Sports or entertainment project; City of Va. Beach granted certain powers relating to construction. (HB2368)

Introduced By

Del. Barry Knight (R-Virginia Beach)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

City of Virginia Beach; sports or entertainment project. Grants the City of Virginia Beach certain powers relating to construction of a sports or entertainment project and any related facilities. Among those powers is the authority to (i) issue bonds to construct a sports or entertainment project, (ii) receive state sales and use tax revenue that is attributable to such project, and (iii) use such revenue to repay such bonds. The bill provides that the City of Virginia Beach's entitlement to state sales and use tax revenue shall expire on July 1, 2039. The powers granted by the bill to the City of Virginia Beach are similar to those granted to the Hampton Roads Sports Facility Authority. Read the Bill »

Status

01/18/2019: Awaiting a Vote in the Finance Committee

History

DateAction
01/08/2019Committee
01/08/2019Prefiled and ordered printed; offered 01/09/19 19104205D
01/08/2019Referred to Committee on Finance
01/18/2019Assigned Finance sub: Subcommittee #2

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