                                 CODE OF VIRGINIA

SPORTS OR ENTERTAINMENT PROJECT FINANCING FUND; USE (§ 15.2-5932)

A. The City of Virginia Beach may, in its discretion, create a Sports or
Entertainment Project Financing Fund, hereafter referred to as &#8220;the
Fund.&#8221; The City of Virginia Beach may use the Fund as a non-lapsing
revolving fund for the purposes of carrying out the provisions of this chapter
and providing security for any bonds issued under this chapter.

B. All of the following receipts of the City of Virginia Beach may be placed in
the Fund: (i) proceeds from the sale of bonds, (ii) revenues collected or
received from any source under the provisions of this chapter, (iii) sales and
use tax revenues remitted to the City of Virginia Beach by the State Comptroller
pursuant to &#xA7; 15.2-5933, and (iv) any other revenues under the jurisdiction
of the City of Virginia Beach.

C. The City of Virginia Beach may pay expenses and make expenditures from the
Fund. To the extent deemed appropriate by the City of Virginia Beach, the
receipts of the Fund may be pledged to and charged with the payment of debt
service on City of Virginia Beach bonds and all reasonable charges and expenses
related to the City borrowing and the management of the City&#8217;s
obligations. The City of Virginia Beach may use the Fund to pay for expenses or
debt service associated with or incurred by a community development authority
formed by the City of Virginia Beach pursuant to the provisions of Article 6
(&#xA7; 15.2-5152 et seq.) of Chapter 51 for the purpose of developing the
sports and entertainment district.

HISTORY: 2019, c. 793; 2020, c. 467.