{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-4905.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-4905.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-4905.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-4905.html"}],"law_id":82150,"edition_id":1,"section_id":82150,"structure_id":13549,"section_number":"15.2-4905","catch_line":"Powers of authority","history":"1966, c. 651, \u00a7 15.1-1378; 1970, c. 598; 1972, c. 783; 1973, c. 528; 1981, c. 3; 1991, c. 6; 1993, c. 896; 1994, c. 317; 1997, cc. 587, 758, 763; 1998, c. 728; 2005, c. 575; 2020, c. 1001.","full_text":"The authority shall have the following powers together with all powers incidental thereto or necessary for the performance of those hereinafter stated:\n\n1\n\nTo sue and be sued and to prosecute and defend, at law or in equity, in any court having jurisdiction of the subject matter and of the parties;2\n\nTo adopt and use a corporate seal and to alter the same at pleasure;3\n\nTo enter into contracts; however, any written contract of the authority shall contain provisions addressing the issue of whether attorney’s fees shall be recoverable by the prevailing party in the event the contract is subject to litigation;4\n\nTo acquire, whether by purchase, exchange, gift, lease or otherwise, and to improve, maintain, equip and furnish one or more authority facilities including all real and personal properties which the board of directors of the authority may deem necessary in connection therewith and regardless of whether any such facilities shall then be in existence;5\n\nTo lease to others any or all of its facilities and to charge and collect rent therefor and to terminate any such lease upon the failure of the lessee to comply with any of the obligations thereof; and to include in any such lease, if desired, a provision that the lessee thereof shall have options to renew such lease or to purchase any or all of the leased facilities, or that upon payment of all of the indebtedness of the authority it may lease or convey any or all of its facilities to the lessee thereof with or without consideration;6\n\nTo sell, exchange, donate, and convey any or all of its facilities or properties whenever its board of directors shall find any such action to be in furtherance of the purposes for which the authority was organized;7\n\nTo issue its bonds for the purpose of carrying out any of its powers including specifically, but without intending to limit any power conferred by this section or this chapter, the issuance of bonds to provide long-term financing of any pollution control facility, whether any such facility was constructed prior to or after the enactment hereof or the receipt of a commitment from an authority to undertake financing pursuant hereto, unless the major part of the proceeds of such bonds will be used to redeem any prior long-term financing of such facility other than financings pursuant to this chapter or any similar law;8\n\nAs security for the payment of the principal of and interest on any bonds so issued and any agreements made in connection therewith, to mortgage and pledge any or all of its facilities or any part or parts thereof, whether then owned or thereafter acquired, and to pledge the revenues therefrom or from any part thereof or from any loans made by the authority;9\n\nTo employ and pay compensation to such employees and agents, including attorneys, and real estate brokers whether engaged by the authority or otherwise, as the board of directors shall deem necessary in carrying on the business of the authority;10\n\nTo exercise all powers expressly given the authority by the governing body of the locality which established the authority and to establish bylaws and make all rules and regulations, not inconsistent with the provisions of this chapter, deemed expedient for the management of the authority’s affairs;11\n\nTo appoint an industrial advisory committee or similar committee or committees to advise the authority, consisting of such number of persons as it may deem advisable. Such persons may be compensated such amount per regular, special, or committee meeting as may be approved by the appointing authority, not to exceed $50 per meeting day, and may be reimbursed for necessary traveling and other expenses incurred while on the business of the authority;12\n\nTo borrow money and to accept contributions, grants and other financial assistance from the United States of America and agencies or instrumentalities thereof, the Commonwealth, or any political subdivision, agency, or public instrumentality of the Commonwealth, for or in aid of the construction, acquisition, ownership, maintenance or repair of the authority facilities, for the payment of principal of any bond of the authority, interest thereon, or other cost incident thereto, or in order to make loans in furtherance of the purposes of this chapter of such money, contributions, grants, and other financial assistance, and to this end the authority shall have the power to comply with such conditions and to execute such agreements, trust indentures, and other legal instruments as may be necessary, convenient or desirable and to agree to such terms and conditions as may be imposed; and13\n\nTo make loans or grants to any person, partnership, association, corporation, business, or governmental entity in furtherance of the purposes of this chapter including for the purposes of promoting economic development, provided that such loans or grants shall be made only from revenues of the authority which have not been pledged or assigned for the payment of any of the authority’s bonds, and to enter into such contracts, instruments, and agreements as may be expedient to provide for such loans and any security therefor. An authority may also be permitted to forgive loans or other obligations if it is deemed to further economic development. The word “revenues” as used in this subdivision includes contributions, grants and other financial assistance, as set out in subdivision 12.\n\t\t\tThe authority shall not have power to operate any facility as a business other than as lessor and shall not have the power to operate any single or multi-family housing facilities. However, the authority shall have the power to apply for, establish, operate and maintain a foreign-trade zone in accordance with the provisions of Chapter 14 (§ 62.1-159 et seq.) of Title 62.1. Any meeting held by the board of directors at which formal action is taken shall be open to the public.\n\t\t\tIf a locality has created an industrial development authority pursuant to this chapter or any other provision of law, no other such authority, not created by such locality, shall finance facilities, except pollution control facilities, within the boundaries of such locality, unless the governing body of such locality in which the facilities are located or are proposed to be located, concurs with the inducement resolution adopted by the authority, and shows such concurrence in a duly adopted resolution. Notwithstanding the foregoing, nothing contained herein shall be deemed to invalidate or otherwise impair any existing financing by an authority or the financing of any facilities for which application has been made to an authority prior to July 1, 1981.\n\t\t\tNotwithstanding the provisions of this section, and notwithstanding the provisions of any other law, general or special, nothing herein shall be deemed to impair the authority of the town council of the Town of Front Royal from creating its own independent industrial development authority, separate and apart for all purposes from any currently existing or future industrial development authority. A Town of Front Royal independent industrial development authority, created solely by the town, shall have all powers granted industrial development authorities generally as set forth in this chapter. Such industrial development authority may also include Warren County in any of its economic development projects for a period of five years ending July 1, 2025.","order_by":null,"text":{"0":{"id":294446,"text":"The authority shall have the following powers together with all powers incidental thereto or necessary for the performance of those hereinafter stated:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":294447,"text":"To sue and be sued and to prosecute and defend, at law or in equity, in any court having jurisdiction of the subject matter and of the parties;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":294448,"text":"To adopt and use a corporate seal and to alter the same at pleasure;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":294449,"text":"To enter into contracts; however, any written contract of the authority shall contain provisions addressing the issue of whether attorney’s fees shall be recoverable by the prevailing party in the event the contract is subject to litigation;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":294450,"text":"To acquire, whether by purchase, exchange, gift, lease or otherwise, and to improve, maintain, equip and furnish one or more authority facilities including all real and personal properties which the board of directors of the authority may deem necessary in connection therewith and regardless of whether any such facilities shall then be in existence;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":294451,"text":"To lease to others any or all of its facilities and to charge and collect rent therefor and to terminate any such lease upon the failure of the lessee to comply with any of the obligations thereof; and to include in any such lease, if desired, a provision that the lessee thereof shall have options to renew such lease or to purchase any or all of the leased facilities, or that upon payment of all of the indebtedness of the authority it may lease or convey any or all of its facilities to the lessee thereof with or without consideration;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":294452,"text":"To sell, exchange, donate, and convey any or all of its facilities or properties whenever its board of directors shall find any such action to be in furtherance of the purposes for which the authority was organized;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":294453,"text":"To issue its bonds for the purpose of carrying out any of its powers including specifically, but without intending to limit any power conferred by this section or this chapter, the issuance of bonds to provide long-term financing of any pollution control facility, whether any such facility was constructed prior to or after the enactment hereof or the receipt of a commitment from an authority to undertake financing pursuant hereto, unless the major part of the proceeds of such bonds will be used to redeem any prior long-term financing of such facility other than financings pursuant to this chapter or any similar law;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":294454,"text":"As security for the payment of the principal of and interest on any bonds so issued and any agreements made in connection therewith, to mortgage and pledge any or all of its facilities or any part or parts thereof, whether then owned or thereafter acquired, and to pledge the revenues therefrom or from any part thereof or from any loans made by the authority;","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":294455,"text":"To employ and pay compensation to such employees and agents, including attorneys, and real estate brokers whether engaged by the authority or otherwise, as the board of directors shall deem necessary in carrying on the business of the authority;","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8","next_prefix":"10"},"10":{"id":294456,"text":"To exercise all powers expressly given the authority by the governing body of the locality which established the authority and to establish bylaws and make all rules and regulations, not inconsistent with the provisions of this chapter, deemed expedient for the management of the authority’s affairs;","type":"section","prefixes":["10"],"prefix":"10","entire_prefix":"10","prefix_anchor":"10","level":1,"prior_prefix":"9","next_prefix":"11"},"11":{"id":294457,"text":"To appoint an industrial advisory committee or similar committee or committees to advise the authority, consisting of such number of persons as it may deem advisable. Such persons may be compensated such amount per regular, special, or committee meeting as may be approved by the appointing authority, not to exceed $50 per meeting day, and may be reimbursed for necessary traveling and other expenses incurred while on the business of the authority;","type":"section","prefixes":["11"],"prefix":"11","entire_prefix":"11","prefix_anchor":"11","level":1,"prior_prefix":"10","next_prefix":"12"},"12":{"id":294458,"text":"To borrow money and to accept contributions, grants and other financial assistance from the United States of America and agencies or instrumentalities thereof, the Commonwealth, or any political subdivision, agency, or public instrumentality of the Commonwealth, for or in aid of the construction, acquisition, ownership, maintenance or repair of the authority facilities, for the payment of principal of any bond of the authority, interest thereon, or other cost incident thereto, or in order to make loans in furtherance of the purposes of this chapter of such money, contributions, grants, and other financial assistance, and to this end the authority shall have the power to comply with such conditions and to execute such agreements, trust indentures, and other legal instruments as may be necessary, convenient or desirable and to agree to such terms and conditions as may be imposed; and","type":"section","prefixes":["12"],"prefix":"12","entire_prefix":"12","prefix_anchor":"12","level":1,"prior_prefix":"11","next_prefix":"13"},"13":{"id":294459,"text":"To make loans or grants to any person, partnership, association, corporation, business, or governmental entity in furtherance of the purposes of this chapter including for the purposes of promoting economic development, provided that such loans or grants shall be made only from revenues of the authority which have not been pledged or assigned for the payment of any of the authority’s bonds, and to enter into such contracts, instruments, and agreements as may be expedient to provide for such loans and any security therefor. An authority may also be permitted to forgive loans or other obligations if it is deemed to further economic development. The word “revenues” as used in this subdivision includes contributions, grants and other financial assistance, as set out in subdivision 12.\n\t\t\tThe authority shall not have power to operate any facility as a business other than as lessor and shall not have the power to operate any single or multi-family housing facilities. However, the authority shall have the power to apply for, establish, operate and maintain a foreign-trade zone in accordance with the provisions of Chapter 14 (§ 62.1-159 et seq.) of Title 62.1. Any meeting held by the board of directors at which formal action is taken shall be open to the public.\n\t\t\tIf a locality has created an industrial development authority pursuant to this chapter or any other provision of law, no other such authority, not created by such locality, shall finance facilities, except pollution control facilities, within the boundaries of such locality, unless the governing body of such locality in which the facilities are located or are proposed to be located, concurs with the inducement resolution adopted by the authority, and shows such concurrence in a duly adopted resolution. Notwithstanding the foregoing, nothing contained herein shall be deemed to invalidate or otherwise impair any existing financing by an authority or the financing of any facilities for which application has been made to an authority prior to July 1, 1981.\n\t\t\tNotwithstanding the provisions of this section, and notwithstanding the provisions of any other law, general or special, nothing herein shall be deemed to impair the authority of the town council of the Town of Front Royal from creating its own independent industrial development authority, separate and apart for all purposes from any currently existing or future industrial development authority. A Town of Front Royal independent industrial development authority, created solely by the town, shall have all powers granted industrial development authorities generally as set forth in this chapter. Such industrial development authority may also include Warren County in any of its economic development projects for a period of five years ending July 1, 2025.","type":"section","prefixes":["13"],"prefix":"13","entire_prefix":"13","prefix_anchor":"13","level":1,"prior_prefix":"12"}},"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; qualifications; terms; vacancies; compensation and expenses; quorum; records; certification and distribution of report concerning bond issuance","url":"\/15.2-4904\/","token":"15.2\/IV\/49\/15.2-4904","metadata":false},{"id":82150,"structure_id":13549,"section_number":"15.2-4905","catch_line":"Powers of authority","url":"\/15.2-4905\/","token":"15.2\/IV\/49\/15.2-4905","metadata":false},{"id":54514,"structure_id":13549,"section_number":"15.2-4906","catch_line":"Public hearing and approval","url":"\/15.2-4906\/","token":"15.2\/IV\/49\/15.2-4906","metadata":false},{"id":75699,"structure_id":13549,"section_number":"15.2-4907","catch_line":"Fiscal impact statement","url":"\/15.2-4907\/","token":"15.2\/IV\/49\/15.2-4907","metadata":false},{"id":72636,"structure_id":13549,"section_number":"15.2-4908","catch_line":"Issuance of bonds, notes and other obligations of authority","url":"\/15.2-4908\/","token":"15.2\/IV\/49\/15.2-4908","metadata":false},{"id":83307,"structure_id":13549,"section_number":"15.2-4909","catch_line":"Liability of Commonwealth, political subdivisions, directors and officers","url":"\/15.2-4909\/","token":"15.2\/IV\/49\/15.2-4909","metadata":false},{"id":77169,"structure_id":13549,"section_number":"15.2-4910","catch_line":"Security for payment of bonds; default","url":"\/15.2-4910\/","token":"15.2\/IV\/49\/15.2-4910","metadata":false},{"id":70332,"structure_id":13549,"section_number":"15.2-4911","catch_line":"Rents, fees and other charges","url":"\/15.2-4911\/","token":"15.2\/IV\/49\/15.2-4911","metadata":false},{"id":69318,"structure_id":13549,"section_number":"15.2-4912","catch_line":"Exemption from taxation","url":"\/15.2-4912\/","token":"15.2\/IV\/49\/15.2-4912","metadata":false},{"id":85317,"structure_id":13549,"section_number":"15.2-4913","catch_line":"Authority to be nonprofit; excess earnings","url":"\/15.2-4913\/","token":"15.2\/IV\/49\/15.2-4913","metadata":false},{"id":67758,"structure_id":13549,"section_number":"15.2-4914","catch_line":"Dissolution of authority; disposition of property","url":"\/15.2-4914\/","token":"15.2\/IV\/49\/15.2-4914","metadata":false},{"id":56510,"structure_id":13549,"section_number":"15.2-4915","catch_line":"Bonds as legal investments and lawful security","url":"\/15.2-4915\/","token":"15.2\/IV\/49\/15.2-4915","metadata":false},{"id":61752,"structure_id":13549,"section_number":"15.2-4916","catch_line":"Authorities acting jointly","url":"\/15.2-4916\/","token":"15.2\/IV\/49\/15.2-4916","metadata":false},{"id":80463,"structure_id":13549,"section_number":"15.2-4917","catch_line":"Facility sites","url":"\/15.2-4917\/","token":"15.2\/IV\/49\/15.2-4917","metadata":false},{"id":77243,"structure_id":13549,"section_number":"15.2-4918","catch_line":"Provisions of chapter cumulative; construction","url":"\/15.2-4918\/","token":"15.2\/IV\/49\/15.2-4918","metadata":false},{"id":83378,"structure_id":13549,"section_number":"15.2-4919","catch_line":"Provisions of chapter controlling over other statutes and charters","url":"\/15.2-4919\/","token":"15.2\/IV\/49\/15.2-4919","metadata":false},{"id":79142,"structure_id":13549,"section_number":"15.2-4920","catch_line":"Validation of creation of authorities, appointment of directors and proceedings; curative resolutions","url":"\/15.2-4920\/","token":"15.2\/IV\/49\/15.2-4920","metadata":false}],"previous_section":{"id":74389,"structure_id":13549,"section_number":"15.2-4904","catch_line":"Directors; qualifications; terms; vacancies; compensation and expenses; quorum; records; certification and distribution of report concerning bond issuance","url":"\/15.2-4904\/","token":"15.2\/IV\/49\/15.2-4904","metadata":false},"next_section":{"id":54514,"structure_id":13549,"section_number":"15.2-4906","catch_line":"Public hearing and approval","url":"\/15.2-4906\/","token":"15.2\/IV\/49\/15.2-4906","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-4905\/","history_text":"

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 11 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 1970, chapter 598; in 1972, chapter 783; in 1973, chapter 528; in 1981, chapter 3; in 1991, chapter 6; in 1993, chapter 896; in 1994, chapter 317<\/a>; in 1997, chapters 587<\/a>, 758<\/a>, and 763<\/a>; in 1998, chapter 728<\/a>; in 2005, chapter 575<\/a>; in 2020, chapter 1001<\/a>.<\/p>","references":false,"refers_to":[{"id":79134,"section_number":"62.1-159","catch_line":"\"Public corporation\" defined","order_by":null,"url":"\/62.1-159\/"}],"permalink":{"id":158365,"object_type":"law","relational_id":82150,"identifier":"15.2-4905","token":"15.2\/IV\/49\/15.2-4905","url":"\/15.2-4905\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-4905\/","token":"15.2\/IV\/49\/15.2-4905","dublin_core":{"Title":"Powers of authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-4905","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The authority<\/span> shall have the following powers together with all powers incidental thereto or necessary for the performance of those hereinafter stated:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> To sue and be sued and to prosecute<\/span> and defend, at law<\/span> or in equity<\/span>, in any court<\/span> having jurisdiction<\/span> of the subject matter and of the parties; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> To adopt and use a corporate seal and to alter the same at pleasure; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> To enter into contracts<\/span>; however, any written contract<\/span> of the authority<\/span> shall contain provisions addressing the issue<\/span> of whether attorney’s fees shall be recoverable by the prevailing party<\/span> in the event the contract<\/span> is subject to litigation<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> To acquire, whether by purchase, exchange, gift, lease or otherwise, and to improve, maintain, equip and furnish one or more authority facilities<\/span> including all real and personal properties which the board of directors of the authority may deem necessary in connection therewith and regardless of whether any such facilities shall then be in existence; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> To lease to others any or all of its facilities and to charge and collect rent therefor and to terminate any such lease upon the failure of the lessee to comply with any of the obligations thereof; and to include in any such lease, if desired, a provision that the lessee thereof shall have options to renew such lease or to purchase any or all of the leased facilities, or that upon payment of all of the indebtedness of the authority it may lease or convey any or all of its facilities to the lessee thereof with or without consideration; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> To sell, exchange, donate, and convey any or all of its facilities or properties whenever its board of directors shall find any such action to be in furtherance of the purposes for which the authority was organized; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> To issue<\/span> its bonds<\/span> for the purpose of carrying out any of its powers including specifically, but without intending to limit any power conferred by this section or this chapter, the issuance of bonds<\/span> to provide long-term financing of any pollution control facility, whether any such facility was constructed prior to or after the enactment hereof or the receipt of a commitment from an authority to undertake financing pursuant hereto, unless the major part of the proceeds of such bonds<\/span> will be used to redeem any prior long-term financing of such facility other than financings pursuant to this chapter or any similar law<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> As security for the payment of the principal of and interest on any bonds<\/span> so issued and any agreements made in connection therewith, to mortgage and pledge any or all of its facilities or any part or parts thereof, whether then owned or thereafter acquired, and to pledge the revenues<\/span> therefrom or from any part thereof or from any loans<\/span> made by the authority; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> To employ and pay compensation to such employees and agents, including attorneys, and real estate brokers whether engaged by the authority or otherwise, as the board of directors shall deem necessary in carrying on the business of the authority; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> To exercise all powers expressly given the authority by the governing body<\/span> of the locality<\/span> which established the authority and to establish bylaws and make all rules and regulations, not inconsistent with the provisions of this chapter, deemed expedient for the management of the authority’s affairs; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> To appoint an industrial advisory committee or similar committee or committees to advise the authority, consisting of such number of persons as it may deem advisable. Such persons may be compensated such amount per regular, special, or committee meeting as may be approved by the appointing authority, not to exceed $50 per meeting day, and may be reimbursed for necessary traveling and other expenses incurred while on the business of the authority; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> To borrow money and to accept contributions, grants and other financial assistance from the United States of America and agencies or instrumentalities thereof, the Commonwealth, or any political subdivision, agency, or public instrumentality of the Commonwealth, for or in aid of the construction, acquisition, ownership, maintenance or repair of the authority facilities<\/span>, for the payment of principal of any bond<\/span> of the authority, interest thereon, or other cost incident thereto, or in order<\/span> to make loans<\/span> in furtherance of the purposes of this chapter of such money, contributions, grants, and other financial assistance, and to this end the authority shall have the power to comply with such conditions and to execute such agreements, trust indentures<\/span>, and other legal instruments as may be necessary, convenient or desirable and to agree to such terms and conditions as may be imposed; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

13.<\/span> To make loans<\/span> or grants to any person, partnership, association, corporation, business, or governmental entity in furtherance of the purposes of this chapter including for the purposes of promoting economic development, provided that such loans<\/span> or grants shall be made only from revenues<\/span> of the authority which have not been pledged or assigned for the payment of any of the authority’s bonds<\/span>, and to enter into such contracts<\/span>, instruments, and agreements as may be expedient to provide for such loans<\/span> and any security therefor. An authority may also be permitted to forgive loans<\/span> or other obligations if it is deemed to further economic development. The word “revenues<\/span>” as used in this subdivision includes contributions, grants and other financial assistance, as set out in subdivision 12.\n\t\t\tThe authority shall not have power to operate any facility as a business other than as lessor and shall not have the power to operate any single or multi-family housing facilities. However, the authority shall have the power to apply for, establish, operate and maintain a foreign-trade zone in accordance with the provisions of Chapter 14 (§ 62.1-159<\/a> et seq.) of Title 62.1. Any meeting held by the board of directors at which formal action is taken shall be open to the public.\n\t\t\tIf a locality<\/span> has created an industrial development authority pursuant to this chapter or any other provision of law<\/span>, no other such authority, not created by such locality<\/span>, shall finance facilities, except pollution control facilities, within the boundaries of such locality<\/span>, unless the governing body<\/span> of such locality<\/span> in which the facilities are located or are proposed to be located, concurs with the inducement resolution adopted by the authority, and shows such concurrence in a duly adopted resolution. Notwithstanding the foregoing, nothing contained herein shall be deemed to invalidate or otherwise impair any existing financing by an authority or the financing of any facilities for which application has been made to an authority prior to July 1, 1981.\n\t\t\tNotwithstanding the provisions of this section, and notwithstanding the provisions of any other law<\/span>, general or special, nothing herein shall be deemed to impair the authority of the town<\/span> council<\/span> of the Town<\/span> of Front Royal from creating its own independent industrial development authority, separate and apart for all purposes from any currently existing or future industrial development authority. A Town<\/span> of Front Royal independent industrial development authority, created solely by the town<\/span>, shall have all powers granted industrial development authorities generally as set forth in this chapter. Such industrial development authority may also include Warren County<\/span> in any of its economic development projects for a period of five years ending July 1, 2025. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS OF AUTHORITY (\u00a7 15.2-4905)\n\nThe authority shall have the following powers together with all powers\nincidental thereto or necessary for the performance of those hereinafter stated:\n\n1. To sue and be sued and to prosecute and defend, at law or in equity, in any\ncourt having jurisdiction of the subject matter and of the parties;\n\n2. To adopt and use a corporate seal and to alter the same at pleasure;\n\n3. To enter into contracts; however, any written contract of the authority shall\ncontain provisions addressing the issue of whether attorney’s fees shall\nbe recoverable by the prevailing party in the event the contract is subject to\nlitigation;\n\n4. To acquire, whether by purchase, exchange, gift, lease or otherwise, and to\nimprove, maintain, equip and furnish one or more authority facilities including\nall real and personal properties which the board of directors of the authority\nmay deem necessary in connection therewith and regardless of whether any such\nfacilities shall then be in existence;\n\n5. To lease to others any or all of its facilities and to charge and collect\nrent therefor and to terminate any such lease upon the failure of the lessee to\ncomply with any of the obligations thereof; and to include in any such lease, if\ndesired, a provision that the lessee thereof shall have options to renew such\nlease or to purchase any or all of the leased facilities, or that upon payment\nof all of the indebtedness of the authority it may lease or convey any or all of\nits facilities to the lessee thereof with or without consideration;\n\n6. To sell, exchange, donate, and convey any or all of its facilities or\nproperties whenever its board of directors shall find any such action to be in\nfurtherance of the purposes for which the authority was organized;\n\n7. To issue its bonds for the purpose of carrying out any of its powers\nincluding specifically, but without intending to limit any power conferred by\nthis section or this chapter, the issuance of bonds to provide long-term\nfinancing of any pollution control facility, whether any such facility was\nconstructed prior to or after the enactment hereof or the receipt of a\ncommitment from an authority to undertake financing pursuant hereto, unless the\nmajor part of the proceeds of such bonds will be used to redeem any prior\nlong-term financing of such facility other than financings pursuant to this\nchapter or any similar law;\n\n8. As security for the payment of the principal of and interest on any bonds so\nissued and any agreements made in connection therewith, to mortgage and pledge\nany or all of its facilities or any part or parts thereof, whether then owned or\nthereafter acquired, and to pledge the revenues therefrom or from any part\nthereof or from any loans made by the authority;\n\n9. To employ and pay compensation to such employees and agents, including\nattorneys, and real estate brokers whether engaged by the authority or\notherwise, as the board of directors shall deem necessary in carrying on the\nbusiness of the authority;\n\n10. To exercise all powers expressly given the authority by the governing body\nof the locality which established the authority and to establish bylaws and make\nall rules and regulations, not inconsistent with the provisions of this chapter,\ndeemed expedient for the management of the authority’s affairs;\n\n11. To appoint an industrial advisory committee or similar committee or\ncommittees to advise the authority, consisting of such number of persons as it\nmay deem advisable. Such persons may be compensated such amount per regular,\nspecial, or committee meeting as may be approved by the appointing authority,\nnot to exceed $50 per meeting day, and may be reimbursed for necessary traveling\nand other expenses incurred while on the business of the authority;\n\n12. To borrow money and to accept contributions, grants and other financial\nassistance from the United States of America and agencies or instrumentalities\nthereof, the Commonwealth, or any political subdivision, agency, or public\ninstrumentality of the Commonwealth, for or in aid of the construction,\nacquisition, ownership, maintenance or repair of the authority facilities, for\nthe payment of principal of any bond of the authority, interest thereon, or\nother cost incident thereto, or in order to make loans in furtherance of the\npurposes of this chapter of such money, contributions, grants, and other\nfinancial assistance, and to this end the authority shall have the power to\ncomply with such conditions and to execute such agreements, trust indentures,\nand other legal instruments as may be necessary, convenient or desirable and to\nagree to such terms and conditions as may be imposed; and\n\n13. To make loans or grants to any person, partnership, association,\ncorporation, business, or governmental entity in furtherance of the purposes of\nthis chapter including for the purposes of promoting economic development,\nprovided that such loans or grants shall be made only from revenues of the\nauthority which have not been pledged or assigned for the payment of any of the\nauthority’s bonds, and to enter into such contracts, instruments, and\nagreements as may be expedient to provide for such loans and any security\ntherefor. An authority may also be permitted to forgive loans or other\nobligations if it is deemed to further economic development. The word\n“revenues” as used in this subdivision includes contributions,\ngrants and other financial assistance, as set out in subdivision 12.\n\t\t\tThe authority shall not have power to operate any facility as a business\nother than as lessor and shall not have the power to operate any single or\nmulti-family housing facilities. However, the authority shall have the power to\napply for, establish, operate and maintain a foreign-trade zone in accordance\nwith the provisions of Chapter 14 (§ 62.1-159 et seq.) of Title 62.1. Any\nmeeting held by the board of directors at which formal action is taken shall be\nopen to the public.\n\t\t\tIf a locality has created an industrial development authority pursuant to\nthis chapter or any other provision of law, no other such authority, not created\nby such locality, shall finance facilities, except pollution control facilities,\nwithin the boundaries of such locality, unless the governing body of such\nlocality in which the facilities are located or are proposed to be located,\nconcurs with the inducement resolution adopted by the authority, and shows such\nconcurrence in a duly adopted resolution. Notwithstanding the foregoing, nothing\ncontained herein shall be deemed to invalidate or otherwise impair any existing\nfinancing by an authority or the financing of any facilities for which\napplication has been made to an authority prior to July 1, 1981.\n\t\t\tNotwithstanding the provisions of this section, and notwithstanding the\nprovisions of any other law, general or special, nothing herein shall be deemed\nto impair the authority of the town council of the Town of Front Royal from\ncreating its own independent industrial development authority, separate and\napart for all purposes from any currently existing or future industrial\ndevelopment authority. A Town of Front Royal independent industrial development\nauthority, created solely by the town, shall have all powers granted industrial\ndevelopment authorities generally as set forth in this chapter. Such industrial\ndevelopment authority may also include Warren County in any of its economic\ndevelopment projects for a period of five years ending July 1, 2025.\n\nHISTORY: 1966, c. 651, \u00a7 15.1-1378; 1970, c. 598; 1972, c. 783; 1973, c. 528;\n1981, c. 3; 1991, c. 6; 1993, c. 896; 1994, c. 317; 1997, cc. 587, 758, 763;\n1998, c. 728; 2005, c. 575; 2020, c. 1001.","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}}