A. At least sixty days prior to selecting a site for a major league or minorleague baseball stadium, the Authority shall hold a public hearing withinthirty miles of the site proposed to be acquired for the purpose ofsoliciting public comment.
B. Except as otherwise provided herein, at least sixty days prior to thepublic hearing required by this section, the Authority shall notify the localgoverning body in which the major league or minor league baseball stadium isproposed to be located and advertise the notice in a newspaper of generalcirculation in that locality. The notice shall include: (i) a description ofthe site proposed to be acquired, (ii) the intended use of the site, and(iii) the date, time, and location of the public hearing. After receipt ofthe notice required by this section, the local governing body in which amajor league or minor league baseball stadium is proposed to be located mayrequire that this period be extended for up to sixty additional days or forsuch other time period as agreed upon by the local governing body and theAuthority.
C. At least thirty days before acquiring or entering into a lease involving amajor league or minor league baseball stadium and before entering into aconstruction contract involving a major league or minor league baseballstadium or stadium site, the Authority shall submit a detailed written reportand the findings of the Authority that justify the proposed acquisition,lease, or contract to the General Assembly. The report and findings shallinclude a detailed plan of the method of funding and the economic necessityof the proposed acquisition, lease, or contract.
D. The time periods in subsections A, B, and C of this section may not runconcurrently.
E. The Commonwealth shall not enter into any purchase agreement, leaseagreement, lease-purchase agreement, master lease agreement or any othercontractual arrangement that creates a direct or contingent financialobligation of the Commonwealth unless such agreement or arrangement has firstbeen submitted to the State Treasurer sufficiently prior to the execution ofsuch agreement or arrangement to allow the State Treasurer to undertake areview for the purposes of determining (i) whether the agreement orarrangement may constitute tax-supported debt of the Commonwealth and (ii)the potential impact of the agreement or arrangement on the debt capacity andcredit ratings of the Commonwealth. If after such review the State Treasurerdetermines that the agreement or arrangement may constitute tax-supporteddebt of the Commonwealth, or may have an adverse impact on the debt capacityor the credit ratings of the Commonwealth, the agreement or arrangement andany associated financing shall be submitted to the Treasury Board for reviewand approval of terms and structures in a manner consistent with § 2.2-2416.
F. The Commonwealth shall not enter into any purchase agreement, leaseagreement, lease-purchase agreement, master lease agreement or any othercontractual arrangement that creates a direct or contingent financialobligation of the Commonwealth unless such agreement or arrangement has firstbeen reviewed and approved as required by subsection E and subsequentlyapproved in writing by the Governor.
(1992, c. 823, § 15.1-227.76; 1995, cc. 613, 629; 1996, cc. 950, 1038; 1997,c. 587.)
A. At least sixty days prior to selecting a site for a major league or minorleague baseball stadium, the Authority shall hold a public hearing withinthirty miles of the site proposed to be acquired for the purpose ofsoliciting public comment.
B. Except as otherwise provided herein, at least sixty days prior to thepublic hearing required by this section, the Authority shall notify the localgoverning body in which the major league or minor league baseball stadium isproposed to be located and advertise the notice in a newspaper of generalcirculation in that locality. The notice shall include: (i) a description ofthe site proposed to be acquired, (ii) the intended use of the site, and(iii) the date, time, and location of the public hearing. After receipt ofthe notice required by this section, the local governing body in which amajor league or minor league baseball stadium is proposed to be located mayrequire that this period be extended for up to sixty additional days or forsuch other time period as agreed upon by the local governing body and theAuthority.
C. At least thirty days before acquiring or entering into a lease involving amajor league or minor league baseball stadium and before entering into aconstruction contract involving a major league or minor league baseballstadium or stadium site, the Authority shall submit a detailed written reportand the findings of the Authority that justify the proposed acquisition,lease, or contract to the General Assembly. The report and findings shallinclude a detailed plan of the method of funding and the economic necessityof the proposed acquisition, lease, or contract.
D. The time periods in subsections A, B, and C of this section may not runconcurrently.
E. The Commonwealth shall not enter into any purchase agreement, leaseagreement, lease-purchase agreement, master lease agreement or any othercontractual arrangement that creates a direct or contingent financialobligation of the Commonwealth unless such agreement or arrangement has firstbeen submitted to the State Treasurer sufficiently prior to the execution ofsuch agreement or arrangement to allow the State Treasurer to undertake areview for the purposes of determining (i) whether the agreement orarrangement may constitute tax-supported debt of the Commonwealth and (ii)the potential impact of the agreement or arrangement on the debt capacity andcredit ratings of the Commonwealth. If after such review the State Treasurerdetermines that the agreement or arrangement may constitute tax-supporteddebt of the Commonwealth, or may have an adverse impact on the debt capacityor the credit ratings of the Commonwealth, the agreement or arrangement andany associated financing shall be submitted to the Treasury Board for reviewand approval of terms and structures in a manner consistent with § 2.2-2416.
F. The Commonwealth shall not enter into any purchase agreement, leaseagreement, lease-purchase agreement, master lease agreement or any othercontractual arrangement that creates a direct or contingent financialobligation of the Commonwealth unless such agreement or arrangement has firstbeen reviewed and approved as required by subsection E and subsequentlyapproved in writing by the Governor.
(1992, c. 823, § 15.1-227.76; 1995, cc. 613, 629; 1996, cc. 950, 1038; 1997,c. 587.)
A. At least sixty days prior to selecting a site for a major league or minorleague baseball stadium, the Authority shall hold a public hearing withinthirty miles of the site proposed to be acquired for the purpose ofsoliciting public comment.
B. Except as otherwise provided herein, at least sixty days prior to thepublic hearing required by this section, the Authority shall notify the localgoverning body in which the major league or minor league baseball stadium isproposed to be located and advertise the notice in a newspaper of generalcirculation in that locality. The notice shall include: (i) a description ofthe site proposed to be acquired, (ii) the intended use of the site, and(iii) the date, time, and location of the public hearing. After receipt ofthe notice required by this section, the local governing body in which amajor league or minor league baseball stadium is proposed to be located mayrequire that this period be extended for up to sixty additional days or forsuch other time period as agreed upon by the local governing body and theAuthority.
C. At least thirty days before acquiring or entering into a lease involving amajor league or minor league baseball stadium and before entering into aconstruction contract involving a major league or minor league baseballstadium or stadium site, the Authority shall submit a detailed written reportand the findings of the Authority that justify the proposed acquisition,lease, or contract to the General Assembly. The report and findings shallinclude a detailed plan of the method of funding and the economic necessityof the proposed acquisition, lease, or contract.
D. The time periods in subsections A, B, and C of this section may not runconcurrently.
E. The Commonwealth shall not enter into any purchase agreement, leaseagreement, lease-purchase agreement, master lease agreement or any othercontractual arrangement that creates a direct or contingent financialobligation of the Commonwealth unless such agreement or arrangement has firstbeen submitted to the State Treasurer sufficiently prior to the execution ofsuch agreement or arrangement to allow the State Treasurer to undertake areview for the purposes of determining (i) whether the agreement orarrangement may constitute tax-supported debt of the Commonwealth and (ii)the potential impact of the agreement or arrangement on the debt capacity andcredit ratings of the Commonwealth. If after such review the State Treasurerdetermines that the agreement or arrangement may constitute tax-supporteddebt of the Commonwealth, or may have an adverse impact on the debt capacityor the credit ratings of the Commonwealth, the agreement or arrangement andany associated financing shall be submitted to the Treasury Board for reviewand approval of terms and structures in a manner consistent with § 2.2-2416.
F. The Commonwealth shall not enter into any purchase agreement, leaseagreement, lease-purchase agreement, master lease agreement or any othercontractual arrangement that creates a direct or contingent financialobligation of the Commonwealth unless such agreement or arrangement has firstbeen reviewed and approved as required by subsection E and subsequentlyapproved in writing by the Governor.
(1992, c. 823, § 15.1-227.76; 1995, cc. 613, 629; 1996, cc. 950, 1038; 1997,c. 587.)
