Virginia House Bill 559 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 6 2020 - 25% progression, died in committee
Action: 2020-02-05 - Continued to 2021 in Finance by voice vote
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

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.

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

Del. Joesph Lindsey [D]

Date	Chamber	Action
2020-02-05	House	Continued to 2021 in Finance by voice vote
2020-02-03	House	Subcommittee recommends continuing to 2021 by voice vote
2020-01-31	House	Referred to Committee on Finance
2020-01-31	House	Referred from Counties, Cities and Towns by voice vote
2020-01-17	House	Assigned CC & T sub: Charters
2020-01-06	House	Referred to Committee on Counties, Cities and Towns
2020-01-06	House	Prefiled and ordered printed; offered 01/08/20 20102685D

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

Chapter	Article	Section	Citation Type	Statute Text
15	2	5935	(n/a)	See Bill Text
15	2	5942	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?201+sum+HB559
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB559+hil