relational_id":12721,"identifier":"IV","token":"15.2\/IV","url":"\/15.2\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12720,"edition_id":1,"name":"Counties, Cities and Towns","identifier":"15.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":151279,"object_type":"structure","relational_id":12720,"identifier":"15.2","token":"15.2","url":"\/15.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":62034,"structure_id":13549,"section_number":"15.2-4900","catch_line":"Short title","url":"\/15.2-4900\/","token":"15.2\/IV\/49\/15.2-4900","metadata":false},{"id":54556,"structure_id":13549,"section_number":"15.2-4901","catch_line":"Purpose of chapter","url":"\/15.2-4901\/","token":"15.2\/IV\/49\/15.2-4901","metadata":false},{"id":60789,"structure_id":13549,"section_number":"15.2-4902","catch_line":"Definitions","url":"\/15.2-4902\/","token":"15.2\/IV\/49\/15.2-4902","metadata":false},{"id":66473,"structure_id":13549,"section_number":"15.2-4903","catch_line":"Creation of industrial development authorities","url":"\/15.2-4903\/","token":"15.2\/IV\/49\/15.2-4903","metadata":false},{"id":74389,"structure_id":13549,"section_number":"15.2-4904","catch_line":"Directors; qualifications; terms; vacancies; compensation and expenses; quorum; records; certification and distribution of report concerning bond issuance","url":"\/15.2-4904\/","token":"15.2\/IV\/49\/15.2-4904","metadata":false},{"id":82150,"structure_id":13549,"section_number":"15.2-4905","catch_line":"Powers of authority","url":"\/15.2-4905\/","token":"15.2\/IV\/49\/15.2-4905","metadata":false},{"id":54514,"structure_id":13549,"section_number":"15.2-4906","catch_line":"Public hearing and approval","url":"\/15.2-4906\/","token":"15.2\/IV\/49\/15.2-4906","metadata":false},{"id":75699,"structure_id":13549,"section_number":"15.2-4907","catch_line":"Fiscal impact statement","url":"\/15.2-4907\/","token":"15.2\/IV\/49\/15.2-4907","metadata":false},{"id":72636,"structure_id":13549,"section_number":"15.2-4908","catch_line":"Issuance of bonds, notes and other obligations of authority","url":"\/15.2-4908\/","token":"15.2\/IV\/49\/15.2-4908","metadata":false},{"id":83307,"structure_id":13549,"section_number":"15.2-4909","catch_line":"Liability of Commonwealth, political subdivisions, directors and officers","url":"\/15.2-4909\/","token":"15.2\/IV\/49\/15.2-4909","metadata":false},{"id":77169,"structure_id":13549,"section_number":"15.2-4910","catch_line":"Security for payment of bonds; 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construction","url":"\/15.2-4918\/","token":"15.2\/IV\/49\/15.2-4918","metadata":false},{"id":83378,"structure_id":13549,"section_number":"15.2-4919","catch_line":"Provisions of chapter controlling over other statutes and charters","url":"\/15.2-4919\/","token":"15.2\/IV\/49\/15.2-4919","metadata":false},{"id":79142,"structure_id":13549,"section_number":"15.2-4920","catch_line":"Validation of creation of authorities, appointment of directors and proceedings; curative resolutions","url":"\/15.2-4920\/","token":"15.2\/IV\/49\/15.2-4920","metadata":false}],"previous_section":{"id":82150,"structure_id":13549,"section_number":"15.2-4905","catch_line":"Powers of authority","url":"\/15.2-4905\/","token":"15.2\/IV\/49\/15.2-4905","metadata":false},"next_section":{"id":75699,"structure_id":13549,"section_number":"15.2-4907","catch_line":"Fiscal impact statement","url":"\/15.2-4907\/","token":"15.2\/IV\/49\/15.2-4907","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-4906\/","history_text":"

This law was first created in 1983. The record of its establishment is cataloged in chapter 514 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1983 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1997, chapter 587<\/a>; in 2023, chapter 130<\/a>.<\/p>","references":[{"id":56993,"section_number":"36-29","catch_line":"Power to issue bonds; liability in general","order_by":null,"url":"\/36-29\/"}],"refers_to":false,"permalink":{"id":158369,"object_type":"law","relational_id":54514,"identifier":"15.2-4906","token":"15.2\/IV\/49\/15.2-4906","url":"\/15.2-4906\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-4906\/","token":"15.2\/IV\/49\/15.2-4906","dublin_core":{"Title":"Public hearing and approval","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-4906","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Whenever federal law<\/span> requires public hearings<\/span> and public approval as a prerequisite to obtaining federal tax exemption for the interest paid on private activity bonds<\/span>, unless otherwise specified by federal law<\/span> or regulation, the public hearing<\/span> shall be conducted by the authority<\/span> and the procedure for the public hearing<\/span> and public approval shall be in accordance with this section. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> For a public hearing<\/span> by the authority<\/span>, notice of the hearing<\/span> shall be published not less than seven days in advance of such hearing<\/span> in a newspaper having general circulation in the locality<\/span> in which the facility to be financed is to be located. The applicant shall pay the cost of publication. The notice shall specify the time and place of hearing<\/span> at which persons may appear and present their views. The hearing<\/span> shall be held not less than seven days after the notice has been published.\n\t\t\tThe notice shall contain: (i) the name and address of the authority<\/span>; (ii) the name and address (principal place of business, if any) of the party<\/span> seeking financing; (iii) the maximum dollar amount of financing sought; and (iv) the type of business and purpose and specific location, if known, of the facility to be financed.\n\t\t\tIf after the hearing<\/span> has been held the authority<\/span> approves the financing, a reasonably detailed summary of the comments expressed at the hearing<\/span> shall be conveyed promptly to the locality<\/span>’s governing body<\/span> together with the recommendation of the authority<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> For public approval, the governing body<\/span> of the locality<\/span> on behalf of which the bonds<\/span> of the authority<\/span> are issued shall no more than one year after the public hearing<\/span> held by the authority<\/span> either approve or disapprove financing of any facility recommended by the authority<\/span>.\n\t\t\tAction of the governing body<\/span> shall be by a majority of a quorum set out in a resolution. Such vote shall be recorded and disclose how each member voted.\n\t\t\tIn case of a joint authority<\/span> the approval required by the governing body<\/span> of the locality<\/span> shall be that governing body<\/span> of the area where the facility will be located, if permitted by federal law<\/span> or regulation.\n\t\t\tThe provisions of this section shall not apply to bonds<\/span>, notes or other obligations issued pursuant to hearings<\/span> held and governmental approvals obtained prior to the effective date of this act in compliance with federal law<\/span> or regulation. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPUBLIC HEARING AND APPROVAL (\u00a7 15.2-4906)\n\nA. Whenever federal law requires public hearings and public approval as a\nprerequisite to obtaining federal tax exemption for the interest paid on private\nactivity bonds, unless otherwise specified by federal law or regulation, the\npublic hearing shall be conducted by the authority and the procedure for the\npublic hearing and public approval shall be in accordance with this section.\n\nB. For a public hearing by the authority, notice of the hearing shall be\npublished not less than seven days in advance of such hearing in a newspaper\nhaving general circulation in the locality in which the facility to be financed\nis to be located. The applicant shall pay the cost of publication. The notice\nshall specify the time and place of hearing at which persons may appear and\npresent their views. The hearing shall be held not less than seven days after\nthe notice has been published.\n\t\t\tThe notice shall contain: (i) the name and address of the authority; (ii) the\nname and address (principal place of business, if any) of the party seeking\nfinancing; (iii) the maximum dollar amount of financing sought; and (iv) the\ntype of business and purpose and specific location, if known, of the facility to\nbe financed.\n\t\t\tIf after the hearing has been held the authority approves the financing, a\nreasonably detailed summary of the comments expressed at the hearing shall be\nconveyed promptly to the locality’s governing body together with the\nrecommendation of the authority.\n\nC. For public approval, the governing body of the locality on behalf of which\nthe bonds of the authority are issued shall no more than one year after the\npublic hearing held by the authority either approve or disapprove financing of\nany facility recommended by the authority.\n\t\t\tAction of the governing body shall be by a majority of a quorum set out in a\nresolution. Such vote shall be recorded and disclose how each member voted.\n\t\t\tIn case of a joint authority the approval required by the governing body of\nthe locality shall be that governing body of the area where the facility will be\nlocated, if permitted by federal law or regulation.\n\t\t\tThe provisions of this section shall not apply to bonds, notes or other\nobligations issued pursuant to hearings held and governmental approvals obtained\nprior to the effective date of this act in compliance with federal law or\nregulation.\n\nHISTORY: 1983, c. 514, \u00a7 15.1-1378.1; 1997, c. 587; 2023, c. 130.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}