§ 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 […]
§ 15.2-7501. Creation of land bank entities by localities
A. Subject to a public hearing held pursuant to § 15.2-7502, a locality may by ordinance, or two or more localities may by concurrent ordinances, create a land bank entity as either an authority or a corporation, under an appropriate name and title, for the purpose of assisting the locality to address vacant, abandoned, and […]
§ 15.2-7502. Public hearing required prior to creation or designation of a land bank entity
The governing body of a locality shall not adopt an ordinance creating a land bank entity pursuant to § 15.2-7501 or designating a planning district commission or an existing nonprofit entity pursuant to § 15.2-7512 until notice of intention to do so has been published once a week for two successive weeks in some newspaper […]
§ 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 […]
§ 15.2-7419. 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.
§ 15.2-7409. Reports
The Authority shall keep minutes of its proceedings, which minutes shall be open to public inspection during normal business hours. It shall keep suitable records of all its financial transactions and shall arrange to have the same audited annually by an independent certified public accountant. Copies of each such audit shall be furnished to each […]
§ 15.2-7410. Procurement
All contracts that the Authority may let for professional services, nonprofessional services, or materials shall be subject to the Virginia Public Procurement Act (§ 2.2-4300 et seq.). 2014, c. 471.