§ 5.5-57. Donations to authority; remittance of tax revenue.

(a)

Member localities are hereby authorized to lend, or donate money or other property to the authority for any of its purposes. The member locality making the grant or loan may restrict the use of such grants or loans to a specific facility owned by the authority, within or without that member locality.

(b)

The governing body of the member locality in which a facility owned by the authority is located may direct, by resolution or ordinance that all tax revenues collected with respect to the facility shall be remitted to the authority. Such revenues may be used for the payment of debt service on bonds of the authority and other obligations of the authority incurred with respect to such facility. The action of such governing body shall not constitute a pledge of the credit or taxing power of such member locality.

(Res. No. 1-10-2013, Art. VII, 10-2-13; Res. No. 13-11-2013, Art. VII, 11-19-13)

(Res. No. 1-10-2013, Art. VII, 10-2-13; Res. No. 13-11-2013, Art. VII, 11-19-13)