15.2-5814 - Entitlement to sales tax revenues derived from a major league baseball stadium.
§ 15.2-5814. Entitlement to sales tax revenues derived from a major leaguebaseball stadium.
A. In connection with the issuance of bonds by the Authority to finance orrefinance a major league baseball stadium, the Authority shall be entitled toall sales tax revenues that are generated by transactions taking place uponthe premises of the major league baseball stadium. Such entitlement shallcontinue for the lifetime of such bonds, but that entitlement shall notexceed thirty years. Sales tax revenues may be applied to repayment of thebonds, stadium operating expenses, master lease rental payments by theCommonwealth, capital expenditures and other purposes of the Authority. TheState Comptroller shall remit such sales tax revenues to the Authority on aquarterly basis, subject to such reasonable processing delays as may berequired by the Department of Taxation to calculate the actual net sales taxrevenues generated by transactions taking place upon the premises of themajor league baseball stadium. The State Comptroller shall make suchremittances to the Authority, as provided herein, notwithstanding anyprovisions to the contrary in the Virginia Retail Sales and Use Tax Act (§58.1-600 et seq.).
B. In connection with the issuance of bonds by the Authority to finance orrefinance a major league baseball stadium, the local governing body of thelocality in which the stadium is located may direct, by ordinance orresolution, that all local sales and use tax revenues generated bytransactions taking place upon the premises of the major league stadium fromtaxes levied pursuant to §§ 58.1-605 and 58.1-606 shall be remitted by theState Comptroller to the Authority for the repayment of bonds, stadiumoperating expenses, master lease rental payments by the Commonwealth, capitalexpenditures and other purposes of the Authority. Such remittances shall befor the same period and under the same conditions as remittances to theAuthority paid in accordance with subsection A, mutatis mutandis.
C. In connection with the issuance of bonds by the Authority to finance orrefinance a major league baseball stadium, the local governing body of thelocality in which the stadium is located may direct, by ordinance orresolution, that all admissions tax revenues of such locality generated byadmissions to the major league stadium from taxes levied pursuant to §§58.1-3818 and 58.1-3840 shall be remitted to the Authority for the repaymentof bonds, stadium operating expenses, master lease rental payments by theCommonwealth, capital expenditures and other purposes of the Authority. Anylevy pursuant to this section may be for the lifetime of such bonds, but suchlevy shall not exceed thirty years.
(1995, cc. 613, 629, § 15.1-227.84; 1996, cc. 950, 1038; 1997, c. 587.)