State Codes and Statutes
Statutes > Virginia > Title-15-2 > Chapter-59 > 15-2-5911§ 15.2-5911. Sports Facility Authority Financing Fund; use.
A. There is hereby created a Hampton Roads Sports Facility AuthorityFinancing Fund ("Fund"). The Authority shall use the Fund as a nonlapsingrevolving fund for carrying out the provisions of this chapter.
B. All of the following receipts of the Authority shall be placed in theFund: (i) proceeds from the sale of bonds, (ii) revenues collected orreceived from any source under the provisions of this chapter, and (iii) anyother revenues under the jurisdiction of the Authority.
C. The Authority shall pay all expenses and make all expenditures from theFund. To the extent deemed appropriate by the Authority, the receipts of theFund shall be pledged to and charged with the payment of debt service onAuthority bonds and all reasonable charges and expenses related to Authorityborrowing and the management of Authority obligation.
(1996, c. 1021, § 15.1-1699; 1997, c. 587.)
