{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-5519.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-5519.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-5519.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-5519.html"}],"law_id":60627,"edition_id":1,"section_id":60627,"structure_id":14676,"section_number":"15.2-5519","catch_line":"Powers of authority","history":"2007, c. 864.","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 its pleasure;3\n\nTo enter into contracts;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 that 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 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;8\n\nTo exercise all powers expressly given the authority by the governing body of the locality that 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;9\n\nTo 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; or in order to make loans in furtherance of the purposes of this chapter of such 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;10\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, 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 9; and11\n\nTo establish a revolving loan fund or loan guarantee program to help carry out its powers and promote establishment of tourism infrastructure.","order_by":null,"text":{"0":{"id":221586,"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":221587,"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":221588,"text":"To adopt and use a corporate seal and to alter the same at its pleasure;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":221589,"text":"To enter into contracts;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":221590,"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 that 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":221591,"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":221592,"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":221593,"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":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":221594,"text":"To exercise all powers expressly given the authority by the governing body of the locality that 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":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":221595,"text":"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; or in order to make loans in furtherance of the purposes of this chapter of such 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;","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8","next_prefix":"10"},"10":{"id":221596,"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, 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 9; and","type":"section","prefixes":["10"],"prefix":"10","entire_prefix":"10","prefix_anchor":"10","level":1,"prior_prefix":"9","next_prefix":"11"},"11":{"id":221597,"text":"To establish a revolving loan fund or loan guarantee program to help carry out its powers and promote establishment of tourism infrastructure.","type":"section","prefixes":["11"],"prefix":"11","entire_prefix":"11","prefix_anchor":"11","level":1,"prior_prefix":"10"}},"ancestry":[{"id":14676,"edition_id":1,"name":"Tourism Financing Development Authority Act","identifier":"55.2","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:49:16","date_modified":"2026-06-26 03:49:16","permalink":{"id":159547,"object_type":"structure","relational_id":14676,"identifier":"55.2","token":"15.2\/IV\/55.2","url":"\/15.2\/IV\/55.2\/","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":71694,"structure_id":14676,"section_number":"15.2-5516","catch_line":"Short title","url":"\/15.2-5516\/","token":"15.2\/IV\/55.2\/15.2-5516","metadata":false},{"id":56281,"structure_id":14676,"section_number":"15.2-5517","catch_line":"One or more localities may create authority","url":"\/15.2-5517\/","token":"15.2\/IV\/55.2\/15.2-5517","metadata":false},{"id":70578,"structure_id":14676,"section_number":"15.2-5518","catch_line":"Directors; qualifications; terms; vacancies; compensation and expenses; quorum; records","url":"\/15.2-5518\/","token":"15.2\/IV\/55.2\/15.2-5518","metadata":false},{"id":60627,"structure_id":14676,"section_number":"15.2-5519","catch_line":"Powers of authority","url":"\/15.2-5519\/","token":"15.2\/IV\/55.2\/15.2-5519","metadata":false},{"id":71697,"structure_id":14676,"section_number":"15.2-5520","catch_line":"Liability of authority","url":"\/15.2-5520\/","token":"15.2\/IV\/55.2\/15.2-5520","metadata":false},{"id":64330,"structure_id":14676,"section_number":"15.2-5521","catch_line":"Dissolution of authority; disposition of property","url":"\/15.2-5521\/","token":"15.2\/IV\/55.2\/15.2-5521","metadata":false},{"id":58669,"structure_id":14676,"section_number":"15.2-5522","catch_line":"Provisions of chapter controlling over other statutes and charters","url":"\/15.2-5522\/","token":"15.2\/IV\/55.2\/15.2-5522","metadata":false}],"previous_section":{"id":70578,"structure_id":14676,"section_number":"15.2-5518","catch_line":"Directors; qualifications; terms; vacancies; compensation and expenses; quorum; records","url":"\/15.2-5518\/","token":"15.2\/IV\/55.2\/15.2-5518","metadata":false},"next_section":{"id":71697,"structure_id":14676,"section_number":"15.2-5520","catch_line":"Liability of authority","url":"\/15.2-5520\/","token":"15.2\/IV\/55.2\/15.2-5520","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5519\/","history_text":"

This law was first created in 2007. The record of its establishment is cataloged in chapter 864<\/a> 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.<\/p>","references":false,"refers_to":false,"permalink":{"id":159561,"object_type":"law","relational_id":60627,"identifier":"15.2-5519","token":"15.2\/IV\/55.2\/15.2-5519","url":"\/15.2-5519\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-5519\/","token":"15.2\/IV\/55.2\/15.2-5519","dublin_core":{"Title":"Powers of authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5519","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The authority 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 its pleasure; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> To enter into contracts<\/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 including all real and personal properties that 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 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

8.<\/span> To exercise all powers expressly given the authority by the governing body<\/span> of the locality<\/span> that 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

9.<\/span> 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; or in order<\/span> to make loans in furtherance of the purposes of this chapter of such 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; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> 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, and to enter into such contracts<\/span>, 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<\/span>” as used in this subdivision includes contributions, grants, and other financial assistance, as set out in subdivision 9; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> To establish a revolving loan fund or loan guarantee program to help carry out its powers and promote establishment of tourism infrastructure. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS OF AUTHORITY (\u00a7 15.2-5519)\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 its pleasure;\n\n3. To enter into contracts;\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 that 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 employ and pay compensation to such employees and agents, including\nattorneys and real estate brokers whether engaged by the authority or otherwise,\nas the board of directors shall deem necessary in carrying on the business of\nthe authority;\n\n8. To exercise all powers expressly given the authority by the governing body of\nthe locality that established the authority and to establish bylaws and make all\nrules and regulations, not inconsistent with the provisions of this chapter,\ndeemed expedient for the management of the authority’s affairs;\n\n9. To accept contributions, grants, and other financial assistance from the\nUnited States of America and agencies or instrumentalities thereof, the\nCommonwealth, or any political subdivision, agency, or public instrumentality of\nthe Commonwealth, for or in aid of the construction, acquisition, ownership,\nmaintenance, or repair of the authority facilities; or in order to make loans in\nfurtherance of the purposes of this chapter of such contributions, grants, and\nother financial assistance, and to this end the authority shall have the power\nto comply 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;\n\n10. 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, and\nto enter into such contracts, instruments, and agreements as may be expedient to\nprovide for such loans and any security therefor. An authority may also be\npermitted to forgive loans or other obligations if it is deemed to further\neconomic development. The word “revenues” as used in this\nsubdivision includes contributions, grants, and other financial assistance, as\nset out in subdivision 9; and\n\n11. To establish a revolving loan fund or loan guarantee program to help carry\nout its powers and promote establishment of tourism infrastructure.\n\nHISTORY: 2007, c. 864.","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}}