                                 CODE OF VIRGINIA

PUBLIC HEARINGS; NOTICE; REPORTS (§ 15.2-5930)

A. At least 30 days before execution of a binding development agreement for a
sports or entertainment project, the City of Virginia Beach shall submit to the
General Assembly a detailed written report and findings of the City on the
proposed agreement. The report and findings shall include a detailed plan of the
method of funding and the economic benefits of the proposed agreement.

B. The State Treasurer shall be provided with copies of all documents relating
to the proposed issuance of any bonds pursuant to &#xA7; 15.2-5931 sufficiently
in advance of such bond issue to conduct such reviews as the State Treasurer
deems necessary. Such reviews shall be completed within 120 days after the date
that the Treasurer is provided such documents. In the event that the
Commonwealth is an obligated person determined to be material to an evaluation
of the offering for which financial information will be included or referenced
in the offering document in accordance with Securities and Exchange Commission
Rule 15c 2-12 under the federal Securities Exchange Act of 1934, or in the event
that in the opinion of the State Treasurer, with the concurrence of the Debt
Capacity Advisory Committee established under Article 5 (&#xA7; 2.2-2712 et
seq.) of Chapter 27 of Title 2.2, such bond issue will be considered
tax-supported debt of the Commonwealth or have an adverse impact on the debt
capacity or the credit ratings of the Commonwealth, such bond issue must be
authorized by the General Assembly.

HISTORY: 2019, c. 793.