Va. Code § 33.2-3806: Donations to authority; remittance of tax revenue

Authority members are hereby authorized to lend or donate money or other property to the authority for any of its purposes. The member making the grant or loan may restrict the use of such grants or loans to a specific facility owned by the authority, within or outside the geographical area of the member.The governing body of the member in which a facility owned by the authority is located may direct, by resolution or ordinance, that all tax revenue 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 credit or taxing power of such member.2021, Sp. Sess. I, cc. 353, 354.