                                 CODE OF VIRGINIA

CREATION OF INDUSTRIAL DEVELOPMENT AUTHORITIES (§ 15.2-4903)

A. The governing body of any locality in the Commonwealth is hereby authorized
to create by ordinance a political subdivision of the Commonwealth, with such
public and corporate powers as are set forth in this chapter. Any such ordinance
may limit the type and number of facilities that the authority may otherwise
finance under this chapter, which ordinance of limitation may, from time to
time, be amended. Louisa County may, by ordinance, authorize an authority
created or established under this chapter to acquire, own, operate, and regulate
the use of airports, landing fields, and facilities, and other property incident
thereto, including such facilities and property necessary for the servicing of
aircraft. In the absence of any such limitation, an authority shall have all
powers granted under this chapter.

B. The name of the authority shall be the Industrial Development Authority of
(the blank spaces to be filled in with the name of the locality which created
the authority, including the proper designation thereof as a county, city or
town).

C. Notwithstanding subsection B, for any authority authorized by this section,
the name of the authority may be the Economic Development Authority of (the
blank space to be filled in with the name of the locality that created the
authority), if the governing body of such locality so chooses.

D. The authority jointly created by the Town of South Boston and Halifax County
pursuant to &#xA7; 15.2-4916 may be named the Economic Development Authority of
Halifax, Virginia, or such other name as the governing bodies of the Town of
South Boston and Halifax County shall choose in the concurrent resolutions
creating such authority.

HISTORY: 1966, c. 651, § 15.1-1376; 1975, c. 254; 1997, c. 587; 1999, c. 157;
2000, c. 398; 2001, cc. 5, 6, 730; 2002, cc. 169, 680, 725; 2003, cc. 159, 343,
345, 350, 357; 2004, cc. 292, 782, 933; 2016, cc. 164, 312; 2017, c. 560.