{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-4901.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-4901.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-4901.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-4901.html"}],"law_id":54556,"edition_id":1,"section_id":54556,"structure_id":13549,"section_number":"15.2-4901","catch_line":"Purpose of chapter","history":"1966, c. 651, \u00a7 15.1-1375; 1972, c. 783; 1975, c. 489; 1977, c. 619; 1978, cc. 276, 526; 1984, c. 700; 1985, c. 317, \u00a7 15.1-1392; 1986, c. 473; 1988, c. 211; 1990, c. 312; 1991, c. 6; 1997, cc. 587, 758, 763; 2002, cc. 680, 725; 2005, c. 928; 2012, c. 498; 2019, cc. 546, 818, 819; 2022, c. 489.","full_text":"It is the intent of the legislature by the passage of this chapter to authorize the creation of industrial development authorities by the localities in the Commonwealth so that such authorities may acquire, own, lease, and dispose of properties and make loans to the end that such authorities may be able to promote industry and develop trade by inducing manufacturing, industrial, governmental, nonprofit, and commercial enterprises, and institutions of higher education to locate in or remain in the Commonwealth and further the use of its agricultural products and natural resources, and to vest such authorities with all powers that may be necessary to enable them to accomplish such purposes, which powers shall be exercised for the benefit of the inhabitants of the Commonwealth, either through the increase of their commerce, or through the promotion of their safety, health, welfare, convenience, or prosperity. Such authority shall not itself be authorized to operate any such manufacturing, industrial, nonprofit, or commercial enterprise, or any facility of an institution of higher education.\n\t\tIt is the further intent of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to pollution control facilities to the end that such authorities may protect and promote the health of the inhabitants of the Commonwealth and the conservation, protection, and improvement of its natural resources by exercising such powers for the control or abatement of land, sewer, water, air, noise, and general environmental pollution derived from the operation of any industrial or medical facility and to vest such authorities with all powers that may be necessary to enable them to accomplish such purpose, which powers shall be exercised for the benefit of the inhabitants of the Commonwealth, either through the increase of their commerce, or through the promotion of their safety, health, welfare, convenience, or prosperity.\n\t\tIt is the further intent of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to medical facilities and facilities for the residence or care of the aged to the end that such authorities may protect and promote the health and welfare of the inhabitants of the Commonwealth by assisting in the acquisition, construction, equipping, expansion, enlargement, and improvement of medical facilities and facilities for the residence or care of the aged in order to provide modern and efficient medical services to the inhabitants of the Commonwealth and care of the aged of the Commonwealth in accordance with their special needs and also by assisting in the refinancing of medical facilities and facilities for the residence or care of the aged owned and operated by organizations which are exempt from taxation pursuant to \u00a7 501(c)(3) of the Internal Revenue Code of 1954, as amended, in order to reduce the costs to residents of the Commonwealth of utilizing such facilities and to vest such authorities with all powers that may be necessary to enable them to accomplish such purposes, which powers shall be exercised for the benefit of the inhabitants of the Commonwealth and for the promotion of their health and welfare. It is not intended hereby that any such authority shall itself be authorized to operate any such medical facility or facility for the residence or care of the aged.\n\t\tIt is the further intent of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to facilities for use by organizations (other than institutions organized and operated exclusively for religious purposes) which are described in \u00a7 501(c)(3) of the Internal Revenue Code of 1954, as amended, and which are exempt from federal income taxation pursuant to \u00a7 501(a) of the Internal Revenue Code of 1954, as amended, to the end that such authorities may protect or promote the safety, health, welfare, convenience, and prosperity of the inhabitants of the Commonwealth by assisting in the acquisition, construction, equipping, expansion, enlargement, improvement, financing, and refinancing of such facilities of the aforesaid entities and organizations in order to provide operations, recreational, activity centers, and other facilities for the use of the inhabitants of the Commonwealth and to vest such authorities with all powers that may be necessary to enable them to accomplish such purposes, which powers shall be exercised for the benefit of the inhabitants of the Commonwealth and for the promotion of their safety, health, welfare, convenience, or prosperity. It is not intended hereby that any such authority shall itself be authorized to operate any such facility.\n\t\tIt is the further intent of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to facilities for accredited nonprofit private institutions of higher education in the Commonwealth whose primary purpose is to provide collegiate or graduate education and not to provide religious training or theological education to the end that such authorities may protect and promote the health and welfare of the inhabitants of the Commonwealth by assisting in the acquisition, construction, equipping, expansion, enlargement, and improvement of facilities of aforesaid institutions in order to provide improved educational facilities for the use of the inhabitants of the Commonwealth and to vest such authorities with all powers that may be necessary to enable them to accomplish such purposes, which powers shall be exercised for the benefit of the inhabitants of the Commonwealth and for the promotion of their health, welfare, convenience, or prosperity. It is not intended hereby that any such authority shall itself be authorized to operate any such educational facility.\n\t\tIt is the further intent of the legislature and shall be the policy of the Commonwealth to grant industrial development authorities the powers contained herein with respect to facilities for a locality, the Commonwealth and its agencies, and governmental and nonprofit organizations and to vest such authorities with all powers that may be necessary to enable them to accomplish such purposes, which powers shall be exercised for the benefit of the inhabitants of the Commonwealth and for the promotion of their health, welfare, convenience, or prosperity.\n\t\tIt is further the intent of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to facilities for museums and historical education, demonstration, and interpretation, together with any and all buildings, structures, or other facilities necessary or desirable in connection with the foregoing, for use by nonprofit organizations in order to promote tourism and economic development in the Commonwealth, to promote the knowledge of and appreciation by the citizens of the Commonwealth of the historical and cultural development and heritage of the Commonwealth and the United States and to promote thereby their health, welfare, convenience, and prosperity. It is not intended hereby that any such authority shall itself be authorized to operate any such facility.\n\t\tIt is the further intent of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to facilities devoted to the staging of equine events and activities (other than racing) for use by governmental or nonprofit, nonreligious organizations and operated by such governmental or nonprofit, nonreligious organizations in order to promote the equine industry and equine-related activities (other than racing) which are integral to the Commonwealth’s economy and heritage and to promote thereby the safety, health, welfare, convenience, and prosperity of the inhabitants of the Commonwealth.\n\t\tIt is the further intent of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to acquiring, developing, owning, and operating an industrial park and any utilities that are intended primarily to serve the park and to issue bonds for such purposes. The bonds may be secured by revenues generated by the industrial park or the utilities being financed or by any other funds of the authority.\n\t\tIt is the further intent of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities created by one or more municipalities whose housing authorities have not been activated as provided by \u00a7\u00a7 36-4 and 36-4.1, in addition to the powers previously or hereafter granted in this chapter, the powers contained herein with respect to facilities used primarily for single or multi-family residences in order to promote safe and affordable housing in the Commonwealth and to benefit thereby the safety, health, welfare, and prosperity of the inhabitants of the Commonwealth. It is not intended hereby that any such authority shall itself be authorized to operate any such facility or exercise any powers of eminent domain set forth in \u00a7 36-27.\n\t\tIt is the further intent of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities, in addition to the powers previously or hereafter granted herein, the power to make grants associated with the construction of affordable housing in order to promote safe and affordable housing in the Commonwealth and to benefit thereby the safety, health, welfare, and prosperity of the inhabitants of the Commonwealth.\n\t\tIt is the further intent of the legislature and shall be the policy of the Commonwealth to grant industrial development authorities the powers contained herein with respect to public school buildings and facilities to promote the safety, health, welfare, convenience, and prosperity of the school children of the Commonwealth by assisting in the acquisition, construction, equipping, expansion, enlargement, improvement, financing, and refinancing of such facilities of school boards in order to provide for the modernization of public school buildings or facilities pursuant to Article 3 (\u00a7 22.1-141.1 et seq.) of Chapter 9 of Title 22.1.\n\t\tIt is the further intent of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to facilitating and supporting landowner access to carbon markets through aggregation of landowners to reach a size that attracts the investment of private capital. Such aggregation provides landowners of various size tracts of land enhanced opportunities to access capital and benefits that support and enhance the agriculture and forest industries for the health, welfare, convenience and prosperity of the inhabitants of the Commonwealth.\n\t\tIn any instance in this chapter where an industrial development authority may issue bonds through its authority to finance, the authority may also refinance such bonds.\n\t\tThis chapter shall be liberally construed in conformity with these intentions.","order_by":null,"text":{"0":{"id":200341,"text":"It is the intent of the legislature by the passage of this chapter to authorize the creation of industrial development authorities by the localities in the Commonwealth so that such authorities may acquire, own, lease, and dispose of properties and make loans to the end that such authorities may be able to promote industry and develop trade by inducing manufacturing, industrial, governmental, nonprofit, and commercial enterprises, and institutions of higher education to locate in or remain in the Commonwealth and further the use of its agricultural products and natural resources, and to vest such authorities with all powers that may be necessary to enable them to accomplish such purposes, which powers shall be exercised for the benefit of the inhabitants of the Commonwealth, either through the increase of their commerce, or through the promotion of their safety, health, welfare, convenience, or prosperity. Such authority shall not itself be authorized to operate any such manufacturing, industrial, nonprofit, or commercial enterprise, or any facility of an institution of higher education.\n\t\tIt is the further intent of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to pollution control facilities to the end that such authorities may protect and promote the health of the inhabitants of the Commonwealth and the conservation, protection, and improvement of its natural resources by exercising such powers for the control or abatement of land, sewer, water, air, noise, and general environmental pollution derived from the operation of any industrial or medical facility and to vest such authorities with all powers that may be necessary to enable them to accomplish such purpose, which powers shall be exercised for the benefit of the inhabitants of the Commonwealth, either through the increase of their commerce, or through the promotion of their safety, health, welfare, convenience, or prosperity.\n\t\tIt is the further intent of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to medical facilities and facilities for the residence or care of the aged to the end that such authorities may protect and promote the health and welfare of the inhabitants of the Commonwealth by assisting in the acquisition, construction, equipping, expansion, enlargement, and improvement of medical facilities and facilities for the residence or care of the aged in order to provide modern and efficient medical services to the inhabitants of the Commonwealth and care of the aged of the Commonwealth in accordance with their special needs and also by assisting in the refinancing of medical facilities and facilities for the residence or care of the aged owned and operated by organizations which are exempt from taxation pursuant to \u00a7 501(c)(3) of the Internal Revenue Code of 1954, as amended, in order to reduce the costs to residents of the Commonwealth of utilizing such facilities and to vest such authorities with all powers that may be necessary to enable them to accomplish such purposes, which powers shall be exercised for the benefit of the inhabitants of the Commonwealth and for the promotion of their health and welfare. It is not intended hereby that any such authority shall itself be authorized to operate any such medical facility or facility for the residence or care of the aged.\n\t\tIt is the further intent of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to facilities for use by organizations (other than institutions organized and operated exclusively for religious purposes) which are described in \u00a7 501(c)(3) of the Internal Revenue Code of 1954, as amended, and which are exempt from federal income taxation pursuant to \u00a7 501(a) of the Internal Revenue Code of 1954, as amended, to the end that such authorities may protect or promote the safety, health, welfare, convenience, and prosperity of the inhabitants of the Commonwealth by assisting in the acquisition, construction, equipping, expansion, enlargement, improvement, financing, and refinancing of such facilities of the aforesaid entities and organizations in order to provide operations, recreational, activity centers, and other facilities for the use of the inhabitants of the Commonwealth and to vest such authorities with all powers that may be necessary to enable them to accomplish such purposes, which powers shall be exercised for the benefit of the inhabitants of the Commonwealth and for the promotion of their safety, health, welfare, convenience, or prosperity. It is not intended hereby that any such authority shall itself be authorized to operate any such facility.\n\t\tIt is the further intent of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to facilities for accredited nonprofit private institutions of higher education in the Commonwealth whose primary purpose is to provide collegiate or graduate education and not to provide religious training or theological education to the end that such authorities may protect and promote the health and welfare of the inhabitants of the Commonwealth by assisting in the acquisition, construction, equipping, expansion, enlargement, and improvement of facilities of aforesaid institutions in order to provide improved educational facilities for the use of the inhabitants of the Commonwealth and to vest such authorities with all powers that may be necessary to enable them to accomplish such purposes, which powers shall be exercised for the benefit of the inhabitants of the Commonwealth and for the promotion of their health, welfare, convenience, or prosperity. It is not intended hereby that any such authority shall itself be authorized to operate any such educational facility.\n\t\tIt is the further intent of the legislature and shall be the policy of the Commonwealth to grant industrial development authorities the powers contained herein with respect to facilities for a locality, the Commonwealth and its agencies, and governmental and nonprofit organizations and to vest such authorities with all powers that may be necessary to enable them to accomplish such purposes, which powers shall be exercised for the benefit of the inhabitants of the Commonwealth and for the promotion of their health, welfare, convenience, or prosperity.\n\t\tIt is further the intent of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to facilities for museums and historical education, demonstration, and interpretation, together with any and all buildings, structures, or other facilities necessary or desirable in connection with the foregoing, for use by nonprofit organizations in order to promote tourism and economic development in the Commonwealth, to promote the knowledge of and appreciation by the citizens of the Commonwealth of the historical and cultural development and heritage of the Commonwealth and the United States and to promote thereby their health, welfare, convenience, and prosperity. It is not intended hereby that any such authority shall itself be authorized to operate any such facility.\n\t\tIt is the further intent of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to facilities devoted to the staging of equine events and activities (other than racing) for use by governmental or nonprofit, nonreligious organizations and operated by such governmental or nonprofit, nonreligious organizations in order to promote the equine industry and equine-related activities (other than racing) which are integral to the Commonwealth’s economy and heritage and to promote thereby the safety, health, welfare, convenience, and prosperity of the inhabitants of the Commonwealth.\n\t\tIt is the further intent of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to acquiring, developing, owning, and operating an industrial park and any utilities that are intended primarily to serve the park and to issue bonds for such purposes. The bonds may be secured by revenues generated by the industrial park or the utilities being financed or by any other funds of the authority.\n\t\tIt is the further intent of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities created by one or more municipalities whose housing authorities have not been activated as provided by \u00a7\u00a7 36-4 and 36-4.1, in addition to the powers previously or hereafter granted in this chapter, the powers contained herein with respect to facilities used primarily for single or multi-family residences in order to promote safe and affordable housing in the Commonwealth and to benefit thereby the safety, health, welfare, and prosperity of the inhabitants of the Commonwealth. It is not intended hereby that any such authority shall itself be authorized to operate any such facility or exercise any powers of eminent domain set forth in \u00a7 36-27.\n\t\tIt is the further intent of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities, in addition to the powers previously or hereafter granted herein, the power to make grants associated with the construction of affordable housing in order to promote safe and affordable housing in the Commonwealth and to benefit thereby the safety, health, welfare, and prosperity of the inhabitants of the Commonwealth.\n\t\tIt is the further intent of the legislature and shall be the policy of the Commonwealth to grant industrial development authorities the powers contained herein with respect to public school buildings and facilities to promote the safety, health, welfare, convenience, and prosperity of the school children of the Commonwealth by assisting in the acquisition, construction, equipping, expansion, enlargement, improvement, financing, and refinancing of such facilities of school boards in order to provide for the modernization of public school buildings or facilities pursuant to Article 3 (\u00a7 22.1-141.1 et seq.) of Chapter 9 of Title 22.1.\n\t\tIt is the further intent of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to facilitating and supporting landowner access to carbon markets through aggregation of landowners to reach a size that attracts the investment of private capital. Such aggregation provides landowners of various size tracts of land enhanced opportunities to access capital and benefits that support and enhance the agriculture and forest industries for the health, welfare, convenience and prosperity of the inhabitants of the Commonwealth.\n\t\tIn any instance in this chapter where an industrial development authority may issue bonds through its authority to finance, the authority may also refinance such bonds.\n\t\tThis chapter shall be liberally construed in conformity with these intentions.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13549,"edition_id":1,"name":"Industrial Development and Revenue Bond Act","identifier":"49","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:45:11","date_modified":"2026-06-26 03:45:11","permalink":{"id":158343,"object_type":"structure","relational_id":13549,"identifier":"49","token":"15.2\/IV\/49","url":"\/15.2\/IV\/49\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12721,"edition_id":1,"name":"Other Governmental Entities","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12720,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":157897,"object_type":"structure","relational_id":12721,"identifier":"IV","token":"15.2\/IV","url":"\/15.2\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12720,"edition_id":1,"name":"Counties, Cities and Towns","identifier":"15.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":151279,"object_type":"structure","relational_id":12720,"identifier":"15.2","token":"15.2","url":"\/15.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":62034,"structure_id":13549,"section_number":"15.2-4900","catch_line":"Short title","url":"\/15.2-4900\/","token":"15.2\/IV\/49\/15.2-4900","metadata":false},{"id":54556,"structure_id":13549,"section_number":"15.2-4901","catch_line":"Purpose of chapter","url":"\/15.2-4901\/","token":"15.2\/IV\/49\/15.2-4901","metadata":false},{"id":60789,"structure_id":13549,"section_number":"15.2-4902","catch_line":"Definitions","url":"\/15.2-4902\/","token":"15.2\/IV\/49\/15.2-4902","metadata":false},{"id":66473,"structure_id":13549,"section_number":"15.2-4903","catch_line":"Creation of industrial development authorities","url":"\/15.2-4903\/","token":"15.2\/IV\/49\/15.2-4903","metadata":false},{"id":74389,"structure_id":13549,"section_number":"15.2-4904","catch_line":"Directors; 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This law was first created in 1966. The record of its establishment is cataloged in chapter 651 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1966 \u201cActs\u201d aren\u2019t available online. It has been modified 16 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1972, chapter 783; in 1975, chapter 489; in 1977, chapter 619; in 1978, chapters 276 and 526; in 1984, chapter 700; in 1985, chapter 317; in 1986, chapter 473; in 1988, chapter 211; in 1990, chapter 312; in 1991, chapter 6; in 1997, chapters 587<\/a>, 758<\/a>, and 763<\/a>; in 2002, chapters 680<\/a> and 725<\/a>; in 2005, chapter 928<\/a>; in 2012, chapter 498<\/a>; in 2019, chapters 546<\/a>, 818<\/a>, and 819<\/a>; in 2022, chapter 489<\/a>.<\/p>","references":false,"refers_to":[{"id":75654,"section_number":"22.1-141.1","catch_line":"Standards for buildings and facilities","order_by":null,"url":"\/22.1-141.1\/"},{"id":87214,"section_number":"36-27","catch_line":"Eminent domain","order_by":null,"url":"\/36-27\/"},{"id":75876,"section_number":"36-4","catch_line":"Creation of redevelopment and housing authorities","order_by":null,"url":"\/36-4\/"},{"id":62127,"section_number":"36-4.1","catch_line":"Holding of referendum; effect","order_by":null,"url":"\/36-4.1\/"}],"permalink":{"id":158349,"object_type":"law","relational_id":54556,"identifier":"15.2-4901","token":"15.2\/IV\/49\/15.2-4901","url":"\/15.2-4901\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-4901\/","token":"15.2\/IV\/49\/15.2-4901","dublin_core":{"Title":"Purpose of chapter","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-4901","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

It is the intent<\/span> of the legislature by the passage of this chapter to authorize the creation of industrial development authorities by the localities in the Commonwealth so that such authorities may acquire, own, lease, and dispose of properties and make loans<\/span> to the end that such authorities may be able to promote industry and develop trade by inducing manufacturing, industrial, governmental, nonprofit, and commercial enterprises<\/span>, and institutions of higher education to locate in or remain in the Commonwealth and further the use of its agricultural products and natural resources, and to vest such authorities with all powers that may be necessary to enable them to accomplish such purposes, which powers shall be exercised for the benefit of the inhabitants of the Commonwealth, either through the increase of their commerce, or through the promotion of their safety, health, welfare, convenience, or prosperity. Such authority<\/span> shall not itself be authorized to operate any such manufacturing, industrial, nonprofit, or commercial enterprise<\/span>, or any facility of an institution of higher education.\n\t\tIt is the further intent<\/span> of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to pollution control facilities<\/span> to the end that such authorities may protect and promote the health of the inhabitants of the Commonwealth and the conservation, protection, and improvement of its natural resources by exercising such powers for the control or abatement of land, sewer, water, air, noise, and general environmental pollution derived from the operation of any industrial or medical facility and to vest such authorities with all powers that may be necessary to enable them to accomplish such purpose, which powers shall be exercised for the benefit of the inhabitants of the Commonwealth, either through the increase of their commerce, or through the promotion of their safety, health, welfare, convenience, or prosperity.\n\t\tIt is the further intent<\/span> of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to medical facilities<\/span> and facilities<\/span> for the residence or care of the aged to the end that such authorities may protect and promote the health and welfare of the inhabitants of the Commonwealth by assisting in the acquisition, construction, equipping, expansion, enlargement, and improvement of medical facilities<\/span> and facilities<\/span> for the residence or care of the aged in order<\/span> to provide modern and efficient medical services to the inhabitants of the Commonwealth and care of the aged of the Commonwealth in accordance with their special needs and also by assisting in the refinancing of medical facilities<\/span> and facilities<\/span> for the residence or care of the aged owned and operated by organizations which are exempt from taxation pursuant to \u00a7 501(c)(3) of the Internal Revenue Code of 1954, as amended, in order<\/span> to reduce the costs to residents of the Commonwealth of utilizing such facilities<\/span> and to vest such authorities with all powers that may be necessary to enable them to accomplish such purposes, which powers shall be exercised for the benefit of the inhabitants of the Commonwealth and for the promotion of their health and welfare. It is not intended hereby that any such authority<\/span> shall itself be authorized to operate any such medical facility or facility for the residence or care of the aged.\n\t\tIt is the further intent<\/span> of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to facilities<\/span> for use by organizations (other than institutions organized and operated exclusively for religious purposes) which are described in \u00a7 501(c)(3) of the Internal Revenue Code of 1954, as amended, and which are exempt from federal income taxation pursuant to \u00a7 501(a) of the Internal Revenue Code of 1954, as amended, to the end that such authorities may protect or promote the safety, health, welfare, convenience, and prosperity of the inhabitants of the Commonwealth by assisting in the acquisition, construction, equipping, expansion, enlargement, improvement, financing, and refinancing of such facilities<\/span> of the aforesaid entities and organizations in order<\/span> to provide operations, recreational, activity centers, and other facilities<\/span> for the use of the inhabitants of the Commonwealth and to vest such authorities with all powers that may be necessary to enable them to accomplish such purposes, which powers shall be exercised for the benefit of the inhabitants of the Commonwealth and for the promotion of their safety, health, welfare, convenience, or prosperity. It is not intended hereby that any such authority<\/span> shall itself be authorized to operate any such facility.\n\t\tIt is the further intent<\/span> of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to facilities<\/span> for accredited nonprofit private institutions of higher education in the Commonwealth whose primary purpose is to provide collegiate or graduate education and not to provide religious training or theological education to the end that such authorities may protect and promote the health and welfare of the inhabitants of the Commonwealth by assisting in the acquisition, construction, equipping, expansion, enlargement, and improvement of facilities<\/span> of aforesaid institutions in order<\/span> to provide improved educational facilities<\/span> for the use of the inhabitants of the Commonwealth and to vest such authorities with all powers that may be necessary to enable them to accomplish such purposes, which powers shall be exercised for the benefit of the inhabitants of the Commonwealth and for the promotion of their health, welfare, convenience, or prosperity. It is not intended hereby that any such authority<\/span> shall itself be authorized to operate any such educational facility.\n\t\tIt is the further intent<\/span> of the legislature and shall be the policy of the Commonwealth to grant industrial development authorities the powers contained herein with respect to facilities<\/span> for a locality<\/span>, the Commonwealth and its agencies, and governmental and nonprofit organizations and to vest such authorities with all powers that may be necessary to enable them to accomplish such purposes, which powers shall be exercised for the benefit of the inhabitants of the Commonwealth and for the promotion of their health, welfare, convenience, or prosperity.\n\t\tIt is further the intent<\/span> of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to facilities<\/span> for museums and historical education, demonstration, and interpretation, together with any and all buildings, structures, or other facilities<\/span> necessary or desirable in connection with the foregoing, for use by nonprofit organizations in order<\/span> to promote tourism and economic development in the Commonwealth, to promote the knowledge of and appreciation by the citizens of the Commonwealth of the historical and cultural development and heritage of the Commonwealth and the United States and to promote thereby their health, welfare, convenience, and prosperity. It is not intended hereby that any such authority<\/span> shall itself be authorized to operate any such facility.\n\t\tIt is the further intent<\/span> of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to facilities<\/span> devoted to the staging of equine events and activities (other than racing) for use by governmental or nonprofit, nonreligious organizations and operated by such governmental or nonprofit, nonreligious organizations in order<\/span> to promote the equine industry and equine-related activities (other than racing) which are integral to the Commonwealth’s economy and heritage and to promote thereby the safety, health, welfare, convenience, and prosperity of the inhabitants of the Commonwealth.\n\t\tIt is the further intent<\/span> of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to acquiring, developing, owning, and operating an industrial park and any utilities that are intended primarily to serve the park and to issue<\/span> bonds<\/span> for such purposes. The bonds<\/span> may be secured by revenues<\/span> generated by the industrial park or the utilities being financed or by any other funds of the authority<\/span>.\n\t\tIt is the further intent<\/span> of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities created by one or more municipalities whose housing authorities have not been activated as provided by \u00a7\u00a7 36-4<\/a> and 36-4.1<\/a>, in addition to the powers previously or hereafter granted in this chapter, the powers contained herein with respect to facilities<\/span> used primarily for single or multi-family residences in order<\/span> to promote safe and affordable housing in the Commonwealth and to benefit thereby the safety, health, welfare, and prosperity of the inhabitants of the Commonwealth. It is not intended hereby that any such authority<\/span> shall itself be authorized to operate any such facility or exercise any powers of eminent domain set forth in \u00a7 36-27<\/a>.\n\t\tIt is the further intent<\/span> of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities, in addition to the powers previously or hereafter granted herein, the power to make grants associated with the construction of affordable housing in order<\/span> to promote safe and affordable housing in the Commonwealth and to benefit thereby the safety, health, welfare, and prosperity of the inhabitants of the Commonwealth.\n\t\tIt is the further intent<\/span> of the legislature and shall be the policy of the Commonwealth to grant industrial development authorities the powers contained herein with respect to public school buildings and facilities<\/span> to promote the safety, health, welfare, convenience, and prosperity of the school children of the Commonwealth by assisting in the acquisition, construction, equipping, expansion, enlargement, improvement, financing, and refinancing of such facilities<\/span> of school boards in order<\/span> to provide for the modernization of public school buildings or facilities<\/span> pursuant to Article 3 (\u00a7 22.1-141.1<\/a> et seq.) of Chapter 9 of Title 22.1.\n\t\tIt is the further intent<\/span> of the legislature and shall be the policy of the Commonwealth to grant to industrial development authorities the powers contained herein with respect to facilitating and supporting landowner access to carbon markets through aggregation of landowners to reach a size that attracts the investment of private capital. Such aggregation provides landowners of various size tracts of land enhanced opportunities to access capital and benefits that support and enhance the agriculture and forest industries for the health, welfare, convenience and prosperity of the inhabitants of the Commonwealth.\n\t\tIn any instance in this chapter where an industrial development authority<\/span> may issue<\/span> bonds<\/span> through its authority<\/span> to finance, the authority<\/span> may also refinance such bonds<\/span>.\n\t\tThis chapter shall be liberally construed in conformity with these intentions.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPURPOSE OF CHAPTER (\u00a7 15.2-4901)\n\nIt is the intent of the legislature by the passage of this chapter to authorize\nthe creation of industrial development authorities by the localities in the\nCommonwealth so that such authorities may acquire, own, lease, and dispose of\nproperties and make loans to the end that such authorities may be able to\npromote industry and develop trade by inducing manufacturing, industrial,\ngovernmental, nonprofit, and commercial enterprises, and institutions of higher\neducation to locate in or remain in the Commonwealth and further the use of its\nagricultural products and natural resources, and to vest such authorities with\nall powers that may be necessary to enable them to accomplish such purposes,\nwhich powers shall be exercised for the benefit of the inhabitants of the\nCommonwealth, either through the increase of their commerce, or through the\npromotion of their safety, health, welfare, convenience, or prosperity. Such\nauthority shall not itself be authorized to operate any such manufacturing,\nindustrial, nonprofit, or commercial enterprise, or any facility of an\ninstitution of higher education.\n\t\tIt is the further intent of the legislature and shall be the policy of the\nCommonwealth to grant to industrial development authorities the powers contained\nherein with respect to pollution control facilities to the end that such\nauthorities may protect and promote the health of the inhabitants of the\nCommonwealth and the conservation, protection, and improvement of its natural\nresources by exercising such powers for the control or abatement of land, sewer,\nwater, air, noise, and general environmental pollution derived from the\noperation of any industrial or medical facility and to vest such authorities\nwith all powers that may be necessary to enable them to accomplish such purpose,\nwhich powers shall be exercised for the benefit of the inhabitants of the\nCommonwealth, either through the increase of their commerce, or through the\npromotion of their safety, health, welfare, convenience, or prosperity.\n\t\tIt is the further intent of the legislature and shall be the policy of the\nCommonwealth to grant to industrial development authorities the powers contained\nherein with respect to medical facilities and facilities for the residence or\ncare of the aged to the end that such authorities may protect and promote the\nhealth and welfare of the inhabitants of the Commonwealth by assisting in the\nacquisition, construction, equipping, expansion, enlargement, and improvement of\nmedical facilities and facilities for the residence or care of the aged in order\nto provide modern and efficient medical services to the inhabitants of the\nCommonwealth and care of the aged of the Commonwealth in accordance with their\nspecial needs and also by assisting in the refinancing of medical facilities and\nfacilities for the residence or care of the aged owned and operated by\norganizations which are exempt from taxation pursuant to \u00a7 501(c)(3) of the\nInternal Revenue Code of 1954, as amended, in order to reduce the costs to\nresidents of the Commonwealth of utilizing such facilities and to vest such\nauthorities with all powers that may be necessary to enable them to accomplish\nsuch purposes, which powers shall be exercised for the benefit of the\ninhabitants of the Commonwealth and for the promotion of their health and\nwelfare. It is not intended hereby that any such authority shall itself be\nauthorized to operate any such medical facility or facility for the residence or\ncare of the aged.\n\t\tIt is the further intent of the legislature and shall be the policy of the\nCommonwealth to grant to industrial development authorities the powers contained\nherein with respect to facilities for use by organizations (other than\ninstitutions organized and operated exclusively for religious purposes) which\nare described in \u00a7 501(c)(3) of the Internal Revenue Code of 1954, as amended,\nand which are exempt from federal income taxation pursuant to \u00a7 501(a) of the\nInternal Revenue Code of 1954, as amended, to the end that such authorities may\nprotect or promote the safety, health, welfare, convenience, and prosperity of\nthe inhabitants of the Commonwealth by assisting in the acquisition,\nconstruction, equipping, expansion, enlargement, improvement, financing, and\nrefinancing of such facilities of the aforesaid entities and organizations in\norder to provide operations, recreational, activity centers, and other\nfacilities for the use of the inhabitants of the Commonwealth and to vest such\nauthorities with all powers that may be necessary to enable them to accomplish\nsuch purposes, which powers shall be exercised for the benefit of the\ninhabitants of the Commonwealth and for the promotion of their safety, health,\nwelfare, convenience, or prosperity. It is not intended hereby that any such\nauthority shall itself be authorized to operate any such facility.\n\t\tIt is the further intent of the legislature and shall be the policy of the\nCommonwealth to grant to industrial development authorities the powers contained\nherein with respect to facilities for accredited nonprofit private institutions\nof higher education in the Commonwealth whose primary purpose is to provide\ncollegiate or graduate education and not to provide religious training or\ntheological education to the end that such authorities may protect and promote\nthe health and welfare of the inhabitants of the Commonwealth by assisting in\nthe acquisition, construction, equipping, expansion, enlargement, and\nimprovement of facilities of aforesaid institutions in order to provide improved\neducational facilities for the use of the inhabitants of the Commonwealth and to\nvest such authorities with all powers that may be necessary to enable them to\naccomplish such purposes, which powers shall be exercised for the benefit of the\ninhabitants of the Commonwealth and for the promotion of their health, welfare,\nconvenience, or prosperity. It is not intended hereby that any such authority\nshall itself be authorized to operate any such educational facility.\n\t\tIt is the further intent of the legislature and shall be the policy of the\nCommonwealth to grant industrial development authorities the powers contained\nherein with respect to facilities for a locality, the Commonwealth and its\nagencies, and governmental and nonprofit organizations and to vest such\nauthorities with all powers that may be necessary to enable them to accomplish\nsuch purposes, which powers shall be exercised for the benefit of the\ninhabitants of the Commonwealth and for the promotion of their health, welfare,\nconvenience, or prosperity.\n\t\tIt is further the intent of the legislature and shall be the policy of the\nCommonwealth to grant to industrial development authorities the powers contained\nherein with respect to facilities for museums and historical education,\ndemonstration, and interpretation, together with any and all buildings,\nstructures, or other facilities necessary or desirable in connection with the\nforegoing, for use by nonprofit organizations in order to promote tourism and\neconomic development in the Commonwealth, to promote the knowledge of and\nappreciation by the citizens of the Commonwealth of the historical and cultural\ndevelopment and heritage of the Commonwealth and the United States and to\npromote thereby their health, welfare, convenience, and prosperity. It is not\nintended hereby that any such authority shall itself be authorized to operate\nany such facility.\n\t\tIt is the further intent of the legislature and shall be the policy of the\nCommonwealth to grant to industrial development authorities the powers contained\nherein with respect to facilities devoted to the staging of equine events and\nactivities (other than racing) for use by governmental or nonprofit,\nnonreligious organizations and operated by such governmental or nonprofit,\nnonreligious organizations in order to promote the equine industry and\nequine-related activities (other than racing) which are integral to the\nCommonwealth’s economy and heritage and to promote thereby the safety,\nhealth, welfare, convenience, and prosperity of the inhabitants of the\nCommonwealth.\n\t\tIt is the further intent of the legislature and shall be the policy of the\nCommonwealth to grant to industrial development authorities the powers contained\nherein with respect to acquiring, developing, owning, and operating an\nindustrial park and any utilities that are intended primarily to serve the park\nand to issue bonds for such purposes. The bonds may be secured by revenues\ngenerated by the industrial park or the utilities being financed or by any other\nfunds of the authority.\n\t\tIt is the further intent of the legislature and shall be the policy of the\nCommonwealth to grant to industrial development authorities created by one or\nmore municipalities whose housing authorities have not been activated as\nprovided by \u00a7\u00a7 36-4 and 36-4.1, in addition to the powers previously or\nhereafter granted in this chapter, the powers contained herein with respect to\nfacilities used primarily for single or multi-family residences in order to\npromote safe and affordable housing in the Commonwealth and to benefit thereby\nthe safety, health, welfare, and prosperity of the inhabitants of the\nCommonwealth. It is not intended hereby that any such authority shall itself be\nauthorized to operate any such facility or exercise any powers of eminent domain\nset forth in \u00a7 36-27.\n\t\tIt is the further intent of the legislature and shall be the policy of the\nCommonwealth to grant to industrial development authorities, in addition to the\npowers previously or hereafter granted herein, the power to make grants\nassociated with the construction of affordable housing in order to promote safe\nand affordable housing in the Commonwealth and to benefit thereby the safety,\nhealth, welfare, and prosperity of the inhabitants of the Commonwealth.\n\t\tIt is the further intent of the legislature and shall be the policy of the\nCommonwealth to grant industrial development authorities the powers contained\nherein with respect to public school buildings and facilities to promote the\nsafety, health, welfare, convenience, and prosperity of the school children of\nthe Commonwealth by assisting in the acquisition, construction, equipping,\nexpansion, enlargement, improvement, financing, and refinancing of such\nfacilities of school boards in order to provide for the modernization of public\nschool buildings or facilities pursuant to Article 3 (\u00a7 22.1-141.1 et seq.) of\nChapter 9 of Title 22.1.\n\t\tIt is the further intent of the legislature and shall be the policy of the\nCommonwealth to grant to industrial development authorities the powers contained\nherein with respect to facilitating and supporting landowner access to carbon\nmarkets through aggregation of landowners to reach a size that attracts the\ninvestment of private capital. Such aggregation provides landowners of various\nsize tracts of land enhanced opportunities to access capital and benefits that\nsupport and enhance the agriculture and forest industries for the health,\nwelfare, convenience and prosperity of the inhabitants of the Commonwealth.\n\t\tIn any instance in this chapter where an industrial development authority may\nissue bonds through its authority to finance, the authority may also refinance\nsuch bonds.\n\t\tThis chapter shall be liberally construed in conformity with these intentions.\n\nHISTORY: 1966, c. 651, \u00a7 15.1-1375; 1972, c. 783; 1975, c. 489; 1977, c. 619;\n1978, cc. 276, 526; 1984, c. 700; 1985, c. 317, \u00a7 15.1-1392; 1986, c. 473;\n1988, c. 211; 1990, c. 312; 1991, c. 6; 1997, cc. 587, 758, 763; 2002, cc. 680,\n725; 2005, c. 928; 2012, c. 498; 2019, cc. 546, 818, 819; 2022, c. 489.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}