VA HB559 | 2021 | Regular Session

Note: Carryover of previous HB559

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 6 2020 - 25% progression, died in committee
Action: 2020-12-04 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Summary

City of Norfolk; financing of an arena and facility. Grants the City of Norfolk certain powers relating to construction of an arena and facility. Among those powers is the authority to (i) issue bonds to construct the arena and facility, (ii) receive state sales and use tax revenue that is attributable to the arena and facility, and (iii) use such revenue to repay such bonds. The bill provides that the City of Norfolk's entitlement to state sales and use tax revenue will expire on the earliest of (a) the maturity date of any bonds it issues related to constructing the arena and facility, (b) the expiration date of its contractual obligations related to the arena or facility, or (c) July 1, 2055. The powers granted by the bill to the City of Norfolk are similar to those granted to the City of Virginia Beach with respect to a sports or entertainment project. City of Norfolk; financing of an arena and facility. Grants the City of Norfolk certain powers relating to construction of an arena and facility. Among those powers is the authority to (i) issue bonds to construct the arena and facility, (ii) receive state sales and use tax revenue that is attributable to the arena and facility, and (iii) use such revenue to repay such bonds. The bill provides that the City of Norfolk's entitlement to state sales and use tax revenue will expire on the earliest of (a) the maturity date of any bonds it issues related to constructing the arena and facility, (b) the expiration date of its contractual obligations related to the arena or facility, or (c) July 1, 2055. The powers granted by the bill to the City of Norfolk are similar to those granted to the City of Virginia Beach with respect to a sports or entertainment project.

Tracking Information

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Title

Norfolk, City of; financing of an arena and facility.

Sponsors


History

DateChamberAction
2020-12-04HouseLeft in Finance
2020-02-05HouseContinued to 2021 in Finance by voice vote
2020-02-03HouseSubcommittee recommends continuing to 2021 by voice vote
2020-01-31HouseReferred to Committee on Finance
2020-01-31HouseReferred from Counties, Cities and Towns by voice vote
2020-01-17HouseAssigned CC & T sub: Charters
2020-01-06HouseReferred to Committee on Counties, Cities and Towns
2020-01-06HousePrefiled and ordered printed; offered 01/08/20 20102685D

Same As/Similar To

HB559 (Carry Over) 2020-02-05 - Continued to 2021 in Finance by voice vote

Code Citations

ChapterArticleSectionCitation TypeStatute Text
1525935(n/a)See Bill Text
1525942(n/a)See Bill Text

Virginia State Sources


Bill Comments

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