                                 CODE OF VIRGINIA

FACILITY FINANCING FUND; USE (§ 15.2-5945)

A. If the Authority issues bonds pursuant to &#xA7; 15.2-5943 or enters into a
contractual agreement pursuant to &#xA7; 15.2-5942, it shall create a Facility
Financing Fund, hereafter referred to as &#8220;the Fund.&#8221; The Authority
shall use the Fund as a non-lapsing revolving fund for the purposes of carrying
out the provisions of this chapter.

B. 1. The following receipts of the Authority shall be placed in the Fund: (i)
proceeds from the sale of bonds issued pursuant to § 15.2-5943; (ii) revenues
collected or received from any Hampton Roads locality, including local tax
revenues appropriated for the purpose of deposit in the Fund; (iii) sales and
use tax revenue remitted to the Authority pursuant to § 15.2-5946; (iv)
development fees; and (v) revenues collected or received from any source under
the provisions of this chapter. The Authority may place in the Fund any other
revenues under its jurisdiction.

   2. Any Hampton Roads locality may appropriate funds to the Fund for the
   Authority to use in accomplishing the purposes identified in this chapter.

C. The Authority shall pay expenses and make expenditures from the Fund, subject
to appropriation by its governing board. Money in the Fund shall be used only
(i) to pay debt service on bonds issued pursuant to &#xA7; 15.2-5943, (ii) to
make expenditures related to contractual obligations for the construction,
development, operation, and maintenance of a Facility, (iii) to pay all
reasonable charges and expenses related to borrowing and management of
obligations by the Authority, and (iv) to remit to each participating locality
its share of revenues from the Facility.

HISTORY: 2020, cc. 538, 539.