                                 CODE OF VIRGINIA

USE OF CASH PROFFERS (§ 15.2-975)

Localities which are authorized to accept voluntary cash proffers may also issue
bonds under the provisions of the Public Finance Act and other applicable law
including local charters, to finance improvements contained in the construction
improvement program, to the extent that the costs of such improvements have been
pledged by landowners as voluntary cash proffers. Authorized localities may
pledge the proceeds of such proffers as a specific undertaking from which
revenue is derived pursuant to Article VII, Section 10 (a) (3) of the
Constitution of Virginia. The use of pledged cash proffers to finance
improvements shall be limited to the improvements or class of improvements for
which the proffer was originally pledged, and all or any part of the total
amount pledged through the conditional zoning process may be further pledged by
the locality to support repayment of any such debt.

HISTORY: 2004, c. 927.