                                 CODE OF VIRGINIA

ENTITLEMENT TO SALES TAX REVENUES DERIVED FROM A MAJOR LEAGUE BASEBALL STADIUM
(§ 15.2-5814)

A. In connection with the issuance of bonds by the Authority to finance or
refinance a major league baseball stadium, the Authority shall be entitled to
all sales tax revenues that are generated by transactions taking place upon the
premises of the major league baseball stadium. Such entitlement shall continue
for the lifetime of such bonds, but that entitlement shall not exceed thirty
years. Sales tax revenues may be applied to repayment of the bonds, stadium
operating expenses, master lease rental payments by the Commonwealth, capital
expenditures and other purposes of the Authority. The State Comptroller shall
remit such sales tax revenues to the Authority on a quarterly basis, subject to
such reasonable processing delays as may be required by the Department of
Taxation to calculate the actual net sales tax revenues generated by
transactions taking place upon the premises of the major league baseball
stadium. The State Comptroller shall make such remittances to the Authority, as
provided herein, notwithstanding any provisions to the contrary in the Virginia
Retail Sales and Use Tax Act (&#xA7; 58.1-600 et seq.).

B. In connection with the issuance of bonds by the Authority to finance or
refinance a major league baseball stadium, the local governing body of the
locality in which the stadium is located may direct, by ordinance or resolution,
that all local sales and use tax revenues generated by transactions taking place
upon the premises of the major league stadium from taxes levied pursuant to
&#xA7;&#xA7; 58.1-605 and 58.1-606 shall be remitted by the State Comptroller to
the Authority for the repayment of bonds, stadium operating expenses, master
lease rental payments by the Commonwealth, capital expenditures and other
purposes of the Authority. Such remittances shall be for the same period and
under the same conditions as remittances to the Authority paid in accordance
with subsection A, mutatis mutandis.

C. In connection with the issuance of bonds by the Authority to finance or
refinance a major league baseball stadium, the local governing body of the
locality in which the stadium is located may direct, by ordinance or resolution,
that all admissions tax revenues of such locality generated by admissions to the
major league stadium from taxes levied pursuant to &#xA7;&#xA7; 58.1-3818 and
58.1-3840 shall be remitted to the Authority for the repayment of bonds, stadium
operating expenses, master lease rental payments by the Commonwealth, capital
expenditures and other purposes of the Authority. Any levy pursuant to this
section may be for the lifetime of such bonds, but such levy shall not exceed
thirty years.

HISTORY: 1995, cc. 613, 629, § 15.1-227.84; 1996, cc. 950, 1038; 1997, cc. 587,
884; 2005, c. 106.