15.2-5914 - Entitlement to sales tax revenues derived from a stadium.
§ 15.2-5914. Entitlement to sales tax revenues derived from a stadium.
A. If the Authority has issued bonds to finance or refinance a stadium, theAuthority shall be entitled to all sales tax revenues that are generated bytransactions taking place upon the premises of the stadium. Such entitlementshall continue for the lifetime of such bonds, but that entitlement shall notexceed thirty years. All sales tax revenues shall be applied to repayment ofthe bonds. The State Comptroller shall remit such sales tax revenues to theAuthority on a quarterly basis, subject to such reasonable processing delaysas may be required by the Department of Taxation to calculate the actual netsales tax revenues generated by transactions taking place upon the premisesof the stadium. The State Comptroller shall make such remittances to theAuthority, as provided herein, notwithstanding any provisions to the contraryin the Virginia Retail Sales and Use Tax Act (§ 58.1-600 et seq.).
B. If the Authority has issued bonds to finance or refinance a stadium, thelocal governing body of the locality in which the stadium is located maydirect, by ordinance or resolution, that all local sales and use tax revenuesgenerated by transactions taking place upon the premises of the 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. Suchremittances shall be for the same period and under the same conditions asremittances to the Authority paid in accordance with subsection A, mutatismutandis.
(1996, c. 1021, § 15.1-1702; 1997, c. 587.)