§ 15.2-7424. Existing contracts, leases, franchises, etc., not impaired
No provision of this act shall relieve, impair, or affect any right, duty, liability, or obligation arising out of any contract, concession, lease, or franchise now in existence except to the extent that such contract, concession, lease, or franchise may permit. Notwithstanding the foregoing provisions of this section, the Authority may renegotiate, renew, extend the […]
§ 15.2-7425. Withdrawal of membership
Any member jurisdiction may withdraw from membership in the Authority by resolution or ordinance of its governing body. However, no member jurisdiction shall be permitted to withdraw from the Authority after any obligation has been incurred except by unanimous vote of all member jurisdictions. 2014, c. 471.
§ 15.2-7500. Definitions
As used in this chapter, unless the context requires a different meaning: “Act” means this chapter, the Land Bank Entities Act (§ 15.2-7500 et seq.). “Authority” means any political subdivision, a body politic and corporate, created, organized, and operated pursuant to the provisions of the Act. “Board of directors” or “board” means the board of […]
§ 15.2-7419. Appropriation by political subdivision
Any participating political subdivision, or other political subdivision of the Commonwealth, is authorized to provide services, to donate real or personal property, and to make appropriations to the Authority for the acquisition, construction, maintenance, and operation of the Authority’s facilities. Any such political subdivision is hereby authorized to issue its bonds, including general obligation bonds, […]
§ 15.2-7420. Contracts with political subdivisions
The Authority is authorized to enter into contracts with any one or more political subdivisions. 2014, c. 471.
§ 15.2-7421. Agreement with Commonwealth and participating political subdivisions
The Commonwealth and, by participating in the Authority, each participating political subdivision pledge to and agree with the holders of any bonds issued by the Authority that neither the Commonwealth nor any participating political subdivision will limit or alter the rights hereunder vested in the Authority to fulfill the terms of any agreements made with […]
§ 15.2-7422. Liberal construction
Neither this act nor anything contained herein is or shall be construed as a restriction or limitation upon any powers that the Authority might otherwise have under any laws of the Commonwealth, and this act is cumulative to any such powers. This act does and shall be construed to provide a complete, additional, and alternative […]
§ 15.2-7423. Application of local ordinances, service charges, and taxes upon leaseholds
Nothing herein contained shall be construed to exempt the Authority’s property from any applicable zoning, subdivision, erosion and sediment control, and fire prevention codes or from building regulations of a political subdivision in which such property is located. Nor shall anything herein contained exempt the property of the Authority from any service charge authorized by […]
§ 15.2-7411. Deposit and investment of funds
Except as provided by contract with a participating political subdivision, all moneys received pursuant to the authority of this act, whether as proceeds from the sale of bonds or as revenues or otherwise, shall be deemed to be trust funds to be held and applied solely as provided in this act. All moneys of the […]
§ 15.2-7412. Authority to issue bonds
The Authority shall have the power to issue bonds from time to time in its discretion, for any of its purposes, including the payment of all or any part of the cost of Authority facilities and including the payment or retirement of bonds previously issued by it. The Authority may issue such types of bonds […]