{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-5406.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-5406.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-5406.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-5406.html"}],"law_id":84424,"edition_id":1,"section_id":84424,"structure_id":14152,"section_number":"15.2-5406","catch_line":"Rights, powers and duties of authority","history":"1979, c. 416, \u00a7 15.1-1609; 1997, c. 587; 2006, cc. 929, 941.","full_text":"An authority shall have all of the rights and powers necessary and convenient to carry out and effectuate the purposes and provisions of this chapter, including, but without limiting the generality of the foregoing, the rights and powers:\n\n1\n\nTo adopt bylaws or rules for the regulation of its affairs and the conduct of its business;2\n\nTo adopt an official seal and alter the same at pleasure;3\n\nTo maintain an office at such place or places as it may designate;4\n\nTo sue and be sued;5\n\nTo receive, administer and comply with the conditions and requirements respecting any gift, grant or donation of any property or money;6\n\nTo study, plan, research, develop, finance, construct, reconstruct, acquire, improve, enlarge, extend, better, lease, own, operate and maintain any project or any interest in any project, within or outside the Commonwealth, including the acquisition of an ownership interest in any project as a tenant in common with any other unit or units whether public or private, and to enter into and perform contracts with respect thereto, and if the authority acquires an ownership interest as a tenant in common in any project within the Commonwealth, the surrender or waiver by any such owner of its right to partition such property for a period not exceeding the period for which the property is used or useful for electric utility purposes shall not be invalid and unenforceable by reason of length of such period or as unduly restricting the alienation of such property;7\n\nTo acquire by private negotiated purchase or lease or otherwise an existing project, a project under construction, or other property within or outside the Commonwealth, either individually or jointly with any other unit or units whether public or private; to acquire by private negotiated purchase or lease or otherwise any facilities for the development, production, manufacture, procurement, handling, transportation, storage, fabrication, enrichment, processing or reprocessing of fuel of any kind or any facility or rights with respect to the supply of water; and to enter into agreements by private negotiation or otherwise, for such period as the authority shall determine, for the development, production, manufacture, procurement, handling, storage, fabrication, enrichment, processing or reprocessing of fuel of any kind or any facility or rights with respect to the supply of water;8\n\nTo acquire by purchase, lease, gift, or otherwise, or to obtain options for the acquisition of, any property, real or personal, improved or unimproved, including an interest in land less than the fee thereof;9\n\nTo sell, lease, exchange, transfer or otherwise dispose of, or to grant options for any such purposes with respect to, any real or personal property or interest therein;10\n\nTo dispose of by private negotiated sale or lease or otherwise an existing project, a project under construction, or other property owned either individually or jointly, and to dispose of by private negotiated sale or lease or otherwise any facilities for the development, production, manufacture, procurement, handling, transportation, storage, fabrication, enrichment, processing or reprocessing of fuel of any kind or any facility or rights with respect to the supply of water;11\n\nTo borrow money and issue revenue bonds of the authority in the manner hereinafter provided;12\n\nTo accept advice and money from any member governmental unit of the authority;13\n\nTo apply and contract for and to expend assistance from the United States or other public or private sources, whether in form of a grant or loan or otherwise;14\n\nTo fix, charge and collect rents, rates, fees and charges for output or capacity of any project and for the use of, or for, the other services, facilities and commodities sold, furnished or supplied through any project;15\n\nTo authorize the acquisition, construction, operation or maintenance of any project by any unit or individual on such terms as the authority shall deem proper, and, in connection with any project which is owned jointly by the authority and one or more units, to act as agent, or designate one or more of the other units to act as agent, for all the owners of the project for the construction, operation or maintenance of such project;16\n\nTo generate, produce, transmit, deliver, exchange, purchase or sell electric power and energy at wholesale or retail, and to enter into contracts for any or all such purposes;17\n\nTo negotiate and enter into contracts for the purchase, sale, exchange, interchange, wheeling, pooling, transmission or use of electric power and energy at wholesale or retail with any unit within or outside the Commonwealth;18\n\nTo purchase power and energy and related services from any source on behalf of its member governmental units and other customers and to sell the same to its member governmental units and other customers in such amounts, with such characteristics, for such periods of time and under such terms and conditions as the authority shall determine;19\n\nIn the event of any annexation by a governmental unit which is not a member governmental unit of the authority of lands, areas, or territory in which the authority’s projects exist, to continue to do business and to exercise jurisdiction over its properties and facilities in and upon or over such lands, areas or territory as long as any bonds remain outstanding or unpaid, or any contracts or other obligations remain in force;20\n\nTo amend the articles of incorporation with respect to the name or powers of such authority or in any other manner not inconsistent with this chapter by following the procedure prescribed by law for the creation of an authority;21\n\nTo enter into contracts with any unit on such terms as the authority shall deem proper for the purposes of acting as a billing and collecting agent for electric service or electric service fees, rents or charges imposed by any such unit;22\n\nTo pledge or assign any moneys, fees, rents, charges or other revenues and any proceeds derived by the authority from the sales of bonds, property, insurance or condemnation awards;23\n\nTo make and execute contracts and other instruments necessary or convenient in the exercise of the powers and functions of the authority under this chapter, including contracts with persons, firms, corporations and others;24\n\nTo apply to the appropriate agencies of the Commonwealth, the United States or any state thereof, and to any other proper agency for such permits, licenses, certificates or approvals as may be necessary, to construct, maintain and operate projects in accordance with such licenses, permits, certificates or approvals; and to obtain, hold and use such licenses, permits, certificates and approvals in the same manner as any other person or operating unit;25\n\nTo employ such persons as may be required in the judgment of the authority and to fix and pay their compensation from funds available to the authority therefor; and26\n\nTo do all acts and things necessary and convenient to carry out the purposes and to exercise the powers granted to the authority herein.\n\t\t\tIn undertaking a project, an authority shall apply to the appropriate agencies of the Commonwealth, the United States, or any state therein, for such permits, licenses, certificates, or approvals as may be necessary, including, in any event, those referred to in §§ 56-46.1, 56-234.3, and 56-265.2; former § 62.1-3; and Chapter 7 (§ 62.1-80 et seq.) of Title 62.1 of the Code of Virginia. An authority shall construct, maintain and operate such projects in accordance with such permits, licenses, certificates and approvals. The foregoing sentence shall apply to an authority created by a governmental unit exempt from the referendum requirement of § 15.2-5403 only to the extent that it would have applied to the governmental unit that is the sole member of such authority if the governmental unit had directly undertaken the project.\n\t\t\tIn determining which project or projects to undertake in furtherance of its purposes and powers under this chapter, an authority shall take into account estimated future power requirements of member governmental units which have entered into, or propose to enter into, contracts with the authority for the purchase of output, capacity, use or services of such project or projects, and in making such determinations the authority shall consider the following:1\n\nEconomies and efficiencies to be achieved in constructing, on a large scale, facilities for the generation and distribution of electric power and energy;2\n\nNeeds of the authority for reserve and peaking capacity and to meet obligations under pooling and reserve-sharing agreements reasonably related to its needs for power and energy to which the authority is or may become a party;3\n\nEstimated useful life of such project;4\n\nEstimated time necessary for the planning, development, acquisition, or construction of such project and length of time required in advance to obtain, acquire or construct an additional power supply for the member governmental units of the authority; and5\n\nReliability and availability of alternative power supply sources and cost of such alternative power supply sources.\n\t\t\tNothing herein contained shall prevent an authority from undertaking studies to determine whether there is a need for a project or whether such project is feasible.","order_by":null,"text":{"0":{"id":302613,"text":"An authority shall have all of the rights and powers necessary and convenient to carry out and effectuate the purposes and provisions of this chapter, including, but without limiting the generality of the foregoing, the rights and powers:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":302614,"text":"To adopt bylaws or rules for the regulation of its affairs and the conduct of its business;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":302615,"text":"To adopt an official seal and 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":302616,"text":"To maintain an office at such place or places as it may designate;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":302617,"text":"To sue and be sued;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":302618,"text":"To receive, administer and comply with the conditions and requirements respecting any gift, grant or donation of any property or money;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":302619,"text":"To study, plan, research, develop, finance, construct, reconstruct, acquire, improve, enlarge, extend, better, lease, own, operate and maintain any project or any interest in any project, within or outside the Commonwealth, including the acquisition of an ownership interest in any project as a tenant in common with any other unit or units whether public or private, and to enter into and perform contracts with respect thereto, and if the authority acquires an ownership interest as a tenant in common in any project within the Commonwealth, the surrender or waiver by any such owner of its right to partition such property for a period not exceeding the period for which the property is used or useful for electric utility purposes shall not be invalid and unenforceable by reason of length of such period or as unduly restricting the alienation of such property;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":302620,"text":"To acquire by private negotiated purchase or lease or otherwise an existing project, a project under construction, or other property within or outside the Commonwealth, either individually or jointly with any other unit or units whether public or private; to acquire by private negotiated purchase or lease or otherwise any facilities for the development, production, manufacture, procurement, handling, transportation, storage, fabrication, enrichment, processing or reprocessing of fuel of any kind or any facility or rights with respect to the supply of water; and to enter into agreements by private negotiation or otherwise, for such period as the authority shall determine, for the development, production, manufacture, procurement, handling, storage, fabrication, enrichment, processing or reprocessing of fuel of any kind or any facility or rights with respect to the supply of water;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":302621,"text":"To acquire by purchase, lease, gift, or otherwise, or to obtain options for the acquisition of, any property, real or personal, improved or unimproved, including an interest in land less than the fee thereof;","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":302622,"text":"To sell, lease, exchange, transfer or otherwise dispose of, or to grant options for any such purposes with respect to, any real or personal property or interest therein;","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8","next_prefix":"10"},"10":{"id":302623,"text":"To dispose of by private negotiated sale or lease or otherwise an existing project, a project under construction, or other property owned either individually or jointly, and to dispose of by private negotiated sale or lease or otherwise any facilities for the development, production, manufacture, procurement, handling, transportation, storage, fabrication, enrichment, processing or reprocessing of fuel of any kind or any facility or rights with respect to the supply of water;","type":"section","prefixes":["10"],"prefix":"10","entire_prefix":"10","prefix_anchor":"10","level":1,"prior_prefix":"9","next_prefix":"11"},"11":{"id":302624,"text":"To borrow money and issue revenue bonds of the authority in the manner hereinafter provided;","type":"section","prefixes":["11"],"prefix":"11","entire_prefix":"11","prefix_anchor":"11","level":1,"prior_prefix":"10","next_prefix":"12"},"12":{"id":302625,"text":"To accept advice and money from any member governmental unit of the authority;","type":"section","prefixes":["12"],"prefix":"12","entire_prefix":"12","prefix_anchor":"12","level":1,"prior_prefix":"11","next_prefix":"13"},"13":{"id":302626,"text":"To apply and contract for and to expend assistance from the United States or other public or private sources, whether in form of a grant or loan or otherwise;","type":"section","prefixes":["13"],"prefix":"13","entire_prefix":"13","prefix_anchor":"13","level":1,"prior_prefix":"12","next_prefix":"14"},"14":{"id":302627,"text":"To fix, charge and collect rents, rates, fees and charges for output or capacity of any project and for the use of, or for, the other services, facilities and commodities sold, furnished or supplied through any project;","type":"section","prefixes":["14"],"prefix":"14","entire_prefix":"14","prefix_anchor":"14","level":1,"prior_prefix":"13","next_prefix":"15"},"15":{"id":302628,"text":"To authorize the acquisition, construction, operation or maintenance of any project by any unit or individual on such terms as the authority shall deem proper, and, in connection with any project which is owned jointly by the authority and one or more units, to act as agent, or designate one or more of the other units to act as agent, for all the owners of the project for the construction, operation or maintenance of such project;","type":"section","prefixes":["15"],"prefix":"15","entire_prefix":"15","prefix_anchor":"15","level":1,"prior_prefix":"14","next_prefix":"16"},"16":{"id":302629,"text":"To generate, produce, transmit, deliver, exchange, purchase or sell electric power and energy at wholesale or retail, and to enter into contracts for any or all such purposes;","type":"section","prefixes":["16"],"prefix":"16","entire_prefix":"16","prefix_anchor":"16","level":1,"prior_prefix":"15","next_prefix":"17"},"17":{"id":302630,"text":"To negotiate and enter into contracts for the purchase, sale, exchange, interchange, wheeling, pooling, transmission or use of electric power and energy at wholesale or retail with any unit within or outside the Commonwealth;","type":"section","prefixes":["17"],"prefix":"17","entire_prefix":"17","prefix_anchor":"17","level":1,"prior_prefix":"16","next_prefix":"18"},"18":{"id":302631,"text":"To purchase power and energy and related services from any source on behalf of its member governmental units and other customers and to sell the same to its member governmental units and other customers in such amounts, with such characteristics, for such periods of time and under such terms and conditions as the authority shall determine;","type":"section","prefixes":["18"],"prefix":"18","entire_prefix":"18","prefix_anchor":"18","level":1,"prior_prefix":"17","next_prefix":"19"},"19":{"id":302632,"text":"In the event of any annexation by a governmental unit which is not a member governmental unit of the authority of lands, areas, or territory in which the authority’s projects exist, to continue to do business and to exercise jurisdiction over its properties and facilities in and upon or over such lands, areas or territory as long as any bonds remain outstanding or unpaid, or any contracts or other obligations remain in force;","type":"section","prefixes":["19"],"prefix":"19","entire_prefix":"19","prefix_anchor":"19","level":1,"prior_prefix":"18","next_prefix":"20"},"20":{"id":302633,"text":"To amend the articles of incorporation with respect to the name or powers of such authority or in any other manner not inconsistent with this chapter by following the procedure prescribed by law for the creation of an authority;","type":"section","prefixes":["20"],"prefix":"20","entire_prefix":"20","prefix_anchor":"20","level":1,"prior_prefix":"19","next_prefix":"21"},"21":{"id":302634,"text":"To enter into contracts with any unit on such terms as the authority shall deem proper for the purposes of acting as a billing and collecting agent for electric service or electric service fees, rents or charges imposed by any such unit;","type":"section","prefixes":["21"],"prefix":"21","entire_prefix":"21","prefix_anchor":"21","level":1,"prior_prefix":"20","next_prefix":"22"},"22":{"id":302635,"text":"To pledge or assign any moneys, fees, rents, charges or other revenues and any proceeds derived by the authority from the sales of bonds, property, insurance or condemnation awards;","type":"section","prefixes":["22"],"prefix":"22","entire_prefix":"22","prefix_anchor":"22","level":1,"prior_prefix":"21","next_prefix":"23"},"23":{"id":302636,"text":"To make and execute contracts and other instruments necessary or convenient in the exercise of the powers and functions of the authority under this chapter, including contracts with persons, firms, corporations and others;","type":"section","prefixes":["23"],"prefix":"23","entire_prefix":"23","prefix_anchor":"23","level":1,"prior_prefix":"22","next_prefix":"24"},"24":{"id":302637,"text":"To apply to the appropriate agencies of the Commonwealth, the United States or any state thereof, and to any other proper agency for such permits, licenses, certificates or approvals as may be necessary, to construct, maintain and operate projects in accordance with such licenses, permits, certificates or approvals; and to obtain, hold and use such licenses, permits, certificates and approvals in the same manner as any other person or operating unit;","type":"section","prefixes":["24"],"prefix":"24","entire_prefix":"24","prefix_anchor":"24","level":1,"prior_prefix":"23","next_prefix":"25"},"25":{"id":302638,"text":"To employ such persons as may be required in the judgment of the authority and to fix and pay their compensation from funds available to the authority therefor; and","type":"section","prefixes":["25"],"prefix":"25","entire_prefix":"25","prefix_anchor":"25","level":1,"prior_prefix":"24","next_prefix":"26"},"26":{"id":302639,"text":"To do all acts and things necessary and convenient to carry out the purposes and to exercise the powers granted to the authority herein.\n\t\t\tIn undertaking a project, an authority shall apply to the appropriate agencies of the Commonwealth, the United States, or any state therein, for such permits, licenses, certificates, or approvals as may be necessary, including, in any event, those referred to in §§ 56-46.1, 56-234.3, and 56-265.2; former § 62.1-3; and Chapter 7 (§ 62.1-80 et seq.) of Title 62.1 of the Code of Virginia. An authority shall construct, maintain and operate such projects in accordance with such permits, licenses, certificates and approvals. The foregoing sentence shall apply to an authority created by a governmental unit exempt from the referendum requirement of § 15.2-5403 only to the extent that it would have applied to the governmental unit that is the sole member of such authority if the governmental unit had directly undertaken the project.\n\t\t\tIn determining which project or projects to undertake in furtherance of its purposes and powers under this chapter, an authority shall take into account estimated future power requirements of member governmental units which have entered into, or propose to enter into, contracts with the authority for the purchase of output, capacity, use or services of such project or projects, and in making such determinations the authority shall consider the following:","type":"section","prefixes":["26"],"prefix":"26","entire_prefix":"26","prefix_anchor":"26","level":1,"prior_prefix":"25","next_prefix":"1"},"27":{"id":302640,"text":"Economies and efficiencies to be achieved in constructing, on a large scale, facilities for the generation and distribution of electric power and energy;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"26","next_prefix":"2"},"28":{"id":302641,"text":"Needs of the authority for reserve and peaking capacity and to meet obligations under pooling and reserve-sharing agreements reasonably related to its needs for power and energy to which the authority is or may become a party;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"29":{"id":302642,"text":"Estimated useful life of such project;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"30":{"id":302643,"text":"Estimated time necessary for the planning, development, acquisition, or construction of such project and length of time required in advance to obtain, acquire or construct an additional power supply for the member governmental units of the authority; and","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"31":{"id":302644,"text":"Reliability and availability of alternative power supply sources and cost of such alternative power supply sources.\n\t\t\tNothing herein contained shall prevent an authority from undertaking studies to determine whether there is a need for a project or whether such project is feasible.","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4"}},"ancestry":[{"id":14152,"edition_id":1,"name":"Electric Authorities Act","identifier":"54","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:47:03","date_modified":"2026-06-26 03:47:03","permalink":{"id":159171,"object_type":"structure","relational_id":14152,"identifier":"54","token":"15.2\/IV\/54","url":"\/15.2\/IV\/54\/","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":65196,"structure_id":14152,"section_number":"15.2-5400","catch_line":"Short title","url":"\/15.2-5400\/","token":"15.2\/IV\/54\/15.2-5400","metadata":false},{"id":86116,"structure_id":14152,"section_number":"15.2-5401","catch_line":"Intent of General Assembly","url":"\/15.2-5401\/","token":"15.2\/IV\/54\/15.2-5401","metadata":false},{"id":72529,"structure_id":14152,"section_number":"15.2-5402","catch_line":"Definitions","url":"\/15.2-5402\/","token":"15.2\/IV\/54\/15.2-5402","metadata":false},{"id":79988,"structure_id":14152,"section_number":"15.2-5403","catch_line":"Creation of electric authority; referendum","url":"\/15.2-5403\/","token":"15.2\/IV\/54\/15.2-5403","metadata":false},{"id":66895,"structure_id":14152,"section_number":"15.2-5404","catch_line":"Articles of incorporation","url":"\/15.2-5404\/","token":"15.2\/IV\/54\/15.2-5404","metadata":false},{"id":85800,"structure_id":14152,"section_number":"15.2-5405","catch_line":"Certificate of incorporation or charter; addition and withdrawal of members; board of directors; indemnification of directors, officers or employees","url":"\/15.2-5405\/","token":"15.2\/IV\/54\/15.2-5405","metadata":false},{"id":69588,"structure_id":14152,"section_number":"15.2-5405.1","catch_line":"Applicability of personnel and procurement procedures to certain authorities","url":"\/15.2-5405.1\/","token":"15.2\/IV\/54\/15.2-5405.1","metadata":false},{"id":84424,"structure_id":14152,"section_number":"15.2-5406","catch_line":"Rights, powers and duties of authority","url":"\/15.2-5406\/","token":"15.2\/IV\/54\/15.2-5406","metadata":false},{"id":72674,"structure_id":14152,"section_number":"15.2-5406.1","catch_line":"Retail distribution of electric energy limited to certain authorities","url":"\/15.2-5406.1\/","token":"15.2\/IV\/54\/15.2-5406.1","metadata":false},{"id":56253,"structure_id":14152,"section_number":"15.2-5406.2","catch_line":"Tort claims against certain authorities","url":"\/15.2-5406.2\/","token":"15.2\/IV\/54\/15.2-5406.2","metadata":false},{"id":64564,"structure_id":14152,"section_number":"15.2-5407","catch_line":"Membership in more than one authority","url":"\/15.2-5407\/","token":"15.2\/IV\/54\/15.2-5407","metadata":false},{"id":59051,"structure_id":14152,"section_number":"15.2-5408","catch_line":"Sale of power and energy, including capacity and output to member governmental units by authority; duration of contracts; source of payments; furnishing of money, property or services by member governmental units","url":"\/15.2-5408\/","token":"15.2\/IV\/54\/15.2-5408","metadata":false},{"id":70404,"structure_id":14152,"section_number":"15.2-5409","catch_line":"Sale of capacity and output to nonmembers; limitations","url":"\/15.2-5409\/","token":"15.2\/IV\/54\/15.2-5409","metadata":false},{"id":67460,"structure_id":14152,"section_number":"15.2-5410","catch_line":"Contents of agreement as to joint ownership of project; designation of party to agreement as agent for construction, operation and maintenance of project; powers and duties of agent","url":"\/15.2-5410\/","token":"15.2\/IV\/54\/15.2-5410","metadata":false},{"id":64546,"structure_id":14152,"section_number":"15.2-5411","catch_line":"Contracts for planning, acquisition, construction, etc., of projects","url":"\/15.2-5411\/","token":"15.2\/IV\/54\/15.2-5411","metadata":false},{"id":61540,"structure_id":14152,"section_number":"15.2-5412","catch_line":"Issuance of bonds by authority","url":"\/15.2-5412\/","token":"15.2\/IV\/54\/15.2-5412","metadata":false},{"id":67503,"structure_id":14152,"section_number":"15.2-5413","catch_line":"Interim receipts and temporary bonds; lost, stolen and destroyed bonds","url":"\/15.2-5413\/","token":"15.2\/IV\/54\/15.2-5413","metadata":false},{"id":55312,"structure_id":14152,"section_number":"15.2-5414","catch_line":"Bonds not debts of Commonwealth or member governmental unit","url":"\/15.2-5414\/","token":"15.2\/IV\/54\/15.2-5414","metadata":false},{"id":84956,"structure_id":14152,"section_number":"15.2-5415","catch_line":"Security for bonds; trust agreement; bond resolution","url":"\/15.2-5415\/","token":"15.2\/IV\/54\/15.2-5415","metadata":false},{"id":57033,"structure_id":14152,"section_number":"15.2-5416","catch_line":"Rents, rates, fees and other charges","url":"\/15.2-5416\/","token":"15.2\/IV\/54\/15.2-5416","metadata":false},{"id":82650,"structure_id":14152,"section_number":"15.2-5417","catch_line":"Moneys received deemed trust funds","url":"\/15.2-5417\/","token":"15.2\/IV\/54\/15.2-5417","metadata":false},{"id":82417,"structure_id":14152,"section_number":"15.2-5418","catch_line":"Bondholders' and trustees' remedies","url":"\/15.2-5418\/","token":"15.2\/IV\/54\/15.2-5418","metadata":false},{"id":69922,"structure_id":14152,"section_number":"15.2-5419","catch_line":"Refunding bonds","url":"\/15.2-5419\/","token":"15.2\/IV\/54\/15.2-5419","metadata":false},{"id":62550,"structure_id":14152,"section_number":"15.2-5420","catch_line":"Status of bonds under Uniform Commercial Code","url":"\/15.2-5420\/","token":"15.2\/IV\/54\/15.2-5420","metadata":false},{"id":78951,"structure_id":14152,"section_number":"15.2-5421","catch_line":"Bonds as legal investments and lawful security","url":"\/15.2-5421\/","token":"15.2\/IV\/54\/15.2-5421","metadata":false},{"id":59284,"structure_id":14152,"section_number":"15.2-5422","catch_line":"Bonds exempt from taxation","url":"\/15.2-5422\/","token":"15.2\/IV\/54\/15.2-5422","metadata":false},{"id":68719,"structure_id":14152,"section_number":"15.2-5423","catch_line":"Payments in lieu of property taxes; license tax","url":"\/15.2-5423\/","token":"15.2\/IV\/54\/15.2-5423","metadata":false},{"id":58684,"structure_id":14152,"section_number":"15.2-5423.1","catch_line":"Exemption from taxation for certain authorities","url":"\/15.2-5423.1\/","token":"15.2\/IV\/54\/15.2-5423.1","metadata":false},{"id":82928,"structure_id":14152,"section_number":"15.2-5424","catch_line":"Transfer, etc., of property of political subdivisions upon request of authority","url":"\/15.2-5424\/","token":"15.2\/IV\/54\/15.2-5424","metadata":false},{"id":81962,"structure_id":14152,"section_number":"15.2-5425","catch_line":"Eminent domain","url":"\/15.2-5425\/","token":"15.2\/IV\/54\/15.2-5425","metadata":false},{"id":57373,"structure_id":14152,"section_number":"15.2-5426","catch_line":"Annual reports","url":"\/15.2-5426\/","token":"15.2\/IV\/54\/15.2-5426","metadata":false},{"id":82182,"structure_id":14152,"section_number":"15.2-5427","catch_line":"Liability of members or officers","url":"\/15.2-5427\/","token":"15.2\/IV\/54\/15.2-5427","metadata":false},{"id":69086,"structure_id":14152,"section_number":"15.2-5428","catch_line":"Dissolution of authority","url":"\/15.2-5428\/","token":"15.2\/IV\/54\/15.2-5428","metadata":false},{"id":58789,"structure_id":14152,"section_number":"15.2-5429","catch_line":"Legislative consent to application of laws of other states","url":"\/15.2-5429\/","token":"15.2\/IV\/54\/15.2-5429","metadata":false},{"id":75194,"structure_id":14152,"section_number":"15.2-5430","catch_line":"Provisions of chapter cumulative; construction","url":"\/15.2-5430\/","token":"15.2\/IV\/54\/15.2-5430","metadata":false},{"id":81605,"structure_id":14152,"section_number":"15.2-5431","catch_line":"Provisions of chapter controlling over other statutes and charters","url":"\/15.2-5431\/","token":"15.2\/IV\/54\/15.2-5431","metadata":false}],"previous_section":{"id":69588,"structure_id":14152,"section_number":"15.2-5405.1","catch_line":"Applicability of personnel and procurement procedures to certain authorities","url":"\/15.2-5405.1\/","token":"15.2\/IV\/54\/15.2-5405.1","metadata":false},"next_section":{"id":72674,"structure_id":14152,"section_number":"15.2-5406.1","catch_line":"Retail distribution of electric energy limited to certain authorities","url":"\/15.2-5406.1\/","token":"15.2\/IV\/54\/15.2-5406.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5406\/","history_text":"

This law was first created in 1979. The record of its establishment is cataloged in chapter 416 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 1979 \u201cActs\u201d aren\u2019t available online. It has been modified 2 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 1997, chapter 587<\/a>; in 2006, chapters 929<\/a> and 941<\/a>.<\/p>","references":false,"refers_to":[{"id":79988,"section_number":"15.2-5403","catch_line":"Creation of electric authority; referendum","order_by":null,"url":"\/15.2-5403\/"},{"id":78493,"section_number":"56-234.3","catch_line":"Approval of expenditures for and monitoring of new generation facilities and projected operation programs of electric utilities","order_by":null,"url":"\/56-234.3\/"},{"id":75556,"section_number":"56-265.2","catch_line":"Certificate of convenience and necessity required for acquisition, etc., of new facilities","order_by":null,"url":"\/56-265.2\/"},{"id":71170,"section_number":"56-46.1","catch_line":"Commission to consider environmental, economic, and improvements in service reliability factors in approving construction of electrical utility facilities; approval required for construction of certain electrical transmission lines; notice and hearings","order_by":null,"url":"\/56-46.1\/"},{"id":65074,"section_number":"62.1-80","catch_line":"Declaration of public policy","order_by":null,"url":"\/62.1-80\/"}],"permalink":{"id":159201,"object_type":"law","relational_id":84424,"identifier":"15.2-5406","token":"15.2\/IV\/54\/15.2-5406","url":"\/15.2-5406\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-5406\/","token":"15.2\/IV\/54\/15.2-5406","dublin_core":{"Title":"Rights, powers and duties of authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5406","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

An authority<\/span> shall have all of the rights and powers necessary and convenient to carry out and effectuate the purposes and provisions of this chapter, including, but without limiting the generality of the foregoing, the rights and powers:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> To adopt bylaws or rules for the regulation of its affairs and the conduct of its business; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

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

3.<\/span> To maintain an office at such place or places as it may designate; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> To sue and be sued; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> To receive, administer and comply with the conditions and requirements respecting any gift, grant or donation of any property or money; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> To study, plan, research, develop, finance, construct, reconstruct, acquire, improve, enlarge, extend, better, lease, own, operate and maintain any project<\/span> or any interest in any project<\/span>, within or outside the Commonwealth, including the acquisition of an ownership interest in any project<\/span> as a tenant in common with any other unit<\/span> or units<\/span> whether public or private, and to enter into and perform contracts<\/span> with respect thereto, and if the authority<\/span> acquires an ownership interest as a tenant in common in any project<\/span> within the Commonwealth, the surrender or waiver<\/span> by any such owner of its right to partition<\/span> such property for a period not exceeding the period for which the property is used or useful for electric utility purposes shall not be invalid and unenforceable by reason of length of such period or as unduly restricting the alienation of such property; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> To acquire by private negotiated purchase or lease or otherwise an existing project<\/span>, a project<\/span> under construction, or other property within or outside the Commonwealth, either individually or jointly with any other unit<\/span> or units<\/span> whether public or private; to acquire by private negotiated purchase or lease or otherwise any facilities for the development, production, manufacture, procurement, handling, transportation, storage, fabrication, enrichment, processing or reprocessing of fuel of any kind or any facility or rights with respect to the supply of water; and to enter into agreements by private negotiation or otherwise, for such period as the authority<\/span> shall determine, for the development, production, manufacture, procurement, handling, storage, fabrication, enrichment, processing or reprocessing of fuel of any kind or any facility or rights with respect to the supply of water; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> To acquire by purchase, lease, gift, or otherwise, or to obtain options for the acquisition of, any property, real or personal, improved or unimproved, including an interest in land less than the fee thereof; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> To sell, lease, exchange, transfer or otherwise dispose of, or to grant options for any such purposes with respect to, any real or personal property or interest therein; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> To dispose of by private negotiated sale or lease or otherwise an existing project<\/span>, a project<\/span> under construction, or other property owned either individually or jointly, and to dispose of by private negotiated sale or lease or otherwise any facilities for the development, production, manufacture, procurement, handling, transportation, storage, fabrication, enrichment, processing or reprocessing of fuel of any kind or any facility or rights with respect to the supply of water; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> To borrow money and issue<\/span> revenue bonds<\/span> of the authority<\/span> in the manner hereinafter provided; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> To accept advice and money from any member governmental unit<\/span> of the authority<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

13.<\/span> To apply and contract<\/span> for and to expend assistance from the United States or other public or private sources, whether in form of a grant or loan or otherwise; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

14.<\/span> To fix, charge and collect rents, rates, fees and charges for output or capacity of any project<\/span> and for the use of, or for, the other services, facilities and commodities sold, furnished or supplied through any project<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

15.<\/span> To authorize the acquisition, construction, operation or maintenance of any project<\/span> by any unit or individual on such terms as the authority<\/span> shall deem proper, and, in connection with any project<\/span> which is owned jointly by the authority<\/span> and one or more units<\/span>, to act as agent, or designate one or more of the other units<\/span> to act as agent, for all the owners of the project<\/span> for the construction, operation or maintenance of such project<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

16.<\/span> To generate, produce, transmit, deliver, exchange, purchase or sell electric power and energy at wholesale or retail, and to enter into contracts<\/span> for any or all such purposes; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

17.<\/span> To negotiate and enter into contracts<\/span> for the purchase, sale, exchange, interchange, wheeling, pooling, transmission or use of electric power and energy at wholesale or retail with any unit within or outside the Commonwealth; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

18.<\/span> To purchase power and energy and related services from any source on behalf of its member governmental units<\/span> and other customers and to sell the same to its member governmental units<\/span> and other customers in such amounts, with such characteristics, for such periods of time and under such terms and conditions as the authority<\/span> shall determine; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

19.<\/span> In the event of any annexation by a governmental unit<\/span> which is not a member governmental unit<\/span> of the authority<\/span> of lands, areas, or territory in which the authority<\/span>’s projects<\/span> exist, to continue to do business and to exercise jurisdiction<\/span> over its properties and facilities in and upon or over such lands, areas or territory as long as any bonds remain outstanding or unpaid, or any contracts<\/span> or other obligations remain in force; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

20.<\/span> To amend<\/span> the articles of incorporation with respect to the name or powers of such authority<\/span> or in any other manner not inconsistent with this chapter by following the procedure prescribed by law<\/span> for the creation of an authority<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

21.<\/span> To enter into contracts<\/span> with any unit on such terms as the authority<\/span> shall deem proper for the purposes of acting as a billing and collecting agent for electric service or electric service fees, rents or charges imposed by any such unit; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

22.<\/span> To pledge or assign any moneys, fees, rents, charges or other revenues and any proceeds derived by the authority<\/span> from the sales of bonds, property, insurance or condemnation awards; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

23.<\/span> To make and execute contracts<\/span> and other instruments necessary or convenient in the exercise of the powers and functions of the authority<\/span> under this chapter, including contracts<\/span> with persons, firms, corporations and others; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

24.<\/span> To apply to the appropriate agencies of the Commonwealth, the United States or any state thereof, and to any other proper agency for such permits, licenses, certificates or approvals as may be necessary, to construct, maintain and operate projects<\/span> in accordance with such licenses, permits, certificates or approvals; and to obtain, hold and use such licenses, permits, certificates and approvals in the same manner as any other person or operating unit; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

25.<\/span> To employ such persons as may be required in the judgment<\/span> of the authority<\/span> and to fix and pay their compensation from funds available to the authority<\/span> therefor; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

26.<\/span> To do all acts and things necessary and convenient to carry out the purposes and to exercise the powers granted to the authority<\/span> herein.\n\t\t\tIn undertaking a project<\/span>, an authority<\/span> shall apply to the appropriate agencies of the Commonwealth, the United States, or any state therein, for such permits, licenses, certificates, or approvals as may be necessary, including, in any event, those referred to in §§ 56-46.1<\/a>, 56-234.3<\/a>, and 56-265.2<\/a>; former § 62.1-3; and Chapter 7 (§ 62.1-80<\/a> et seq.) of Title 62.1 of the Code of Virginia. An authority<\/span> shall construct, maintain and operate such projects<\/span> in accordance with such permits, licenses, certificates and approvals. The foregoing sentence shall apply to an authority<\/span> created by a governmental unit<\/span> exempt from the referendum<\/span> requirement of § 15.2-5403<\/a> only to the extent that it would have applied to the governmental unit<\/span> that is the sole member of such authority<\/span> if the governmental unit<\/span> had directly undertaken the project<\/span>.\n\t\t\tIn determining which project<\/span> or projects<\/span> to undertake in furtherance of its purposes and powers under this chapter, an authority<\/span> shall take into account estimated future power requirements of member governmental units<\/span> which have entered into, or propose to enter into, contracts<\/span> with the authority<\/span> for the purchase of output, capacity, use or services of such project<\/span> or projects<\/span>, and in making such determinations the authority<\/span> shall consider the following: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Economies and efficiencies to be achieved in constructing, on a large scale, facilities for the generation and distribution of electric power and energy; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Needs of the authority<\/span> for reserve and peaking capacity and to meet obligations under pooling and reserve-sharing agreements reasonably related to its needs for power and energy to which the authority<\/span> is or may become a party<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Estimated useful life of such project<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Estimated time necessary for the planning, development, acquisition, or construction of such project<\/span> and length of time required in advance to obtain, acquire or construct an additional power supply for the member governmental units<\/span> of the authority<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Reliability and availability of alternative power supply sources and cost of such alternative power supply sources.\n\t\t\tNothing herein contained shall prevent an authority<\/span> from undertaking studies to determine whether there is a need for a project<\/span> or whether such project<\/span> is feasible. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRIGHTS, POWERS AND DUTIES OF AUTHORITY (\u00a7 15.2-5406)\n\nAn authority shall have all of the rights and powers necessary and convenient to\ncarry out and effectuate the purposes and provisions of this chapter, including,\nbut without limiting the generality of the foregoing, the rights and powers:\n\n1. To adopt bylaws or rules for the regulation of its affairs and the conduct of\nits business;\n\n2. To adopt an official seal and alter the same at pleasure;\n\n3. To maintain an office at such place or places as it may designate;\n\n4. To sue and be sued;\n\n5. To receive, administer and comply with the conditions and requirements\nrespecting any gift, grant or donation of any property or money;\n\n6. To study, plan, research, develop, finance, construct, reconstruct, acquire,\nimprove, enlarge, extend, better, lease, own, operate and maintain any project\nor any interest in any project, within or outside the Commonwealth, including\nthe acquisition of an ownership interest in any project as a tenant in common\nwith any other unit or units whether public or private, and to enter into and\nperform contracts with respect thereto, and if the authority acquires an\nownership interest as a tenant in common in any project within the Commonwealth,\nthe surrender or waiver by any such owner of its right to partition such\nproperty for a period not exceeding the period for which the property is used or\nuseful for electric utility purposes shall not be invalid and unenforceable by\nreason of length of such period or as unduly restricting the alienation of such\nproperty;\n\n7. To acquire by private negotiated purchase or lease or otherwise an existing\nproject, a project under construction, or other property within or outside the\nCommonwealth, either individually or jointly with any other unit or units\nwhether public or private; to acquire by private negotiated purchase or lease or\notherwise any facilities for the development, production, manufacture,\nprocurement, handling, transportation, storage, fabrication, enrichment,\nprocessing or reprocessing of fuel of any kind or any facility or rights with\nrespect to the supply of water; and to enter into agreements by private\nnegotiation or otherwise, for such period as the authority shall determine, for\nthe development, production, manufacture, procurement, handling, storage,\nfabrication, enrichment, processing or reprocessing of fuel of any kind or any\nfacility or rights with respect to the supply of water;\n\n8. To acquire by purchase, lease, gift, or otherwise, or to obtain options for\nthe acquisition of, any property, real or personal, improved or unimproved,\nincluding an interest in land less than the fee thereof;\n\n9. To sell, lease, exchange, transfer or otherwise dispose of, or to grant\noptions for any such purposes with respect to, any real or personal property or\ninterest therein;\n\n10. To dispose of by private negotiated sale or lease or otherwise an existing\nproject, a project under construction, or other property owned either\nindividually or jointly, and to dispose of by private negotiated sale or lease\nor otherwise any facilities for the development, production, manufacture,\nprocurement, handling, transportation, storage, fabrication, enrichment,\nprocessing or reprocessing of fuel of any kind or any facility or rights with\nrespect to the supply of water;\n\n11. To borrow money and issue revenue bonds of the authority in the manner\nhereinafter provided;\n\n12. To accept advice and money from any member governmental unit of the\nauthority;\n\n13. To apply and contract for and to expend assistance from the United States or\nother public or private sources, whether in form of a grant or loan or\notherwise;\n\n14. To fix, charge and collect rents, rates, fees and charges for output or\ncapacity of any project and for the use of, or for, the other services,\nfacilities and commodities sold, furnished or supplied through any project;\n\n15. To authorize the acquisition, construction, operation or maintenance of any\nproject by any unit or individual on such terms as the authority shall deem\nproper, and, in connection with any project which is owned jointly by the\nauthority and one or more units, to act as agent, or designate one or more of\nthe other units to act as agent, for all the owners of the project for the\nconstruction, operation or maintenance of such project;\n\n16. To generate, produce, transmit, deliver, exchange, purchase or sell electric\npower and energy at wholesale or retail, and to enter into contracts for any or\nall such purposes;\n\n17. To negotiate and enter into contracts for the purchase, sale, exchange,\ninterchange, wheeling, pooling, transmission or use of electric power and energy\nat wholesale or retail with any unit within or outside the Commonwealth;\n\n18. To purchase power and energy and related services from any source on behalf\nof its member governmental units and other customers and to sell the same to its\nmember governmental units and other customers in such amounts, with such\ncharacteristics, for such periods of time and under such terms and conditions as\nthe authority shall determine;\n\n19. In the event of any annexation by a governmental unit which is not a member\ngovernmental unit of the authority of lands, areas, or territory in which the\nauthority’s projects exist, to continue to do business and to exercise\njurisdiction over its properties and facilities in and upon or over such lands,\nareas or territory as long as any bonds remain outstanding or unpaid, or any\ncontracts or other obligations remain in force;\n\n20. To amend the articles of incorporation with respect to the name or powers of\nsuch authority or in any other manner not inconsistent with this chapter by\nfollowing the procedure prescribed by law for the creation of an authority;\n\n21. To enter into contracts with any unit on such terms as the authority shall\ndeem proper for the purposes of acting as a billing and collecting agent for\nelectric service or electric service fees, rents or charges imposed by any such\nunit;\n\n22. To pledge or assign any moneys, fees, rents, charges or other revenues and\nany proceeds derived by the authority from the sales of bonds, property,\ninsurance or condemnation awards;\n\n23. To make and execute contracts and other instruments necessary or convenient\nin the exercise of the powers and functions of the authority under this chapter,\nincluding contracts with persons, firms, corporations and others;\n\n24. To apply to the appropriate agencies of the Commonwealth, the United States\nor any state thereof, and to any other proper agency for such permits, licenses,\ncertificates or approvals as may be necessary, to construct, maintain and\noperate projects in accordance with such licenses, permits, certificates or\napprovals; and to obtain, hold and use such licenses, permits, certificates and\napprovals in the same manner as any other person or operating unit;\n\n25. To employ such persons as may be required in the judgment of the authority\nand to fix and pay their compensation from funds available to the authority\ntherefor; and\n\n26. To do all acts and things necessary and convenient to carry out the purposes\nand to exercise the powers granted to the authority herein.\n\t\t\tIn undertaking a project, an authority shall apply to the appropriate\nagencies of the Commonwealth, the United States, or any state therein, for such\npermits, licenses, certificates, or approvals as may be necessary, including, in\nany event, those referred to in §§ 56-46.1, 56-234.3, and 56-265.2;\nformer § 62.1-3; and Chapter 7 (§ 62.1-80 et seq.) of Title 62.1 of\nthe Code of Virginia. An authority shall construct, maintain and operate such\nprojects in accordance with such permits, licenses, certificates and approvals.\nThe foregoing sentence shall apply to an authority created by a governmental\nunit exempt from the referendum requirement of § 15.2-5403 only to the\nextent that it would have applied to the governmental unit that is the sole\nmember of such authority if the governmental unit had directly undertaken the\nproject.\n\t\t\tIn determining which project or projects to undertake in furtherance of its\npurposes and powers under this chapter, an authority shall take into account\nestimated future power requirements of member governmental units which have\nentered into, or propose to enter into, contracts with the authority for the\npurchase of output, capacity, use or services of such project or projects, and\nin making such determinations the authority shall consider the following:\n\n1. Economies and efficiencies to be achieved in constructing, on a large scale,\nfacilities for the generation and distribution of electric power and energy;\n\n2. Needs of the authority for reserve and peaking capacity and to meet\nobligations under pooling and reserve-sharing agreements reasonably related to\nits needs for power and energy to which the authority is or may become a party;\n\n3. Estimated useful life of such project;\n\n4. Estimated time necessary for the planning, development, acquisition, or\nconstruction of such project and length of time required in advance to obtain,\nacquire or construct an additional power supply for the member governmental\nunits of the authority; and\n\n5. Reliability and availability of alternative power supply sources and cost of\nsuch alternative power supply sources.\n\t\t\tNothing herein contained shall prevent an authority from undertaking studies\nto determine whether there is a need for a project or whether such project is\nfeasible.\n\nHISTORY: 1979, c. 416, \u00a7 15.1-1609; 1997, c. 587; 2006, cc. 929, 941.","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}}