§ 15.2-5605. Transfers of property, appropriations and contracts byparticipating localities.
Each participating locality is authorized and empowered:
1. To transfer jurisdiction over, to lease, lend, grant or convey to theauthority at its request, with or without consideration, such real orpersonal property as may be necessary or desirable to carry out the purposesof the authority, upon such terms and conditions as such participatinglocality shall determine to be for its best interests;
2. To make appropriations and to provide funds for any purpose of theauthority, including the acquisition, construction, improvement and operationof any project or facilities thereof and payment of principal and interest onits indebtedness;
3. To enter into contracts agreeing to carry out any of the provisions setforth in subdivisions 1 or 2, providing for the operation and maintenance ofall or any part of a project or otherwise facilitating the construction,development, operation or financing of all or any part of a project; and
4. To enter into leases with the authority pursuant to which a project or anypart thereof is leased to the locality. The lease may be for a term endingnot later than the end of the then current fiscal year of the locality andrenewable for additional terms of one fiscal year each or as may be agreedupon by the parties provided that the total of the original term and anyrenewals shall in no event exceed fifty years. Each renewal shall be at theoption of such locality and the lease may provide that it is renewed for anadditional term if the locality fails to cancel the lease in writing on orprior to sixty days before the end of the then current term. Rentals undersuch lease may be computed at fixed amounts or by a formula based on anyfactors provided therein and the rentals payable may include provision forall or any part of or a share of the amounts necessary (i) to pay or providefor the expenses of operation and maintenance of a project, (ii) to providefor the payment of principal and interest on any bonds of the authority, and(iii) to maintain such reserves or sinking funds as may be required by theterms of any contract of the authority or as may be deemed necessary ordesirable by the authority. Such payments shall be payable only from revenuesof the locality available during the fiscal year during which the lease is ineffect. Notwithstanding the provisions of § 15.2-5606 or any other provisionhereof the authority or the locality leasing the project may contract with aperson as sublessee or operator of the project at a compensation to be agreedupon by the parties.
(Code 1950, § 15-714.18; 1962, c. 393, § 6, § 15.1-1276; 1973, c. 238; 1975,c. 109; 1997, c. 587.)
§ 15.2-5605. Transfers of property, appropriations and contracts byparticipating localities.
Each participating locality is authorized and empowered:
1. To transfer jurisdiction over, to lease, lend, grant or convey to theauthority at its request, with or without consideration, such real orpersonal property as may be necessary or desirable to carry out the purposesof the authority, upon such terms and conditions as such participatinglocality shall determine to be for its best interests;
2. To make appropriations and to provide funds for any purpose of theauthority, including the acquisition, construction, improvement and operationof any project or facilities thereof and payment of principal and interest onits indebtedness;
3. To enter into contracts agreeing to carry out any of the provisions setforth in subdivisions 1 or 2, providing for the operation and maintenance ofall or any part of a project or otherwise facilitating the construction,development, operation or financing of all or any part of a project; and
4. To enter into leases with the authority pursuant to which a project or anypart thereof is leased to the locality. The lease may be for a term endingnot later than the end of the then current fiscal year of the locality andrenewable for additional terms of one fiscal year each or as may be agreedupon by the parties provided that the total of the original term and anyrenewals shall in no event exceed fifty years. Each renewal shall be at theoption of such locality and the lease may provide that it is renewed for anadditional term if the locality fails to cancel the lease in writing on orprior to sixty days before the end of the then current term. Rentals undersuch lease may be computed at fixed amounts or by a formula based on anyfactors provided therein and the rentals payable may include provision forall or any part of or a share of the amounts necessary (i) to pay or providefor the expenses of operation and maintenance of a project, (ii) to providefor the payment of principal and interest on any bonds of the authority, and(iii) to maintain such reserves or sinking funds as may be required by theterms of any contract of the authority or as may be deemed necessary ordesirable by the authority. Such payments shall be payable only from revenuesof the locality available during the fiscal year during which the lease is ineffect. Notwithstanding the provisions of § 15.2-5606 or any other provisionhereof the authority or the locality leasing the project may contract with aperson as sublessee or operator of the project at a compensation to be agreedupon by the parties.
(Code 1950, § 15-714.18; 1962, c. 393, § 6, § 15.1-1276; 1973, c. 238; 1975,c. 109; 1997, c. 587.)
§ 15.2-5605. Transfers of property, appropriations and contracts byparticipating localities.
Each participating locality is authorized and empowered:
1. To transfer jurisdiction over, to lease, lend, grant or convey to theauthority at its request, with or without consideration, such real orpersonal property as may be necessary or desirable to carry out the purposesof the authority, upon such terms and conditions as such participatinglocality shall determine to be for its best interests;
2. To make appropriations and to provide funds for any purpose of theauthority, including the acquisition, construction, improvement and operationof any project or facilities thereof and payment of principal and interest onits indebtedness;
3. To enter into contracts agreeing to carry out any of the provisions setforth in subdivisions 1 or 2, providing for the operation and maintenance ofall or any part of a project or otherwise facilitating the construction,development, operation or financing of all or any part of a project; and
4. To enter into leases with the authority pursuant to which a project or anypart thereof is leased to the locality. The lease may be for a term endingnot later than the end of the then current fiscal year of the locality andrenewable for additional terms of one fiscal year each or as may be agreedupon by the parties provided that the total of the original term and anyrenewals shall in no event exceed fifty years. Each renewal shall be at theoption of such locality and the lease may provide that it is renewed for anadditional term if the locality fails to cancel the lease in writing on orprior to sixty days before the end of the then current term. Rentals undersuch lease may be computed at fixed amounts or by a formula based on anyfactors provided therein and the rentals payable may include provision forall or any part of or a share of the amounts necessary (i) to pay or providefor the expenses of operation and maintenance of a project, (ii) to providefor the payment of principal and interest on any bonds of the authority, and(iii) to maintain such reserves or sinking funds as may be required by theterms of any contract of the authority or as may be deemed necessary ordesirable by the authority. Such payments shall be payable only from revenuesof the locality available during the fiscal year during which the lease is ineffect. Notwithstanding the provisions of § 15.2-5606 or any other provisionhereof the authority or the locality leasing the project may contract with aperson as sublessee or operator of the project at a compensation to be agreedupon by the parties.
(Code 1950, § 15-714.18; 1962, c. 393, § 6, § 15.1-1276; 1973, c. 238; 1975,c. 109; 1997, c. 587.)
