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2014 SESSION

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SB 571 Va.Beach arena; if Va. Beach issues bonds for a facility, it shall create an Arena Financing Fund.

Introduced by: Frank W. Wagner | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Virginia Beach arena. Allows the City of Virginia Beach to use its Arena Financing Fund to contract for the construction, development, operation, or maintenance of facilities and prohibits the pledging of the faith and credit of the Commonwealth to meet the City's contractual obligations. The bill also provides that if the City of Virginia Beach issues bonds for an arena or enters into a contract with regard to a facility, it shall use its Arena Financing Fund to collect proceeds from the sale of bonds and revenues from other sources. Expenditures from the Fund shall be used to pay the bonds, meet contractual obligations, and pay reasonable expenses relating to City borrowing and the management of the City's obligations. The bill also makes technical amendments to the existing sunset provisions. This bill is identical to HB 1267.


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