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1997 SESSION
978466144Be it enacted by the General Assembly of Virginia:
1. That § 15.1-227.84 of the Code of Virginia is amended and reenacted as follows:
§ 15.1-227.84. Entitlement to tax revenues derived from a major league baseball stadium.
A. In connection with the issuance of bonds by the Authority to finance or refinance a major league baseball stadium, the Authority shall be entitled to all sales tax revenues that are generated by transactions taking place upon the premises of the major league baseball stadium. Such entitlement shall continue for the lifetime of such bonds, but that entitlement shall not exceed thirty years. Sales tax revenues may be applied to repayment of the bonds, stadium operating expenses, master lease rental payments by the Commonwealth, capital expenditures and other purposes of the Authority. The State Comptroller shall remit such sales tax revenues to the Authority on a quarterly basis, subject to such reasonable processing delays as may be required by the Department of Taxation to calculate the actual net sales tax revenues generated by transactions taking place upon the premises of the major league baseball stadium. The State Comptroller shall make such remittances to the Authority, as provided herein, notwithstanding any provisions to the contrary in the Virginia Retail Sales and Use Tax Act (§ 58.1-600 et seq.).
B. In connection with the issuance of bonds by the Authority to finance or
refinance a major league baseball stadium, the local governing body of the
county or city in which the stadium is located may direct, by ordinance [
or resolution ] , that all local sales and use tax revenues generated by
transactions taking place upon the premises of the major league stadium from
taxes levied pursuant to §§ 58.1-605 and 58.1-606 shall be remitted
by the State Comptroller to the Authority for the repayment of bonds, stadium
operating expenses, master lease rental payments by the Commonwealth, capital
expenditures and other purposes of the Authority. Such remittances shall be for
the same period and under the same conditions as remittances to the Authority
paid in accordance with subsection A, mutatis mutandis.
C. In connection with the issuance of bonds by the Authority to finance or
refinance a major league baseball stadium, the local governing body of the
county, city or town in which the stadium is located may direct, by ordinance
[ or resolution ] , that all admissions tax revenues of such county
or city generated by admissions to the major league stadium from taxes levied
pursuant to §§ 58.1-3818 and 58.1-3840 shall be remitted to the
Authority for the repayment of bonds, stadium operating expenses, master lease
rental payments by the Commonwealth, capital expenditures and other purposes of
the Authority. Any levy pursuant to this section may be for the lifetime of
such bonds, but such levy shall not exceed thirty years. In addition to
such admissions tax, the local governing body of the county, city or town in
which the stadium is located may levy, by ordinance, an admissions surcharge,
not to exceed two percent of the amount charged for admission, on the sale of
all tickets sold at the major league baseball stadium to be paid to the
Authority and shall direct that the Authority and the major league baseball
franchise shall reimburse the locality for actual day-of-event expenses
incurred by the locality in connection with the operations of the major league
baseball stadium. The difference between the surcharge and expenses
attributable to the Authority, if any, shall be retained by the Authority (i)
to repay bonds, (ii) to pay stadium operating expenses, (iii) to reimburse
master lease rentals paid by the Commonwealth, (iv) to finance capital
expenditures, and (v) for such other purposes as the Authority deems
appropriate for the major league baseball stadium.
D. In connection with the issuance of bonds by the Authority to finance
or refinance the original construction costs of a major league baseball
stadium, the Authority shall be entitled to all personal income, franchise, and
corporate taxes as collected by the Commonwealth and those business,
professional and occupational licensing taxes remitted to the Authority by the
locality, under the provisions of this section, in which
the major league baseball stadium is located, on transactions, salaries and
personal income and team operations, including without limitation, the wages,
salaries and personal income generated in connection with the construction of
the major league baseball stadium. Such entitlement shall continue for so long
as any bonds issued to finance or refinance the original construction costs of
a major [ or ] league baseball
stadium remain outstanding; however, such period shall not exceed thirty years.
The revenue derived from the provisions of this subsection shall be applied
(i) to repay bonds, (ii) to pay stadium operating expenses, (iii) to reimburse
master lease rentals paid by the Commonwealth, (iv) to finance capital
expenditures, and (v) for such other purposes as the Authority deems
appropriate for the major [ or ]
league baseball stadium. The State Comptroller shall remit all such state
tax revenues to the Authority for the same period and under the same conditions
as remittance to the Authority under subsection A, mutatis mutandis. The
locality in which the major league baseball stadium is located may direct, by
ordinance, that all or a portion of the business, professional and occupational
licensing revenues generated on the premises of the major league baseball
stadium shall be remitted to the Authority (i) to pay the principal, interest,
and premium, if any, on any bonds issued pursuant to this article as such bonds
become due or in advance, (ii) to pay stadium operating expenses, (iii) to
reimburse master lease rentals paid by the Commonwealth, (iv) to finance
capital expenditures, and (v) for other such other purposes as the Authority
deems appropriate for the major league baseball stadium.
2. That the provisions of this section shall expire on January 1, 2002, if the Virginia Baseball Stadium Authority has not executed a lease with a major league baseball team.