If an authority desires to undertake a project or other activity as provided in this chapter, and the property involved in such undertaking is subject to a reversionary interest in favor of the Commonwealth, such undertaking shall require the prior approval of the Governor but shall not require the approval of any other agency or political subdivision of the Commonwealth. Once the Governor grants such approval, the Commonwealth's reversionary interest in such property shall be subordinate to any lease, mortgage, or other transaction entered into by such authority with regard to such property.
2005, cc. 869, 887.
Structure Code of Virginia
Title 15.2 - Counties, Cities and Towns
Chapter 63 - Authorities for Development of Former Federal Areas
§ 15.2-6300. Declaration of policy for authorities created by the Governor
§ 15.2-6300.1. Declaration of policy for authorities created by a locality
§ 15.2-6302. Establishment of development authorities
§ 15.2-6303. Authorities to file annual reports
§ 15.2-6304. Board of commissioners; appointment of director, agents and employees
§ 15.2-6305. Powers and duties of director
§ 15.2-6306. Principal and branch offices
§ 15.2-6308. Powers of authorities generally
§ 15.2-6308.1. Approval of Governor required
§ 15.2-6309. Two or more authorities may join or cooperate in exercising powers
§ 15.2-6310. Payments to Commonwealth or political subdivisions thereof
§ 15.2-6311. Authorities may borrow money, accept contributions, etc.
§ 15.2-6312. Authorities empowered to issue bonds; additional security; liability thereon
§ 15.2-6313. Bonds to be authorized by resolution of board; terms; sale; negotiability; validity
§ 15.2-6314.1. Applicability of the Virginia Personnel Act and the Virginia Public Procurement Act
§ 15.2-6315. Provisions for securing payment of bonds
§ 15.2-6316. Rights and remedies of obligees
§ 15.2-6317. Rents, fees and charges; disposition of revenues
§ 15.2-6318. Investment in bonds issued by authorities
§ 15.2-6319. Dissolution of authority
§ 15.2-6320. Powers conferred additional and supplemental; liberal construction