{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-5945.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-5945.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-5945.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-5945.html"}],"law_id":80000,"edition_id":1,"section_id":80000,"structure_id":13779,"section_number":"15.2-5945","catch_line":"Facility Financing Fund; use","history":"2020, cc. 538, 539.","full_text":"A\n\nIf 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.B\n\n1. The following receipts of the Authority shall be placed in the Fund: (i) proceeds from the sale of bonds issued pursuant to \u00a7 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 \u00a7 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\n\nAny Hampton Roads locality may appropriate funds to the Fund for the Authority to use in accomplishing the purposes identified in this chapter.C\n\nThe 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.","order_by":null,"text":{"0":{"id":286513,"text":"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.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":286514,"text":"1. The following receipts of the Authority shall be placed in the Fund: (i) proceeds from the sale of bonds issued pursuant to \u00a7 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 \u00a7 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.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B2"},"2":{"id":286515,"text":"Any Hampton Roads locality may appropriate funds to the Fund for the Authority to use in accomplishing the purposes identified in this chapter.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B","next_prefix":"C"},"3":{"id":286516,"text":"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.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B2"}},"ancestry":[{"id":13779,"edition_id":1,"name":"Hampton Roads Regional Arena Authority","identifier":"59.3","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:45:51","date_modified":"2026-06-26 03:45:51","permalink":{"id":159857,"object_type":"structure","relational_id":13779,"identifier":"59.3","token":"15.2\/IV\/59.3","url":"\/15.2\/IV\/59.3\/","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":76720,"structure_id":13779,"section_number":"15.2-5935","catch_line":"Definitions","url":"\/15.2-5935\/","token":"15.2\/IV\/59.3\/15.2-5935","metadata":false},{"id":54788,"structure_id":13779,"section_number":"15.2-5936","catch_line":"Creation of Authority","url":"\/15.2-5936\/","token":"15.2\/IV\/59.3\/15.2-5936","metadata":false},{"id":86580,"structure_id":13779,"section_number":"15.2-5937","catch_line":"Members of Authority; chairman; terms","url":"\/15.2-5937\/","token":"15.2\/IV\/59.3\/15.2-5937","metadata":false},{"id":87439,"structure_id":13779,"section_number":"15.2-5938","catch_line":"Quorum; actions of Authority; meetings","url":"\/15.2-5938\/","token":"15.2\/IV\/59.3\/15.2-5938","metadata":false},{"id":79518,"structure_id":13779,"section_number":"15.2-5939","catch_line":"Executive Director appointment; duties","url":"\/15.2-5939\/","token":"15.2\/IV\/59.3\/15.2-5939","metadata":false},{"id":78623,"structure_id":13779,"section_number":"15.2-5940","catch_line":"Participation in the Authority by a Hampton Roads locality","url":"\/15.2-5940\/","token":"15.2\/IV\/59.3\/15.2-5940","metadata":false},{"id":76327,"structure_id":13779,"section_number":"15.2-5941","catch_line":"Powers","url":"\/15.2-5941\/","token":"15.2\/IV\/59.3\/15.2-5941","metadata":false},{"id":55989,"structure_id":13779,"section_number":"15.2-5942","catch_line":"Public hearings; notice; reports","url":"\/15.2-5942\/","token":"15.2\/IV\/59.3\/15.2-5942","metadata":false},{"id":84893,"structure_id":13779,"section_number":"15.2-5943","catch_line":"Bond issues","url":"\/15.2-5943\/","token":"15.2\/IV\/59.3\/15.2-5943","metadata":false},{"id":58767,"structure_id":13779,"section_number":"15.2-5944","catch_line":"Restrictions related to sports teams","url":"\/15.2-5944\/","token":"15.2\/IV\/59.3\/15.2-5944","metadata":false},{"id":80000,"structure_id":13779,"section_number":"15.2-5945","catch_line":"Facility Financing Fund; use","url":"\/15.2-5945\/","token":"15.2\/IV\/59.3\/15.2-5945","metadata":false},{"id":56144,"structure_id":13779,"section_number":"15.2-5946","catch_line":"Entitlement to tax revenues derived from the operation of a Facility","url":"\/15.2-5946\/","token":"15.2\/IV\/59.3\/15.2-5946","metadata":false},{"id":55135,"structure_id":13779,"section_number":"15.2-5947","catch_line":"Sharing of revenue among participating localities","url":"\/15.2-5947\/","token":"15.2\/IV\/59.3\/15.2-5947","metadata":false},{"id":68848,"structure_id":13779,"section_number":"15.2-5948","catch_line":"Tax revenues of the Commonwealth or any other political subdivision not pledged","url":"\/15.2-5948\/","token":"15.2\/IV\/59.3\/15.2-5948","metadata":false},{"id":69311,"structure_id":13779,"section_number":"15.2-5949","catch_line":"Expiration of entitlement to certain sales tax revenues","url":"\/15.2-5949\/","token":"15.2\/IV\/59.3\/15.2-5949","metadata":false}],"previous_section":{"id":58767,"structure_id":13779,"section_number":"15.2-5944","catch_line":"Restrictions related to sports teams","url":"\/15.2-5944\/","token":"15.2\/IV\/59.3\/15.2-5944","metadata":false},"next_section":{"id":56144,"structure_id":13779,"section_number":"15.2-5946","catch_line":"Entitlement to tax revenues derived from the operation of a Facility","url":"\/15.2-5946\/","token":"15.2\/IV\/59.3\/15.2-5946","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5945\/","history_text":"

This law was first created in 2020. The record of its establishment is cataloged in chapters 538<\/a> and 539<\/a> 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.<\/p>","references":false,"refers_to":[{"id":55989,"section_number":"15.2-5942","catch_line":"Public hearings; notice; reports","order_by":null,"url":"\/15.2-5942\/"},{"id":84893,"section_number":"15.2-5943","catch_line":"Bond issues","order_by":null,"url":"\/15.2-5943\/"},{"id":56144,"section_number":"15.2-5946","catch_line":"Entitlement to tax revenues derived from the operation of a Facility","order_by":null,"url":"\/15.2-5946\/"}],"permalink":{"id":159899,"object_type":"law","relational_id":80000,"identifier":"15.2-5945","token":"15.2\/IV\/59.3\/15.2-5945","url":"\/15.2-5945\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-5945\/","token":"15.2\/IV\/59.3\/15.2-5945","dublin_core":{"Title":"Facility Financing Fund; use","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5945","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> If the Authority<\/span> issues<\/span> bonds<\/span> pursuant to § 15.2-5943<\/a> or enters into a contractual agreement pursuant to § 15.2-5942<\/a>, it shall create a Facility<\/span> Financing Fund, hereafter referred to as “the Fund.” The Authority<\/span> shall use the Fund as a non-lapsing revolving fund for the purposes of carrying out the provisions of this chapter. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> 1. The following receipts of the Authority<\/span> shall be placed in the Fund: (i) proceeds from the sale of bonds<\/span> issued pursuant to \u00a7 15.2-5943<\/a>; (ii) revenues collected or received from any Hampton Roads locality<\/span>, including local tax revenues appropriated for the purpose of deposit in the Fund; (iii) sales and use tax revenue remitted to the Authority<\/span> pursuant to \u00a7 15.2-5946<\/a>; (iv) development fees; and (v) revenues collected or received from any source under the provisions of this chapter. The Authority<\/span> may place in the Fund any other revenues under its jurisdiction<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Any Hampton Roads locality<\/span> may appropriate funds to the Fund for the Authority<\/span> to use in accomplishing the purposes identified in this chapter. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Authority<\/span> 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<\/span> issued pursuant to § 15.2-5943<\/a>, (ii) to make expenditures related to contractual obligations for the construction, development, operation, and maintenance of a Facility<\/span>, (iii) to pay all reasonable charges and expenses related to borrowing and management of obligations by the Authority<\/span>, and (iv) to remit to each participating locality<\/span> its share of revenues from the Facility<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nFACILITY FINANCING FUND; USE (\u00a7 15.2-5945)\n\nA. If the Authority issues bonds pursuant to § 15.2-5943 or enters into a\ncontractual agreement pursuant to § 15.2-5942, it shall create a Facility\nFinancing Fund, hereafter referred to as “the Fund.” The Authority\nshall use the Fund as a non-lapsing revolving fund for the purposes of carrying\nout the provisions of this chapter.\n\nB. 1. The following receipts of the Authority shall be placed in the Fund: (i)\nproceeds from the sale of bonds issued pursuant to \u00a7 15.2-5943; (ii) revenues\ncollected or received from any Hampton Roads locality, including local tax\nrevenues appropriated for the purpose of deposit in the Fund; (iii) sales and\nuse tax revenue remitted to the Authority pursuant to \u00a7 15.2-5946; (iv)\ndevelopment fees; and (v) revenues collected or received from any source under\nthe provisions of this chapter. The Authority may place in the Fund any other\nrevenues under its jurisdiction.\n\n 2. Any Hampton Roads locality may appropriate funds to the Fund for the\n Authority to use in accomplishing the purposes identified in this chapter.\n\nC. The Authority shall pay expenses and make expenditures from the Fund, subject\nto appropriation by its governing board. Money in the Fund shall be used only\n(i) to pay debt service on bonds issued pursuant to § 15.2-5943, (ii) to\nmake expenditures related to contractual obligations for the construction,\ndevelopment, operation, and maintenance of a Facility, (iii) to pay all\nreasonable charges and expenses related to borrowing and management of\nobligations by the Authority, and (iv) to remit to each participating locality\nits share of revenues from the Facility.\n\nHISTORY: 2020, cc. 538, 539.","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}}