{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-3245.4.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-3245.4.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-3245.4.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-3245.4.html"}],"law_id":84670,"edition_id":1,"section_id":84670,"structure_id":15489,"section_number":"58.1-3245.4","catch_line":"Issuance of obligations for project costs","history":"1988, c. 776; 1990, c. 296; 1994, c. 667.","full_text":"Any county, city or town which adopts tax increment financing may issue obligations and may make development project cost commitments secured by the Tax Increment Financing Fund established in \u00a7 58.1-3245.2 to finance the development project costs. All obligations issued pursuant to this section shall be subject to the requirements and limitations of the Public Finance Act (Chapter 26, \u00a7 15.2-2600 et seq., of Title 15.2) and the charter provisions of each county, city or town. The ordinance authorizing the issuance of obligations may pledge all or any part of the funds deposited in the Tax Increment Financing Fund for the payment of the development project costs and any obligations to be issued to finance them. Any revenues in the Tax Increment Financing Fund which are not pledged as security for the obligations issued or allocated for development project cost commitments shall be deemed “surplus funds.” At the end of the tax year, all surplus funds may be paid into the general fund of the county, city or town in which the 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 annual installments from the tax increment and other available funds.\n\t\tA county, city or town may also pledge any part or combination of the following revenues for a period not to exceed the term of the obligations:\n\n1\n\nNet revenues of all or part of any development project;2\n\nAll real estate and tangible personal property taxes;3\n\nThe full faith and credit of the locality;4\n\nAny other taxes or anticipated revenues that the county, city or town may lawfully pledge.","order_by":null,"text":{"0":{"id":303472,"text":"Any county, city or town which adopts tax increment financing may issue obligations and may make development project cost commitments secured by the Tax Increment Financing Fund established in \u00a7 58.1-3245.2 to finance the development project costs. All obligations issued pursuant to this section shall be subject to the requirements and limitations of the Public Finance Act (Chapter 26, \u00a7 15.2-2600 et seq., of Title 15.2) and the charter provisions of each county, city or town. The ordinance authorizing the issuance of obligations may pledge all or any part of the funds deposited in the Tax Increment Financing Fund for the payment of the development project costs and any obligations to be issued to finance them. Any revenues in the Tax Increment Financing Fund which are not pledged as security for the obligations issued or allocated for development project cost commitments shall be deemed “surplus funds.” At the end of the tax year, all surplus funds may be paid into the general fund of the county, city or town in which the 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 annual installments from the tax increment and other available funds.\n\t\tA county, city or town may also pledge any part or combination of the following revenues for a period not to exceed the term of the obligations:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":303473,"text":"Net revenues of all or part of any development project;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":303474,"text":"All real estate and tangible personal property taxes;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":303475,"text":"The full faith and credit of the locality;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":303476,"text":"Any other taxes or anticipated revenues that the county, city or town may lawfully pledge.","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3"}},"ancestry":[{"id":15489,"edition_id":1,"name":"Tax Increment Financing","identifier":"4.1","label":"article","depth":4,"order_by":1,"parent_id":12997,"metadata":{},"date_created":"2026-06-26 03:55:29","date_modified":"2026-06-26 03:55:29","permalink":{"id":257373,"object_type":"structure","relational_id":15489,"identifier":"4.1","token":"58.1\/III\/32\/4.1","url":"\/58.1\/III\/32\/4.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12997,"edition_id":1,"name":"Real Property Tax","identifier":"32","label":"chapter","depth":3,"order_by":1,"parent_id":12704,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":256887,"object_type":"structure","relational_id":12997,"identifier":"32","token":"58.1\/III\/32","url":"\/58.1\/III\/32\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12704,"edition_id":1,"name":"Local Taxes","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12703,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":256459,"object_type":"structure","relational_id":12704,"identifier":"III","token":"58.1\/III","url":"\/58.1\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12703,"edition_id":1,"name":"Taxation","identifier":"58.1","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":251959,"object_type":"structure","relational_id":12703,"identifier":"58.1","token":"58.1","url":"\/58.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":64629,"structure_id":15489,"section_number":"58.1-3245","catch_line":"Definitions","url":"\/58.1-3245\/","token":"58.1\/III\/32\/4.1\/58.1-3245","metadata":false},{"id":79324,"structure_id":15489,"section_number":"58.1-3245.1","catch_line":"Blighted areas constitute public danger","url":"\/58.1-3245.1\/","token":"58.1\/III\/32\/4.1\/58.1-3245.1","metadata":false},{"id":59024,"structure_id":15489,"section_number":"58.1-3245.2","catch_line":"Tax increment financing","url":"\/58.1-3245.2\/","token":"58.1\/III\/32\/4.1\/58.1-3245.2","metadata":false},{"id":60952,"structure_id":15489,"section_number":"58.1-3245.3","catch_line":"Copies of tax increment financing ordinance to local assessing officer and treasurer or director of finance","url":"\/58.1-3245.3\/","token":"58.1\/III\/32\/4.1\/58.1-3245.3","metadata":false},{"id":84670,"structure_id":15489,"section_number":"58.1-3245.4","catch_line":"Issuance of obligations for project costs","url":"\/58.1-3245.4\/","token":"58.1\/III\/32\/4.1\/58.1-3245.4","metadata":false},{"id":69062,"structure_id":15489,"section_number":"58.1-3245.4:1","catch_line":"No annual debt limits for certain cities","url":"\/58.1-3245.4_1\/","token":"58.1\/III\/32\/4.1\/58.1-3245.4_1","metadata":false},{"id":75051,"structure_id":15489,"section_number":"58.1-3245.5","catch_line":"Dissolving the Tax Increment Financing Fund","url":"\/58.1-3245.5\/","token":"58.1\/III\/32\/4.1\/58.1-3245.5","metadata":false}],"previous_section":{"id":60952,"structure_id":15489,"section_number":"58.1-3245.3","catch_line":"Copies of tax increment financing ordinance to local assessing officer and treasurer or director of finance","url":"\/58.1-3245.3\/","token":"58.1\/III\/32\/4.1\/58.1-3245.3","metadata":false},"next_section":{"id":69062,"structure_id":15489,"section_number":"58.1-3245.4:1","catch_line":"No annual debt limits for certain cities","url":"\/58.1-3245.4_1\/","token":"58.1\/III\/32\/4.1\/58.1-3245.4_1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-3245.4\/","history_text":"

This law was first created in 1988. The record of its establishment is cataloged in chapter 776 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 1988 \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 1990, chapter 296; in 1994, chapter 667<\/a>.<\/p>","references":[{"id":69062,"section_number":"58.1-3245.4:1","catch_line":"No annual debt limits for certain cities","order_by":null,"url":"\/58.1-3245.4_1\/"}],"refers_to":[{"id":82731,"section_number":"15.2-2600","catch_line":"Short title","order_by":null,"url":"\/15.2-2600\/"},{"id":59024,"section_number":"58.1-3245.2","catch_line":"Tax increment financing","order_by":null,"url":"\/58.1-3245.2\/"}],"permalink":{"id":257391,"object_type":"law","relational_id":84670,"identifier":"58.1-3245.4","token":"58.1\/III\/32\/4.1\/58.1-3245.4","url":"\/58.1-3245.4\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-3245.4\/","token":"58.1\/III\/32\/4.1\/58.1-3245.4","dublin_core":{"Title":"Issuance of obligations for project costs","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-3245.4","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Any county, city or town which adopts tax increment<\/span> financing may issue<\/span> obligations<\/span> and may make development project cost<\/span> commitments<\/span> secured by the Tax Increment<\/span> Financing Fund established in \u00a7 58.1-3245.2<\/a> to finance the development project costs<\/span>. All obligations<\/span> issued pursuant to this section shall be subject to the requirements and limitations of the Public Finance Act (Chapter 26, \u00a7 15.2-2600<\/a> et seq., of Title 15.2) and the charter provisions of each county, city or town. The ordinance<\/span> authorizing the issuance of obligations<\/span> may pledge all or any part of the funds deposited in the Tax Increment<\/span> Financing Fund for the payment of the development project costs<\/span> and any obligations<\/span> to be issued to finance them. Any revenues in the Tax Increment<\/span> Financing Fund which are not pledged as security for the obligations<\/span> issued or allocated for development project cost<\/span> commitments<\/span> shall be deemed “surplus funds.” At the end of the tax year, all surplus funds may be paid into the general fund of the county, city or town in which the development project area<\/span> is located. The local governing body<\/span> may agree, in writing, to pay all or a portion of any project development cost in annual installments from the tax increment<\/span> and other available funds.\n\t\tA county, city or town may also pledge any part or combination of the following revenues for a period not to exceed the term of the obligations<\/span>:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Net revenues of all or part of any development project; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> All real estate and tangible personal property taxes; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The full faith and credit of the locality; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Any other taxes or anticipated revenues that the county, city or town may lawfully pledge. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nISSUANCE OF OBLIGATIONS FOR PROJECT COSTS (\u00a7 58.1-3245.4)\n\nAny county, city or town which adopts tax increment financing may issue\nobligations and may make development project cost commitments secured by the Tax\nIncrement Financing Fund established in \u00a7 58.1-3245.2 to finance the\ndevelopment project costs. All obligations issued pursuant to this section shall\nbe subject to the requirements and limitations of the Public Finance Act\n(Chapter 26, \u00a7 15.2-2600 et seq., of Title 15.2) and the charter provisions of\neach county, city or town. The ordinance authorizing the issuance of obligations\nmay pledge all or any part of the funds deposited in the Tax Increment Financing\nFund for the payment of the development project costs and any obligations to be\nissued to finance them. Any revenues in the Tax Increment Financing Fund which\nare not pledged as security for the obligations issued or allocated for\ndevelopment project cost commitments shall be deemed “surplus\nfunds.” At the end of the tax year, all surplus funds may be paid into the\ngeneral fund of the county, city or town in which the development project area\nis located. The local governing body may agree, in writing, to pay all or a\nportion of any project development cost in annual installments from the tax\nincrement and other available funds.\n\t\tA county, city or town may also pledge any part or combination of the\nfollowing revenues for a period not to exceed the term of the obligations:\n\n1. Net revenues of all or part of any development project;\n\n2. All real estate and tangible personal property taxes;\n\n3. The full faith and credit of the locality;\n\n4. Any other taxes or anticipated revenues that the county, city or town may\nlawfully pledge.\n\nHISTORY: 1988, c. 776; 1990, c. 296; 1994, c. 667.","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}}