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1996 SESSION

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HB 1234 Hampton Roads Sports Facility Authority; created.

Introduced by: Jerrauld C. Jones | all patrons    ...    notes | add to my profiles

SUMMARY:

Hampton Roads Sports Facility Authority; Public Recreational Facilities Authorities. Creates the Hampton Roads Sports Facility Authority. The organization and powers of the Authority will be similar to those of the Virginia Baseball Stadium Authority as it existed on July 1, 1995. The powers and duties of the Hampton Roads Sports Facility Authority are limited to professional basketball and hockey. The Governor will appoint the members of the authority. The bill (i) provides that if the Authority issues bonds to finance a facility, the Authority shall be entitled to all state sales and use tax revenues that are levied pursuant to the Virginia Retail Sales and Use Tax Act and that are generated by transactions taking place within the facility for the life of the bonds, not to exceed 30 years; and (ii) authorizes the governing body of the locality in which a stadium is located to direct that all local sales and use tax revenues be applied to repayment of facility bonds; also (iii) allows the governing bodies of political subdivisions participating in a public recreational facilities authority to modify the articles of incorporation of the authority; and (iv) allows for the selection of alternate commission members.


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