Industrial Development Authority v. Board of Supervisors

In this appeal, the dispositive issue is whether the trial court erred in construing the term “finance” in Code § 15.2-4905 of the Industrial Development and Revenue Bond Act (the Act), Code § 15.2-4900 through -4920, to include the “refinance” of existing bonds issued under the Act.

BACKGROUND

The pertinent facts are not in dispute and, for purposes of our resolution of this appeal, may be briefly summarized in the following fashion without a recitation of the technical aspects of those facts. The Industrial Development Authority of the City of Roanoke (the IDA) was created on October 21,…