{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-6405.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-6405.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-6405.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-6405.html"}],"law_id":72941,"edition_id":1,"section_id":72941,"structure_id":14199,"section_number":"15.2-6405","catch_line":"Powers of the authority","history":"1997, cc. 276, 587, \u00a7 15.1-1715; 2002, c. 691; 2003, c. 874.","full_text":"Each authority is vested with the powers of a body corporate, including the power to sue and be sued in its own name, plead and be impleaded, and adopt and use a common seal and alter the same as may be deemed expedient. In addition to the powers set forth elsewhere in this chapter, an authority may:\n\n1\n\nAdopt bylaws, rules and regulations to carry out the provisions of this chapter;2\n\nEmploy, either as regular employees or as independent contractors, consultants, engineers, architects, accountants, attorneys, financial experts, construction experts and personnel, superintendents, managers and other professional personnel, personnel, and agents as may be necessary in the judgment of the authority, and fix their compensation;3\n\nDetermine the locations of, develop, establish, construct, erect, repair, remodel, add to, extend, improve, equip, operate, regulate, and maintain facilities to the extent necessary or convenient to accomplish the purposes of the authority;4\n\nAcquire, own, hold, lease, use, sell, encumber, transfer, or dispose of, in its own name, any real or personal property or interests therein;5\n\nInvest and reinvest funds of the authority;6\n\nEnter into contracts of any kind, and execute all instruments necessary or convenient with respect to its carrying out the powers in this chapter to accomplish the purposes of the authority;7\n\nExpend such funds as may be available to it for the purpose of developing facilities, including but not limited to (i) purchasing real estate; (ii) grading sites; (iii) improving, replacing, and extending water, sewer, natural gas, electrical, and other utility lines; (iv) constructing, rehabilitating, and expanding buildings; (v) constructing parking facilities; (vi) constructing access roads, streets, and rail lines; (vii) purchasing or leasing machinery and tools; and (viii) making any other improvements deemed necessary by the authority to meet its objectives;8\n\nFix and revise from time to time and charge and collect rates, rents, fees, or other charges for the use of facilities or for services rendered in connection with the facilities;9\n\nBorrow money from any source for any valid purpose, including working capital for its operations, reserve funds, or interest; mortgage, pledge, or otherwise encumber the property or funds of the authority; and contract with or engage the services of any person in connection with any financing, including financial institutions, issuers of letters of credit, or insurers;10\n\nIssue bonds under this chapter;11\n\nAccept funds and property from the Commonwealth, persons, counties, cities, and towns and use the same for any of the purposes for which the authority is created;12\n\nApply for and accept grants or loans of money or other property from any federal agency for any of the purposes authorized in this chapter and expend or use the same in accordance with the directions and requirements attached thereto or imposed thereon by any such federal agency;13\n\nMake loans or grants to, and enter into cooperative arrangements with, any person, partnership, association, corporation, business or governmental entity in furtherance of the purposes of this chapter, for the purposes of promoting economic and workforce development, provided that such loans or grants shall be made only from revenues of the authority that have not been pledged or assigned for the payment of any of the authority&#8217;s bonds, and to enter into such contracts, instruments, and agreements as may be expedient to provide for such loans, and any security therefor. The word &#8220;revenues&#8221; as used in this subdivision includes grants, loans, funds and property, as set out in subdivisions 11 and 12;14\n\nEnter into agreements with any other political subdivision of the Commonwealth for joint or cooperative action in accordance with &#xA7; 15.2-1300; and15\n\nDo all things necessary or convenient to carry out the purposes of this chapter.","order_by":null,"text":{"0":{"id":262738,"text":"Each authority is vested with the powers of a body corporate, including the power to sue and be sued in its own name, plead and be impleaded, and adopt and use a common seal and alter the same as may be deemed expedient. In addition to the powers set forth elsewhere in this chapter, an authority may:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":262739,"text":"Adopt bylaws, rules and regulations to carry out the provisions of this chapter;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":262740,"text":"Employ, either as regular employees or as independent contractors, consultants, engineers, architects, accountants, attorneys, financial experts, construction experts and personnel, superintendents, managers and other professional personnel, personnel, and agents as may be necessary in the judgment of the authority, and fix their compensation;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":262741,"text":"Determine the locations of, develop, establish, construct, erect, repair, remodel, add to, extend, improve, equip, operate, regulate, and maintain facilities to the extent necessary or convenient to accomplish the purposes of the authority;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":262742,"text":"Acquire, own, hold, lease, use, sell, encumber, transfer, or dispose of, in its own name, any real or personal property or interests therein;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":262743,"text":"Invest and reinvest funds of the authority;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":262744,"text":"Enter into contracts of any kind, and execute all instruments necessary or convenient with respect to its carrying out the powers in this chapter to accomplish the purposes of the authority;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":262745,"text":"Expend such funds as may be available to it for the purpose of developing facilities, including but not limited to (i) purchasing real estate; (ii) grading sites; (iii) improving, replacing, and extending water, sewer, natural gas, electrical, and other utility lines; (iv) constructing, rehabilitating, and expanding buildings; (v) constructing parking facilities; (vi) constructing access roads, streets, and rail lines; (vii) purchasing or leasing machinery and tools; and (viii) making any other improvements deemed necessary by the authority to meet its objectives;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":262746,"text":"Fix and revise from time to time and charge and collect rates, rents, fees, or other charges for the use of facilities or for services rendered in connection with the facilities;","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":262747,"text":"Borrow money from any source for any valid purpose, including working capital for its operations, reserve funds, or interest; mortgage, pledge, or otherwise encumber the property or funds of the authority; and contract with or engage the services of any person in connection with any financing, including financial institutions, issuers of letters of credit, or insurers;","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8","next_prefix":"10"},"10":{"id":262748,"text":"Issue bonds under this chapter;","type":"section","prefixes":["10"],"prefix":"10","entire_prefix":"10","prefix_anchor":"10","level":1,"prior_prefix":"9","next_prefix":"11"},"11":{"id":262749,"text":"Accept funds and property from the Commonwealth, persons, counties, cities, and towns and use the same for any of the purposes for which the authority is created;","type":"section","prefixes":["11"],"prefix":"11","entire_prefix":"11","prefix_anchor":"11","level":1,"prior_prefix":"10","next_prefix":"12"},"12":{"id":262750,"text":"Apply for and accept grants or loans of money or other property from any federal agency for any of the purposes authorized in this chapter and expend or use the same in accordance with the directions and requirements attached thereto or imposed thereon by any such federal agency;","type":"section","prefixes":["12"],"prefix":"12","entire_prefix":"12","prefix_anchor":"12","level":1,"prior_prefix":"11","next_prefix":"13"},"13":{"id":262751,"text":"Make loans or grants to, and enter into cooperative arrangements with, any person, partnership, association, corporation, business or governmental entity in furtherance of the purposes of this chapter, for the purposes of promoting economic and workforce development, provided that such loans or grants shall be made only from revenues of the authority that have not been pledged or assigned for the payment of any of the authority&#8217;s bonds, and to enter into such contracts, instruments, and agreements as may be expedient to provide for such loans, and any security therefor. The word &#8220;revenues&#8221; as used in this subdivision includes grants, loans, funds and property, as set out in subdivisions 11 and 12;","type":"section","prefixes":["13"],"prefix":"13","entire_prefix":"13","prefix_anchor":"13","level":1,"prior_prefix":"12","next_prefix":"14"},"14":{"id":262752,"text":"Enter into agreements with any other political subdivision of the Commonwealth for joint or cooperative action in accordance with &#xA7; 15.2-1300; and","type":"section","prefixes":["14"],"prefix":"14","entire_prefix":"14","prefix_anchor":"14","level":1,"prior_prefix":"13","next_prefix":"15"},"15":{"id":262753,"text":"Do all things necessary or convenient to carry out the purposes of this chapter.","type":"section","prefixes":["15"],"prefix":"15","entire_prefix":"15","prefix_anchor":"15","level":1,"prior_prefix":"14"}},"ancestry":[{"id":14199,"edition_id":1,"name":"Virginia Regional Industrial Facilities Act","identifier":"64","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:47:15","date_modified":"2026-06-26 03:47:15","permalink":{"id":160227,"object_type":"structure","relational_id":14199,"identifier":"64","token":"15.2\/IV\/64","url":"\/15.2\/IV\/64\/","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":57110,"structure_id":14199,"section_number":"15.2-6400","catch_line":"Definitions","url":"\/15.2-6400\/","token":"15.2\/IV\/64\/15.2-6400","metadata":false},{"id":79446,"structure_id":14199,"section_number":"15.2-6401","catch_line":"Findings; purpose; governmental functions","url":"\/15.2-6401\/","token":"15.2\/IV\/64\/15.2-6401","metadata":false},{"id":84239,"structure_id":14199,"section_number":"15.2-6402","catch_line":"Procedure for creation of authorities","url":"\/15.2-6402\/","token":"15.2\/IV\/64\/15.2-6402","metadata":false},{"id":55385,"structure_id":14199,"section_number":"15.2-6403","catch_line":"Board of the authority","url":"\/15.2-6403\/","token":"15.2\/IV\/64\/15.2-6403","metadata":false},{"id":60109,"structure_id":14199,"section_number":"15.2-6404","catch_line":"Office of authority; title to property","url":"\/15.2-6404\/","token":"15.2\/IV\/64\/15.2-6404","metadata":false},{"id":72941,"structure_id":14199,"section_number":"15.2-6405","catch_line":"Powers of the authority","url":"\/15.2-6405\/","token":"15.2\/IV\/64\/15.2-6405","metadata":false},{"id":61385,"structure_id":14199,"section_number":"15.2-6406","catch_line":"Donations to authority; remittance of tax revenue","url":"\/15.2-6406\/","token":"15.2\/IV\/64\/15.2-6406","metadata":false},{"id":70797,"structure_id":14199,"section_number":"15.2-6407","catch_line":"Revenue sharing agreements","url":"\/15.2-6407\/","token":"15.2\/IV\/64\/15.2-6407","metadata":false},{"id":72736,"structure_id":14199,"section_number":"15.2-6408","catch_line":"Applicability of land use regulations","url":"\/15.2-6408\/","token":"15.2\/IV\/64\/15.2-6408","metadata":false},{"id":74275,"structure_id":14199,"section_number":"15.2-6409","catch_line":"Bond issues; contesting validity of bonds","url":"\/15.2-6409\/","token":"15.2\/IV\/64\/15.2-6409","metadata":false},{"id":67781,"structure_id":14199,"section_number":"15.2-6410","catch_line":"Investments in bonds","url":"\/15.2-6410\/","token":"15.2\/IV\/64\/15.2-6410","metadata":false},{"id":63629,"structure_id":14199,"section_number":"15.2-6411","catch_line":"Bonds exempt from taxation","url":"\/15.2-6411\/","token":"15.2\/IV\/64\/15.2-6411","metadata":false},{"id":65569,"structure_id":14199,"section_number":"15.2-6412","catch_line":"Tax revenues of the Commonwealth or any other political subdivision not pledged","url":"\/15.2-6412\/","token":"15.2\/IV\/64\/15.2-6412","metadata":false},{"id":72648,"structure_id":14199,"section_number":"15.2-6413","catch_line":"Forms of accounts and records; audit of same","url":"\/15.2-6413\/","token":"15.2\/IV\/64\/15.2-6413","metadata":false},{"id":71960,"structure_id":14199,"section_number":"15.2-6414","catch_line":"Tort liability","url":"\/15.2-6414\/","token":"15.2\/IV\/64\/15.2-6414","metadata":false},{"id":77427,"structure_id":14199,"section_number":"15.2-6415","catch_line":"Dissolution of authority","url":"\/15.2-6415\/","token":"15.2\/IV\/64\/15.2-6415","metadata":false},{"id":62186,"structure_id":14199,"section_number":"15.2-6416","catch_line":"Chapter liberally construed","url":"\/15.2-6416\/","token":"15.2\/IV\/64\/15.2-6416","metadata":false}],"previous_section":{"id":60109,"structure_id":14199,"section_number":"15.2-6404","catch_line":"Office of authority; title to property","url":"\/15.2-6404\/","token":"15.2\/IV\/64\/15.2-6404","metadata":false},"next_section":{"id":61385,"structure_id":14199,"section_number":"15.2-6406","catch_line":"Donations to authority; remittance of tax revenue","url":"\/15.2-6406\/","token":"15.2\/IV\/64\/15.2-6406","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-6405\/","history_text":"<p>This law was first created in 1997. The record of its establishment is cataloged in chapters <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?971+ful+CHAP0276\">276<\/a> and <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?971+ful+CHAP0587\">587<\/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. 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 2002, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?021+ful+CHAP0691\">691<\/a>; in 2003, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?031+ful+CHAP0874\">874<\/a>.<\/p>","references":[{"id":57110,"section_number":"15.2-6400","catch_line":"Definitions","order_by":null,"url":"\/15.2-6400\/"},{"id":79563,"section_number":"33.2-3800","catch_line":"Definitions","order_by":null,"url":"\/33.2-3800\/"}],"refers_to":[{"id":59950,"section_number":"15.2-1300","catch_line":"Joint exercise of powers by political subdivisions","order_by":null,"url":"\/15.2-1300\/"}],"permalink":{"id":160249,"object_type":"law","relational_id":72941,"identifier":"15.2-6405","token":"15.2\/IV\/64\/15.2-6405","url":"\/15.2-6405\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-6405\/","token":"15.2\/IV\/64\/15.2-6405","dublin_core":{"Title":"Powers of the authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-6405","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>Each <span class=\"dictionary\">authority<\/span> is vested with the powers of a body corporate, including the power to sue and be sued in its own name, plead and be impleaded, and adopt and use a common seal and alter the same as may be deemed expedient. In addition to the powers set forth elsewhere in this chapter, an <span class=\"dictionary\">authority<\/span> may:<\/p><\/section>\n\t\t\t\t\t\t<section id=\"1\"><p><span class=\"prefix-number\">1.<\/span> Adopt bylaws, rules and regulations to carry out the provisions of this chapter; <a id=\"paragraph-262739\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/15.2-6405\/#1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"2\"><p><span class=\"prefix-number\">2.<\/span> Employ, either as regular employees or as independent contractors, consultants, engineers, architects, accountants, attorneys, financial experts, construction experts and personnel, superintendents, managers and other professional personnel, personnel, and agents as may be necessary in the <span class=\"dictionary\">judgment<\/span> of the <span class=\"dictionary\">authority<\/span>, and fix their compensation; <a id=\"paragraph-262740\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/15.2-6405\/#2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"3\"><p><span class=\"prefix-number\">3.<\/span> Determine the locations of, develop, establish, construct, erect, repair, remodel, add to, extend, improve, equip, operate, regulate, and maintain facilities to the extent necessary or convenient to accomplish the purposes of the <span class=\"dictionary\">authority<\/span>; <a id=\"paragraph-262741\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/15.2-6405\/#3\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"4\"><p><span class=\"prefix-number\">4.<\/span> Acquire, own, hold, lease, use, sell, encumber, transfer, or dispose of, in its own name, any real or personal property or interests therein; <a id=\"paragraph-262742\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/15.2-6405\/#4\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"5\"><p><span class=\"prefix-number\">5.<\/span> Invest and reinvest funds of the <span class=\"dictionary\">authority<\/span>; <a id=\"paragraph-262743\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/15.2-6405\/#5\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"6\"><p><span class=\"prefix-number\">6.<\/span> Enter into <span class=\"dictionary\">contracts<\/span> of any kind, and execute all instruments necessary or convenient with respect to its carrying out the powers in this chapter to accomplish the purposes of the <span class=\"dictionary\">authority<\/span>; <a id=\"paragraph-262744\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/15.2-6405\/#6\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"7\"><p><span class=\"prefix-number\">7.<\/span> Expend such funds as may be available to it for the purpose of developing facilities, including but not limited to (i) purchasing real estate; (ii) grading sites; (iii) improving, replacing, and extending water, sewer, natural gas, electrical, and other utility lines; (iv) constructing, rehabilitating, and expanding buildings; (v) constructing parking facilities; (vi) constructing access roads, streets, and rail lines; (vii) purchasing or leasing machinery and tools; and (viii) making any other improvements deemed necessary by the <span class=\"dictionary\">authority<\/span> to meet its objectives; <a id=\"paragraph-262745\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/15.2-6405\/#7\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"8\"><p><span class=\"prefix-number\">8.<\/span> Fix and revise from time to time and charge and collect rates, rents, fees, or other charges for the use of facilities or for services rendered in connection with the facilities; <a id=\"paragraph-262746\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/15.2-6405\/#8\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"9\"><p><span class=\"prefix-number\">9.<\/span> Borrow money from any source for any valid purpose, including working capital for its operations, reserve funds, or interest; mortgage, pledge, or otherwise encumber the property or funds of the <span class=\"dictionary\">authority<\/span>; and <span class=\"dictionary\">contract<\/span> with or engage the services of any person in connection with any financing, including financial institutions, issuers of letters of credit, or insurers; <a id=\"paragraph-262747\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/15.2-6405\/#9\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"10\"><p><span class=\"prefix-number\">10.<\/span> <span class=\"dictionary\">Issue<\/span> <span class=\"dictionary\">bonds<\/span> under this chapter; <a id=\"paragraph-262748\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/15.2-6405\/#10\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"11\"><p><span class=\"prefix-number\">11.<\/span> Accept funds and property from the Commonwealth, persons, counties, cities, and <span class=\"dictionary\">towns<\/span> and use the same for any of the purposes for which the <span class=\"dictionary\">authority<\/span> is created; <a id=\"paragraph-262749\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/15.2-6405\/#11\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"12\"><p><span class=\"prefix-number\">12.<\/span> Apply for and accept grants or loans of money or other property from any federal agency for any of the purposes authorized in this chapter and expend or use the same in accordance with the directions and requirements attached thereto or imposed thereon by any such federal agency; <a id=\"paragraph-262750\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/15.2-6405\/#12\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"13\"><p><span class=\"prefix-number\">13.<\/span> Make loans or grants to, and enter into cooperative arrangements with, any person, partnership, association, corporation, business or governmental entity in furtherance of the purposes of this chapter, for the purposes of promoting economic and workforce development, provided that such loans or grants shall be made only from <span class=\"dictionary\">revenues<\/span> of the <span class=\"dictionary\">authority<\/span> that have not been pledged or assigned for the payment of any of the <span class=\"dictionary\">authority<\/span>&#8217;s <span class=\"dictionary\">bonds<\/span>, and to enter into such <span class=\"dictionary\">contracts<\/span>, instruments, and agreements as may be expedient to provide for such loans, and any security therefor. The word &#8220;<span class=\"dictionary\">revenues<\/span>&#8221; as used in this subdivision includes grants, loans, funds and property, as set out in subdivisions 11 and 12; <a id=\"paragraph-262751\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/15.2-6405\/#13\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"14\"><p><span class=\"prefix-number\">14.<\/span> Enter into agreements with any other political subdivision of the Commonwealth for joint or cooperative action in accordance with &#xA7; <a class=\"law\" title=\"Joint exercise of powers by political subdivisions\" href=\"\/15.2-1300\/\">15.2-1300<\/a>; and <a id=\"paragraph-262752\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/15.2-6405\/#14\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"15\"><p><span class=\"prefix-number\">15.<\/span> Do all things necessary or convenient to carry out the purposes of this chapter. <a id=\"paragraph-262753\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/15.2-6405\/#15\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nPOWERS OF THE AUTHORITY (\u00a7 15.2-6405)\n\nEach authority is vested with the powers of a body corporate, including the\npower to sue and be sued in its own name, plead and be impleaded, and adopt and\nuse a common seal and alter the same as may be deemed expedient. In addition to\nthe powers set forth elsewhere in this chapter, an authority may:\n\n1. Adopt bylaws, rules and regulations to carry out the provisions of this\nchapter;\n\n2. Employ, either as regular employees or as independent contractors,\nconsultants, engineers, architects, accountants, attorneys, financial experts,\nconstruction experts and personnel, superintendents, managers and other\nprofessional personnel, personnel, and agents as may be necessary in the\njudgment of the authority, and fix their compensation;\n\n3. Determine the locations of, develop, establish, construct, erect, repair,\nremodel, add to, extend, improve, equip, operate, regulate, and maintain\nfacilities to the extent necessary or convenient to accomplish the purposes of\nthe authority;\n\n4. Acquire, own, hold, lease, use, sell, encumber, transfer, or dispose of, in\nits own name, any real or personal property or interests therein;\n\n5. Invest and reinvest funds of the authority;\n\n6. Enter into contracts of any kind, and execute all instruments necessary or\nconvenient with respect to its carrying out the powers in this chapter to\naccomplish the purposes of the authority;\n\n7. Expend such funds as may be available to it for the purpose of developing\nfacilities, including but not limited to (i) purchasing real estate; (ii)\ngrading sites; (iii) improving, replacing, and extending water, sewer, natural\ngas, electrical, and other utility lines; (iv) constructing, rehabilitating, and\nexpanding buildings; (v) constructing parking facilities; (vi) constructing\naccess roads, streets, and rail lines; (vii) purchasing or leasing machinery and\ntools; and (viii) making any other improvements deemed necessary by the\nauthority to meet its objectives;\n\n8. Fix and revise from time to time and charge and collect rates, rents, fees,\nor other charges for the use of facilities or for services rendered in\nconnection with the facilities;\n\n9. Borrow money from any source for any valid purpose, including working capital\nfor its operations, reserve funds, or interest; mortgage, pledge, or otherwise\nencumber the property or funds of the authority; and contract with or engage the\nservices of any person in connection with any financing, including financial\ninstitutions, issuers of letters of credit, or insurers;\n\n10. Issue bonds under this chapter;\n\n11. Accept funds and property from the Commonwealth, persons, counties, cities,\nand towns and use the same for any of the purposes for which the authority is\ncreated;\n\n12. Apply for and accept grants or loans of money or other property from any\nfederal agency for any of the purposes authorized in this chapter and expend or\nuse the same in accordance with the directions and requirements attached thereto\nor imposed thereon by any such federal agency;\n\n13. Make loans or grants to, and enter into cooperative arrangements with, any\nperson, partnership, association, corporation, business or governmental entity\nin furtherance of the purposes of this chapter, for the purposes of promoting\neconomic and workforce development, provided that such loans or grants shall be\nmade only from revenues of the authority that have not been pledged or assigned\nfor the payment of any of the authority&#8217;s bonds, and to enter into such\ncontracts, instruments, and agreements as may be expedient to provide for such\nloans, and any security therefor. The word &#8220;revenues&#8221; as used in\nthis subdivision includes grants, loans, funds and property, as set out in\nsubdivisions 11 and 12;\n\n14. Enter into agreements with any other political subdivision of the\nCommonwealth for joint or cooperative action in accordance with &#xA7;\n15.2-1300; and\n\n15. Do all things necessary or convenient to carry out the purposes of this\nchapter.\n\nHISTORY: 1997, cc. 276, 587, \u00a7 15.1-1715; 2002, c. 691; 2003, c. 874.","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}}