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2015 SESSION

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HB 1257 Virginia Sports Authority; created.

Introduced by: Ronald A. Villanueva | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Sports Authority. Creates the Virginia Sports Authority. The powers and duties of the Virginia Sports Authority include the duty to promote sporting opportunities throughout the state, including by contracting with an existing nonprofit organization, the power to issue bonds and construct facilities, and the power to promulgate regulations for the licensing of commercial entities sponsoring fantasy sports contests. The Governor will appoint three of the members of the Authority, while the Majority Leader of the Senate and the Speaker of the House of Delegates will each appoint two members. None of the members shall be legislators. The bill 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. The bill also grants the Authority oversight of the Virginia Professional Boxing, Wrestling and Martial Arts Advisory Board.


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