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1995 SESSION

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HB 2515 Water and Sewer Authorities Act.

Introduced by: Franklin P. Hall | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Water and Sewer Authority Act. Provides in the portion of the Act authorizing the financing of infrastructure for real estate projects in authority districts that the requisite acreage be reduced from 500 to 250 acres in counties with population of at least 75,000; adds areas of at least 250 acres in counties with a population between 50,000 and 75,000 through which an interstate highway passes to the statute; permits use of such authority in residential-commercial developments of 100 acres or more; grants counties over 50,000 in population the authority to modify minimum district size where amounts financed are three million dollars or more. The bill limits special assessments on lands abutting the project in the district that benefits from the project's improvements to the full cost of improvements but not more; the special assessment would continue even though the abutting land is subdivided and the resulting lots no longer abut. The bill also provides that the assessments may be made in installments for up to 40 years (as provided in the Water and Sewer Authority Act) and that the assessment may be made a lien and not modified thereafter in a manner that would have an adverse effect on improvement financing. Also, the special tax rate cap of 25 cents per $100 of assessed value may be raised if requested by every property owner within the proposed district.


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