                                 CODE OF VIRGINIA

RESTRICTIONS RELATED TO SPORTS TEAMS (§ 15.2-5944)

A. If the Authority plans to use a Facility for the sole purpose of conducting
athletic events involving a sports team, the Authority shall not enter into any
contractual agreement with such sports team unless such contractual agreement
requires that the sports team (i) not relocate until any bonds issued under this
chapter are repaid or defeased and (ii) operate the Facility until any bonds
issued under this chapter are repaid or defeased.

B. If the Authority plans to use a Facility for the sole purpose of conducting
athletic events involving a sports team, the Authority shall not issue bonds
under this chapter until it executes a long-term lease with (i) the owner of the
sports team or (ii) a third party that has entered into a long-term sublease
with the owner of the sports team.

C. If the Authority plans to use a Facility for the sole purpose of conducting
athletic events involving a sports team, the Authority shall not issue bonds
under this chapter until the league of which the sports team is a member
publicly approves a proposal for the sports team to be located in a Hampton
Roads locality.

D. The provisions of this subsection shall not apply if the Authority plans to
use a Facility also for the purpose of holding entertainment events and
conferences.

HISTORY: 2020, cc. 538, 539.