§ 58.1-608.3. Entitlement to certain sales tax revenues.
A. As used in this section, the following words and terms have the followingmeanings, unless some other meaning is plainly intended:
"Bonds" means any obligations of a municipality for the payment of money.
"Cost," as applied to any public facility or to extensions or additions toany public facility, includes: (i) the purchase price of any public facilityacquired by the municipality or the cost of acquiring all of the capitalstock of the corporation owning the public facility and the amount to be paidto discharge any obligations in order to vest title to the public facility orany part of it in the municipality; (ii) expenses incident to determining thefeasibility or practicability of the public facility; (iii) the cost of plansand specifications, surveys and estimates of costs and of revenues; (iv) thecost of all land, property, rights, easements and franchises acquired; (v)the cost of improvements, property or equipment; (vi) the cost ofengineering, legal and other professional services; (vii) the cost ofconstruction or reconstruction; (viii) the cost of all labor, materials,machinery and equipment; (ix) financing charges; (x) interest before andduring construction and for up to one year after completion of construction;(xi) start-up costs and operating capital; (xii) payments by a municipalityof its share of the cost of any multijurisdictional public facility; (xiii)administrative expense; (xiv) any amounts to be deposited to reserve orreplacement funds; and (xv) other expenses as may be necessary or incident tothe financing of the public facility. Any obligation or expense incurred bythe public facility in connection with any of the foregoing items of cost maybe regarded as a part of the cost.
"Municipality" means any county, city, town, authority, commission, orother public entity.
"Public facility" means (i) any auditorium, coliseum, convention center,sports facility that is designed for use primarily as a baseball stadium fora minor league professional baseball affiliated team or structures attachedthereto, or conference center, which is owned by a Virginia county, city,town, authority, or other public entity and where exhibits, meetings,conferences, conventions, seminars, or similar public events may beconducted; (ii) any hotel which is owned by a foundation whose sole purposeis to benefit a state-supported university and which is attached to and is anintegral part of such facility, together with any lands reasonably necessaryfor the conduct of the operation of such events; or (iii) any hotel which isattached to and is an integral part of such facility. However, such publicfacility must be located in the City of Hampton, City of Newport News, Cityof Norfolk, City of Portsmouth, City of Richmond, City of Roanoke, City ofSalem, City of Staunton, City of Suffolk, or City of Virginia Beach. Anyproperty, real, personal, or mixed, which is necessary or desirable inconnection with any such auditorium, coliseum, convention center, baseballstadium or conference center, including, without limitation, facilities forfood preparation and serving, parking facilities, and administration offices,is encompassed within this definition. However, structures commonly referredto as "shopping centers" or "malls" shall not constitute a publicfacility hereunder. A public facility shall not include residentialcondominiums, townhomes, or other residential units. In addition, only a newpublic facility, or a public facility which will undergo a substantial andsignificant renovation or expansion, shall be eligible under subsection B ofthis section. A new public facility is one whose construction began afterDecember 31, 1991. A substantial and significant renovation entails a projectwhose cost is at least 50 percent of the original cost of the facility beingrenovated and shall have begun after December 31, 1991. A substantial andsignificant expansion entails an increase in floor space of at least 50percent over that existing in the preexisting facility and shall have begunafter December 31, 1991; or an increase in floor space of at least 10 percentover that existing in a public facility that qualified as such under thissection and was constructed after December 31, 1991.
"Sales tax revenues" means such tax collections realized under the VirginiaRetail Sales and Use Tax Act (§ 58.1-600 et seq.) of this title, as limitedherein. "Sales tax revenues" does not include the revenue generated by theone-half percent sales and use tax increase enacted by the 1986 SpecialSession of the General Assembly which shall be paid to the TransportationTrust Fund as defined in § 33.1-23.03:1, nor shall it include the one percentof the state sales and use tax revenue distributed among the counties andcities of the Commonwealth pursuant to subsection D of § 58.1-638 on thebasis of school age population. For a public facility that is a sportsfacility, "sales tax revenues" shall include such revenues generated bytransactions taking place upon the premises of a baseball stadium orstructures attached thereto.
B. Any municipality which has issued bonds (i) after December 31, 1991, butbefore January 1, 1996, (ii) on or after January 1, 1998, but before July 1,1999, (iii) on or after January 1, 1999, but before July 1, 2001, (iv) on orafter July 1, 2000, but before July 1, 2003, (v) on or after July 1, 2001,but before July 1, 2005, (vi) on or after July 1, 2004, but before July 1,2007, or (vii) on or after July 1, 2009, but before July 1, 2012, to pay thecost, or portion thereof, of any public facility shall be entitled to allsales tax revenues generated by transactions taking place in such publicfacility. Such entitlement shall continue for the lifetime of such bonds,which entitlement shall not exceed 35 years, and all such sales tax revenuesshall be applied to repayment of the bonds. The State Comptroller shall remitsuch sales tax revenues to the municipality on a quarterly basis, subject tosuch reasonable processing delays as may be required by the Department ofTaxation to calculate the actual net sales tax revenues derived from thepublic facility. The State Comptroller shall make such remittances toeligible municipalities, as provided herein, notwithstanding any provisionsto the contrary in the Virginia Retail Sales and Use Tax Act (§ 58.1-600 etseq.). No such remittances shall be made until construction is completed and,in the case of a renovation or expansion, until the governing body of themunicipality has certified that the renovation or expansion is completed.
C. Nothing in this section shall be construed as authorizing the pledging ofthe faith and credit of the Commonwealth of Virginia, or any of its revenues,for the payment of any bonds. Any appropriation made pursuant to this sectionshall be made only from sales tax revenues derived from the public facilityfor which bonds may have been issued to pay the cost, in whole or in part, ofsuch public facility.
(1995, c. 173; 1996, cc. 105, 819; 1998, cc. 492, 497; 1999, cc. 141, 184;2000, c. 474; 2001, c. 522; 2004, cc. 506, 566, 568; 2006, cc. 581, 608;2009, cc. 7, 47, 93, 499, 836.)
§ 58.1-608.3. Entitlement to certain sales tax revenues.
A. As used in this section, the following words and terms have the followingmeanings, unless some other meaning is plainly intended:
"Bonds" means any obligations of a municipality for the payment of money.
"Cost," as applied to any public facility or to extensions or additions toany public facility, includes: (i) the purchase price of any public facilityacquired by the municipality or the cost of acquiring all of the capitalstock of the corporation owning the public facility and the amount to be paidto discharge any obligations in order to vest title to the public facility orany part of it in the municipality; (ii) expenses incident to determining thefeasibility or practicability of the public facility; (iii) the cost of plansand specifications, surveys and estimates of costs and of revenues; (iv) thecost of all land, property, rights, easements and franchises acquired; (v)the cost of improvements, property or equipment; (vi) the cost ofengineering, legal and other professional services; (vii) the cost ofconstruction or reconstruction; (viii) the cost of all labor, materials,machinery and equipment; (ix) financing charges; (x) interest before andduring construction and for up to one year after completion of construction;(xi) start-up costs and operating capital; (xii) payments by a municipalityof its share of the cost of any multijurisdictional public facility; (xiii)administrative expense; (xiv) any amounts to be deposited to reserve orreplacement funds; and (xv) other expenses as may be necessary or incident tothe financing of the public facility. Any obligation or expense incurred bythe public facility in connection with any of the foregoing items of cost maybe regarded as a part of the cost.
"Municipality" means any county, city, town, authority, commission, orother public entity.
"Public facility" means (i) any auditorium, coliseum, convention center,sports facility that is designed for use primarily as a baseball stadium fora minor league professional baseball affiliated team or structures attachedthereto, or conference center, which is owned by a Virginia county, city,town, authority, or other public entity and where exhibits, meetings,conferences, conventions, seminars, or similar public events may beconducted; (ii) any hotel which is owned by a foundation whose sole purposeis to benefit a state-supported university and which is attached to and is anintegral part of such facility, together with any lands reasonably necessaryfor the conduct of the operation of such events; or (iii) any hotel which isattached to and is an integral part of such facility. However, such publicfacility must be located in the City of Hampton, City of Newport News, Cityof Norfolk, City of Portsmouth, City of Richmond, City of Roanoke, City ofSalem, City of Staunton, City of Suffolk, or City of Virginia Beach. Anyproperty, real, personal, or mixed, which is necessary or desirable inconnection with any such auditorium, coliseum, convention center, baseballstadium or conference center, including, without limitation, facilities forfood preparation and serving, parking facilities, and administration offices,is encompassed within this definition. However, structures commonly referredto as "shopping centers" or "malls" shall not constitute a publicfacility hereunder. A public facility shall not include residentialcondominiums, townhomes, or other residential units. In addition, only a newpublic facility, or a public facility which will undergo a substantial andsignificant renovation or expansion, shall be eligible under subsection B ofthis section. A new public facility is one whose construction began afterDecember 31, 1991. A substantial and significant renovation entails a projectwhose cost is at least 50 percent of the original cost of the facility beingrenovated and shall have begun after December 31, 1991. A substantial andsignificant expansion entails an increase in floor space of at least 50percent over that existing in the preexisting facility and shall have begunafter December 31, 1991; or an increase in floor space of at least 10 percentover that existing in a public facility that qualified as such under thissection and was constructed after December 31, 1991.
"Sales tax revenues" means such tax collections realized under the VirginiaRetail Sales and Use Tax Act (§ 58.1-600 et seq.) of this title, as limitedherein. "Sales tax revenues" does not include the revenue generated by theone-half percent sales and use tax increase enacted by the 1986 SpecialSession of the General Assembly which shall be paid to the TransportationTrust Fund as defined in § 33.1-23.03:1, nor shall it include the one percentof the state sales and use tax revenue distributed among the counties andcities of the Commonwealth pursuant to subsection D of § 58.1-638 on thebasis of school age population. For a public facility that is a sportsfacility, "sales tax revenues" shall include such revenues generated bytransactions taking place upon the premises of a baseball stadium orstructures attached thereto.
B. Any municipality which has issued bonds (i) after December 31, 1991, butbefore January 1, 1996, (ii) on or after January 1, 1998, but before July 1,1999, (iii) on or after January 1, 1999, but before July 1, 2001, (iv) on orafter July 1, 2000, but before July 1, 2003, (v) on or after July 1, 2001,but before July 1, 2005, (vi) on or after July 1, 2004, but before July 1,2007, or (vii) on or after July 1, 2009, but before July 1, 2012, to pay thecost, or portion thereof, of any public facility shall be entitled to allsales tax revenues generated by transactions taking place in such publicfacility. Such entitlement shall continue for the lifetime of such bonds,which entitlement shall not exceed 35 years, and all such sales tax revenuesshall be applied to repayment of the bonds. The State Comptroller shall remitsuch sales tax revenues to the municipality on a quarterly basis, subject tosuch reasonable processing delays as may be required by the Department ofTaxation to calculate the actual net sales tax revenues derived from thepublic facility. The State Comptroller shall make such remittances toeligible municipalities, as provided herein, notwithstanding any provisionsto the contrary in the Virginia Retail Sales and Use Tax Act (§ 58.1-600 etseq.). No such remittances shall be made until construction is completed and,in the case of a renovation or expansion, until the governing body of themunicipality has certified that the renovation or expansion is completed.
C. Nothing in this section shall be construed as authorizing the pledging ofthe faith and credit of the Commonwealth of Virginia, or any of its revenues,for the payment of any bonds. Any appropriation made pursuant to this sectionshall be made only from sales tax revenues derived from the public facilityfor which bonds may have been issued to pay the cost, in whole or in part, ofsuch public facility.
(1995, c. 173; 1996, cc. 105, 819; 1998, cc. 492, 497; 1999, cc. 141, 184;2000, c. 474; 2001, c. 522; 2004, cc. 506, 566, 568; 2006, cc. 581, 608;2009, cc. 7, 47, 93, 499, 836.)
§ 58.1-608.3. Entitlement to certain sales tax revenues.
A. As used in this section, the following words and terms have the followingmeanings, unless some other meaning is plainly intended:
"Bonds" means any obligations of a municipality for the payment of money.
"Cost," as applied to any public facility or to extensions or additions toany public facility, includes: (i) the purchase price of any public facilityacquired by the municipality or the cost of acquiring all of the capitalstock of the corporation owning the public facility and the amount to be paidto discharge any obligations in order to vest title to the public facility orany part of it in the municipality; (ii) expenses incident to determining thefeasibility or practicability of the public facility; (iii) the cost of plansand specifications, surveys and estimates of costs and of revenues; (iv) thecost of all land, property, rights, easements and franchises acquired; (v)the cost of improvements, property or equipment; (vi) the cost ofengineering, legal and other professional services; (vii) the cost ofconstruction or reconstruction; (viii) the cost of all labor, materials,machinery and equipment; (ix) financing charges; (x) interest before andduring construction and for up to one year after completion of construction;(xi) start-up costs and operating capital; (xii) payments by a municipalityof its share of the cost of any multijurisdictional public facility; (xiii)administrative expense; (xiv) any amounts to be deposited to reserve orreplacement funds; and (xv) other expenses as may be necessary or incident tothe financing of the public facility. Any obligation or expense incurred bythe public facility in connection with any of the foregoing items of cost maybe regarded as a part of the cost.
"Municipality" means any county, city, town, authority, commission, orother public entity.
"Public facility" means (i) any auditorium, coliseum, convention center,sports facility that is designed for use primarily as a baseball stadium fora minor league professional baseball affiliated team or structures attachedthereto, or conference center, which is owned by a Virginia county, city,town, authority, or other public entity and where exhibits, meetings,conferences, conventions, seminars, or similar public events may beconducted; (ii) any hotel which is owned by a foundation whose sole purposeis to benefit a state-supported university and which is attached to and is anintegral part of such facility, together with any lands reasonably necessaryfor the conduct of the operation of such events; or (iii) any hotel which isattached to and is an integral part of such facility. However, such publicfacility must be located in the City of Hampton, City of Newport News, Cityof Norfolk, City of Portsmouth, City of Richmond, City of Roanoke, City ofSalem, City of Staunton, City of Suffolk, or City of Virginia Beach. Anyproperty, real, personal, or mixed, which is necessary or desirable inconnection with any such auditorium, coliseum, convention center, baseballstadium or conference center, including, without limitation, facilities forfood preparation and serving, parking facilities, and administration offices,is encompassed within this definition. However, structures commonly referredto as "shopping centers" or "malls" shall not constitute a publicfacility hereunder. A public facility shall not include residentialcondominiums, townhomes, or other residential units. In addition, only a newpublic facility, or a public facility which will undergo a substantial andsignificant renovation or expansion, shall be eligible under subsection B ofthis section. A new public facility is one whose construction began afterDecember 31, 1991. A substantial and significant renovation entails a projectwhose cost is at least 50 percent of the original cost of the facility beingrenovated and shall have begun after December 31, 1991. A substantial andsignificant expansion entails an increase in floor space of at least 50percent over that existing in the preexisting facility and shall have begunafter December 31, 1991; or an increase in floor space of at least 10 percentover that existing in a public facility that qualified as such under thissection and was constructed after December 31, 1991.
"Sales tax revenues" means such tax collections realized under the VirginiaRetail Sales and Use Tax Act (§ 58.1-600 et seq.) of this title, as limitedherein. "Sales tax revenues" does not include the revenue generated by theone-half percent sales and use tax increase enacted by the 1986 SpecialSession of the General Assembly which shall be paid to the TransportationTrust Fund as defined in § 33.1-23.03:1, nor shall it include the one percentof the state sales and use tax revenue distributed among the counties andcities of the Commonwealth pursuant to subsection D of § 58.1-638 on thebasis of school age population. For a public facility that is a sportsfacility, "sales tax revenues" shall include such revenues generated bytransactions taking place upon the premises of a baseball stadium orstructures attached thereto.
B. Any municipality which has issued bonds (i) after December 31, 1991, butbefore January 1, 1996, (ii) on or after January 1, 1998, but before July 1,1999, (iii) on or after January 1, 1999, but before July 1, 2001, (iv) on orafter July 1, 2000, but before July 1, 2003, (v) on or after July 1, 2001,but before July 1, 2005, (vi) on or after July 1, 2004, but before July 1,2007, or (vii) on or after July 1, 2009, but before July 1, 2012, to pay thecost, or portion thereof, of any public facility shall be entitled to allsales tax revenues generated by transactions taking place in such publicfacility. Such entitlement shall continue for the lifetime of such bonds,which entitlement shall not exceed 35 years, and all such sales tax revenuesshall be applied to repayment of the bonds. The State Comptroller shall remitsuch sales tax revenues to the municipality on a quarterly basis, subject tosuch reasonable processing delays as may be required by the Department ofTaxation to calculate the actual net sales tax revenues derived from thepublic facility. The State Comptroller shall make such remittances toeligible municipalities, as provided herein, notwithstanding any provisionsto the contrary in the Virginia Retail Sales and Use Tax Act (§ 58.1-600 etseq.). No such remittances shall be made until construction is completed and,in the case of a renovation or expansion, until the governing body of themunicipality has certified that the renovation or expansion is completed.
C. Nothing in this section shall be construed as authorizing the pledging ofthe faith and credit of the Commonwealth of Virginia, or any of its revenues,for the payment of any bonds. Any appropriation made pursuant to this sectionshall be made only from sales tax revenues derived from the public facilityfor which bonds may have been issued to pay the cost, in whole or in part, ofsuch public facility.
(1995, c. 173; 1996, cc. 105, 819; 1998, cc. 492, 497; 1999, cc. 141, 184;2000, c. 474; 2001, c. 522; 2004, cc. 506, 566, 568; 2006, cc. 581, 608;2009, cc. 7, 47, 93, 499, 836.)
