Virginia § 15.2-4906 - Public hearing and approval
Full text of Virginia Code of Virginia § 15.2-4906 — Public hearing and approval, with citation guidance and answers to common questions.
§ 15.2-4906. Public hearing and approval
A. Whenever federal law requires public hearings and public approval as a prerequisite to obtaining federal tax exemption for the interest paid on private activity bonds, unless otherwise specified by federal law or regulation, the public hearing shall be conducted by the authority and the procedure for the public hearing and public approval shall be in accordance with this section.
B. For a public hearing by the authority, notice of the hearing shall be published not less than seven days in advance of such hearing in a newspaper having general circulation in the locality in which the facility to be financed is to be located. The applicant shall pay the cost of publication. The notice shall specify the time and place of hearing at which persons may appear and present their views. The hearing shall be held not less than seven days after the notice has been published.
The notice shall contain: (i) the name and address of the authority; (ii) the name and address (principal place of business, if any) of the party seeking financing; (iii) the maximum dollar amount of financing sought; and (iv) the type of business and purpose and specific location, if known, of the facility to be financed.
If after the hearing has been held the authority approves the financing, a reasonably detailed summary of the comments expressed at the hearing shall be conveyed promptly to the locality's governing body together with the recommendation of the authority.
C. For public approval, the governing body of the locality on behalf of which the bonds of the authority are issued shall no more than one year after the public hearing held by the authority either approve or disapprove financing of any facility recommended by the authority.
Action of the governing body shall be by a majority of a quorum set out in a resolution. Such vote shall be recorded and disclose how each member voted.
In case of a joint authority the approval required by the governing body of the locality shall be that governing body of the area where the facility will be located, if permitted by federal law or regulation.
The provisions of this section shall not apply to bonds, notes or other obligations issued pursuant to hearings held and governmental approvals obtained prior to the effective date of this act in compliance with federal law or regulation.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 15.2-4906
What does Code of Virginia § 15.2-4906 cover?
Section 15.2-4906 ("Public hearing and approval") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 15.2-4906?
A common citation format is "Code of Virginia § 15.2-4906" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 15.2-4906 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.