                                 CODE OF VIRGINIA

PUBLIC HEARING AND APPROVAL (§ 15.2-4906)

A. 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.

B. 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.
			The 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.
			If 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&#8217;s governing body together with the
recommendation of the authority.

C. 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.
			Action 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.
			In 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.
			The 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.

HISTORY: 1983, c. 514, § 15.1-1378.1; 1997, c. 587; 2023, c. 130.