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2004 SESSION
047115792Be it enacted by the General Assembly of Virginia:
1. That § 15.2-6406 of the Code of Virginia is amended and reenacted as follows:
§ 15.2-6406. Donations to authority; remittance of tax revenue.
A. Member localities are hereby authorized to lend or donate money or other property to an authority for any of its purposes. The member locality making the grant or loan may restrict the use of such grants or loans to a specific facility owned by the authority, within or without that member locality.
B. The governing body of the member locality in which a facility owned by an
authority is located may direct, by resolution or ordinance, that all machinery
and tools tax revenue collected with respect to machinery and tools located
upon the facility shall be remitted to the authority. Such revenues may be used
for the payment of debt service on bonds of the authority and other obligations of
the authority incurred with respect to such facility, but shall not constitute
a pledge of the credit or taxing power of such locality.