                                 CODE OF VIRGINIA

PUBLIC HEARINGS; NOTICE; REPORTS (§ 15.2-5806)

A. At least sixty days prior to selecting a site for a major league or minor
league baseball stadium, the Authority shall hold a public hearing within thirty
miles of the site proposed to be acquired for the purpose of soliciting public
comment.

B. Except as otherwise provided herein, the Authority shall notify the local
governing body in which the major league or minor league baseball stadium is
proposed to be located and advertise the notice in a newspaper of general
circulation in that locality no less than seven days before the public hearing.
The notice shall include: (i) a description of the site proposed to be acquired,
(ii) the intended use of the site, and (iii) the date, time, and location of the
public hearing. After receipt of the notice required by this section, the local
governing body in which a major league or minor league baseball stadium is
proposed to be located may require that this period be extended for up to sixty
additional days or for such other time period as agreed upon by the local
governing body and the Authority.

C. At least thirty days before acquiring or entering into a lease involving a
major league or minor league baseball stadium and before entering into a
construction contract involving a major league or minor league baseball stadium
or stadium site, the Authority shall submit a detailed written report and the
findings of the Authority that justify the proposed acquisition, lease, or
contract to the General Assembly. The report and findings shall include a
detailed plan of the method of funding and the economic necessity of the
proposed acquisition, lease, or contract.

D. The time periods in subsections A, B, and C of this section may not run
concurrently.

E. The Commonwealth shall not enter into any purchase agreement, lease
agreement, lease-purchase agreement, master lease agreement or any other
contractual arrangement that creates a direct or contingent financial obligation
of the Commonwealth unless such agreement or arrangement has first been
submitted to the State Treasurer sufficiently prior to the execution of such
agreement or arrangement to allow the State Treasurer to undertake a review for
the purposes of determining (i) whether the agreement or arrangement may
constitute tax-supported debt of the Commonwealth and (ii) the potential impact
of the agreement or arrangement on the debt capacity and credit ratings of the
Commonwealth. If after such review the State Treasurer determines that the
agreement or arrangement may constitute tax-supported debt of the Commonwealth,
or may have an adverse impact on the debt capacity or the credit ratings of the
Commonwealth, the agreement or arrangement and any associated financing shall be
submitted to the Treasury Board for review and approval of terms and structures
in a manner consistent with &#xA7; 2.2-2416.

F. The Commonwealth shall not enter into any purchase agreement, lease
agreement, lease-purchase agreement, master lease agreement or any other
contractual arrangement that creates a direct or contingent financial obligation
of the Commonwealth unless such agreement or arrangement has first been reviewed
and approved as required by subsection E and subsequently approved in writing by
the Governor.

HISTORY: 1992, c. 823, § 15.1-227.76; 1995, cc. 613, 629; 1996, cc. 950, 1038;
1997, cc. 587, 884; 2005, c. 106; 2023, cc. 506, 507; 2024, cc. 225, 242.