{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2204.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2204.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2204.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2204.html"}],"law_id":57668,"edition_id":1,"section_id":57668,"structure_id":13821,"section_number":"2.2-2204","catch_line":"Powers of the Authority","history":"1995, c. 758, \u00a7 9-266.5; 1996, c. 111; 2001, c. 844; 2012, cc. 779, 817; 2017, c. 633.","full_text":"The Authority is granted all powers necessary or convenient for the carrying out of its statutory purposes, including, but not limited to, the power to:\n\n1\n\nSue and be sued, implead and be impleaded, complain and defend in all courts;2\n\nAdopt, use, and alter at will a common seal;3\n\nAcquire any project and property, real, personal or mixed, tangible or intangible, or any interest therein, by purchase, gift or devise and to sell, lease (whether as lessor or lessee), transfer, convey or dispose of any project or property, real, personal or mixed, tangible or intangible or any interest therein, at any time acquired or held by the Authority on such terms and conditions as may be determined by the Board;4\n\nAdopt a strategic plan pursuant to § 2.2-2203.2 and plan, develop, undertake, carry out, construct, equip, improve, rehabilitate, repair, furnish, maintain and operate projects pursuant to such plan;5\n\nAdopt an annual budget for the Authority’s capital improvements and operations;6\n\nAdopt, alter, and repeal bylaws, rules, and regulations governing the manner in which its business shall be transacted and the manner in which the power of the Authority shall be exercised and its duties performed. Such bylaws, rules, and regulations may provide for such committees and their functions as the Authority may deem necessary and expedient. Such bylaws, rules, and regulations shall be exempt from the Administrative Process Act (§ 2.2-4000 et seq.);7\n\nFix, alter, charge, and collect rates, rentals, fees, and other charges for the use of projects of, the sale of products of, or services rendered by the Authority at rates to be determined by it for the purpose of providing for the payment of the expenses of the Authority; the planning, development, construction, improvement, rehabilitation, repair, furnishing, maintenance, and operation of its projects and properties; the payment of the costs accomplishing its purposes set forth in § 2.2-2202; the payment of the principal of and interest on its obligations; and the creation of reserves for such purposes, for other purposes of the Authority and to pay the cost of maintaining, repairing and operating any project and fulfilling the terms and provisions of any agreements made with the purchasers or holders of any such obligations and any other purposes as set forth in this article;8\n\nBorrow money, make and issue bonds including bonds as the Authority may determine to issue for the purpose of accomplishing the purposes set forth in § 2.2-2202 or for refunding bonds previously issued by the Authority, whether such outstanding bonds have matured or are then subject to redemption, or any combination of such purposes; secure the payment of all bonds, or any part thereof, by pledge, assignment or deed of trust of all or any of its revenues, rentals, and receipts or of any project or property, real, personal or mixed, tangible or intangible, or any rights and interest therein; make such agreements with the purchasers or holders of such bonds or with others in connection with any such bonds, whether issued or to be issued, as the Authority shall deem advisable; and in general to provide for the security for said bonds and the rights of holders thereof. However, the total principal amount of bonds, including refunding bonds, outstanding at any time shall not exceed $50 million, excluding from such limit any revenue bonds. The Authority shall not issue any bonds, other than revenue bonds, that are not specifically authorized by a bill or resolution passed by a majority vote of those elected to each house of the General Assembly;9\n\nMake and enter into all contracts and agreements necessary or incidental to the performance of its duties, the furtherance of its purposes, and the execution of its powers under this article, including interstate compacts that have been authorized by the General Assembly and where necessary consented to by the United States Congress and agreements with any person or federal agency;10\n\nEmploy, in its discretion, consultants, attorneys, architects, engineers, accountants, financial experts, investment bankers, superintendents, managers and such other employees and agents as may be necessary, and to fix their compensation to be payable from funds made available to the Authority;11\n\nReceive and accept from any federal or private agency, foundation, corporation, association or person grants, donations of money, real or personal property for the benefit of the Authority, and to receive and accept from the Commonwealth or any state, and any municipality, county or other political subdivision thereof and from any other source, aid or contributions of either money, property, or other things of value, to be held, used and applied for the purposes for which such grants and contributions may be made;12\n\nRender advice and assistance, and to provide services, to institutions of higher education and to other persons providing services or facilities for scientific and technological research or graduate education, provided that credit toward a degree, certificate or diploma shall be granted only if such education is provided in conjunction with an institution of higher education authorized to operate in Virginia;13\n\nDevelop, undertake and provide programs, alone or in conjunction with any person or federal agency, for scientific and technological research, technology management, continuing education and in-service training; however, credit towards a degree, certificate or diploma shall be granted only if such education is provided in conjunction with an institution of higher education authorized to operate in Virginia; foster the utilization of scientific and technological research, information discoveries and data and obtain patents, copyrights and trademarks thereon; coordinate the scientific and technological research efforts of public institutions and private industry and collect and maintain data on the development and utilization of scientific and technological research capabilities;14\n\nPledge or otherwise encumber all or any of the revenues or receipts of the Authority as security for all or any of the obligations of the Authority; and15\n\nDo all acts and things necessary or convenient to carry out the powers granted to it by law.","order_by":null,"text":{"0":{"id":211273,"text":"The Authority is granted all powers necessary or convenient for the carrying out of its statutory purposes, including, but not limited to, the power to:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":211274,"text":"Sue and be sued, implead and be impleaded, complain and defend in all courts;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":211275,"text":"Adopt, use, and alter at will a common seal;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":211276,"text":"Acquire any project and property, real, personal or mixed, tangible or intangible, or any interest therein, by purchase, gift or devise and to sell, lease (whether as lessor or lessee), transfer, convey or dispose of any project or property, real, personal or mixed, tangible or intangible or any interest therein, at any time acquired or held by the Authority on such terms and conditions as may be determined by the Board;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":211277,"text":"Adopt a strategic plan pursuant to § 2.2-2203.2 and plan, develop, undertake, carry out, construct, equip, improve, rehabilitate, repair, furnish, maintain and operate projects pursuant to such plan;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":211278,"text":"Adopt an annual budget for the Authority’s capital improvements and operations;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":211279,"text":"Adopt, alter, and repeal bylaws, rules, and regulations governing the manner in which its business shall be transacted and the manner in which the power of the Authority shall be exercised and its duties performed. Such bylaws, rules, and regulations may provide for such committees and their functions as the Authority may deem necessary and expedient. Such bylaws, rules, and regulations shall be exempt from the Administrative Process Act (§ 2.2-4000 et seq.);","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":211280,"text":"Fix, alter, charge, and collect rates, rentals, fees, and other charges for the use of projects of, the sale of products of, or services rendered by the Authority at rates to be determined by it for the purpose of providing for the payment of the expenses of the Authority; the planning, development, construction, improvement, rehabilitation, repair, furnishing, maintenance, and operation of its projects and properties; the payment of the costs accomplishing its purposes set forth in § 2.2-2202; the payment of the principal of and interest on its obligations; and the creation of reserves for such purposes, for other purposes of the Authority and to pay the cost of maintaining, repairing and operating any project and fulfilling the terms and provisions of any agreements made with the purchasers or holders of any such obligations and any other purposes as set forth in this article;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":211281,"text":"Borrow money, make and issue bonds including bonds as the Authority may determine to issue for the purpose of accomplishing the purposes set forth in § 2.2-2202 or for refunding bonds previously issued by the Authority, whether such outstanding bonds have matured or are then subject to redemption, or any combination of such purposes; secure the payment of all bonds, or any part thereof, by pledge, assignment or deed of trust of all or any of its revenues, rentals, and receipts or of any project or property, real, personal or mixed, tangible or intangible, or any rights and interest therein; make such agreements with the purchasers or holders of such bonds or with others in connection with any such bonds, whether issued or to be issued, as the Authority shall deem advisable; and in general to provide for the security for said bonds and the rights of holders thereof. However, the total principal amount of bonds, including refunding bonds, outstanding at any time shall not exceed $50 million, excluding from such limit any revenue bonds. The Authority shall not issue any bonds, other than revenue bonds, that are not specifically authorized by a bill or resolution passed by a majority vote of those elected to each house of the General Assembly;","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":211282,"text":"Make and enter into all contracts and agreements necessary or incidental to the performance of its duties, the furtherance of its purposes, and the execution of its powers under this article, including interstate compacts that have been authorized by the General Assembly and where necessary consented to by the United States Congress and agreements with any person or federal agency;","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8","next_prefix":"10"},"10":{"id":211283,"text":"Employ, in its discretion, consultants, attorneys, architects, engineers, accountants, financial experts, investment bankers, superintendents, managers and such other employees and agents as may be necessary, and to fix their compensation to be payable from funds made available to the Authority;","type":"section","prefixes":["10"],"prefix":"10","entire_prefix":"10","prefix_anchor":"10","level":1,"prior_prefix":"9","next_prefix":"11"},"11":{"id":211284,"text":"Receive and accept from any federal or private agency, foundation, corporation, association or person grants, donations of money, real or personal property for the benefit of the Authority, and to receive and accept from the Commonwealth or any state, and any municipality, county or other political subdivision thereof and from any other source, aid or contributions of either money, property, or other things of value, to be held, used and applied for the purposes for which such grants and contributions may be made;","type":"section","prefixes":["11"],"prefix":"11","entire_prefix":"11","prefix_anchor":"11","level":1,"prior_prefix":"10","next_prefix":"12"},"12":{"id":211285,"text":"Render advice and assistance, and to provide services, to institutions of higher education and to other persons providing services or facilities for scientific and technological research or graduate education, provided that credit toward a degree, certificate or diploma shall be granted only if such education is provided in conjunction with an institution of higher education authorized to operate in Virginia;","type":"section","prefixes":["12"],"prefix":"12","entire_prefix":"12","prefix_anchor":"12","level":1,"prior_prefix":"11","next_prefix":"13"},"13":{"id":211286,"text":"Develop, undertake and provide programs, alone or in conjunction with any person or federal agency, for scientific and technological research, technology management, continuing education and in-service training; however, credit towards a degree, certificate or diploma shall be granted only if such education is provided in conjunction with an institution of higher education authorized to operate in Virginia; foster the utilization of scientific and technological research, information discoveries and data and obtain patents, copyrights and trademarks thereon; coordinate the scientific and technological research efforts of public institutions and private industry and collect and maintain data on the development and utilization of scientific and technological research capabilities;","type":"section","prefixes":["13"],"prefix":"13","entire_prefix":"13","prefix_anchor":"13","level":1,"prior_prefix":"12","next_prefix":"14"},"14":{"id":211287,"text":"Pledge or otherwise encumber all or any of the revenues or receipts of the Authority as security for all or any of the obligations of the Authority; and","type":"section","prefixes":["14"],"prefix":"14","entire_prefix":"14","prefix_anchor":"14","level":1,"prior_prefix":"13","next_prefix":"15"},"15":{"id":211288,"text":"Do all acts and things necessary or convenient to carry out the powers granted to it by law.","type":"section","prefixes":["15"],"prefix":"15","entire_prefix":"15","prefix_anchor":"15","level":1,"prior_prefix":"14"}},"ancestry":[{"id":13821,"edition_id":1,"name":"Commercial Space Flight Authority","identifier":"2","label":"article","depth":5,"order_by":1,"parent_id":13344,"metadata":{},"date_created":"2026-06-26 03:45:59","date_modified":"2026-06-26 03:45:59","permalink":{"id":174147,"object_type":"structure","relational_id":13821,"identifier":"2","token":"2.2\/I\/D\/22\/2","url":"\/2.2\/I\/D\/22\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13344,"edition_id":1,"name":"Authorities","identifier":"22","label":"chapter","depth":4,"order_by":1,"parent_id":12785,"metadata":{},"date_created":"2026-06-26 03:44:41","date_modified":"2026-06-26 03:44:41","permalink":{"id":173945,"object_type":"structure","relational_id":13344,"identifier":"22","token":"2.2\/I\/D\/22","url":"\/2.2\/I\/D\/22\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12785,"edition_id":1,"name":"State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies","identifier":"D","label":"part","depth":3,"order_by":1,"parent_id":12784,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":173913,"object_type":"structure","relational_id":12785,"identifier":"D","token":"2.2\/I\/D","url":"\/2.2\/I\/D\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12784,"edition_id":1,"name":"Organization of State Government","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12749,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":171455,"object_type":"structure","relational_id":12784,"identifier":"I","token":"2.2\/I","url":"\/2.2\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12749,"edition_id":1,"name":"Administration of Government","identifier":"2.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":171453,"object_type":"structure","relational_id":12749,"identifier":"2.2","token":"2.2","url":"\/2.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":76603,"structure_id":13821,"section_number":"2.2-2201","catch_line":"Short title; definitions","url":"\/2.2-2201\/","token":"2.2\/I\/D\/22\/2\/2.2-2201","metadata":false},{"id":86402,"structure_id":13821,"section_number":"2.2-2202","catch_line":"Declaration of public purpose; Virginia Commercial Space Flight Authority created","url":"\/2.2-2202\/","token":"2.2\/I\/D\/22\/2\/2.2-2202","metadata":false},{"id":79427,"structure_id":13821,"section_number":"2.2-2203","catch_line":"Board of directors; members and officers; Executive Director","url":"\/2.2-2203\/","token":"2.2\/I\/D\/22\/2\/2.2-2203","metadata":false},{"id":65039,"structure_id":13821,"section_number":"2.2-2203.1","catch_line":"Repealed","url":"\/2.2-2203.1\/","token":"2.2\/I\/D\/22\/2\/2.2-2203.1","metadata":false},{"id":65668,"structure_id":13821,"section_number":"2.2-2203.2","catch_line":"Strategic plan","url":"\/2.2-2203.2\/","token":"2.2\/I\/D\/22\/2\/2.2-2203.2","metadata":false},{"id":71900,"structure_id":13821,"section_number":"2.2-2203.3","catch_line":"Employees; employment; personnel rules","url":"\/2.2-2203.3\/","token":"2.2\/I\/D\/22\/2\/2.2-2203.3","metadata":false},{"id":57677,"structure_id":13821,"section_number":"2.2-2203.4","catch_line":"Trust for postemployment benefits authorized; administration","url":"\/2.2-2203.4\/","token":"2.2\/I\/D\/22\/2\/2.2-2203.4","metadata":false},{"id":57668,"structure_id":13821,"section_number":"2.2-2204","catch_line":"Powers of the Authority","url":"\/2.2-2204\/","token":"2.2\/I\/D\/22\/2\/2.2-2204","metadata":false},{"id":69352,"structure_id":13821,"section_number":"2.2-2205","catch_line":"Form, terms, execution and sale of bonds; use of proceeds; interim receipts or temporary bonds; lost or destroyed bonds; faith and credit of state and political subdivisions not pledged; expenses","url":"\/2.2-2205\/","token":"2.2\/I\/D\/22\/2\/2.2-2205","metadata":false},{"id":65786,"structure_id":13821,"section_number":"2.2-2206","catch_line":"Trust indenture or agreement securing bonds","url":"\/2.2-2206\/","token":"2.2\/I\/D\/22\/2\/2.2-2206","metadata":false},{"id":85436,"structure_id":13821,"section_number":"2.2-2207","catch_line":"Moneys received deemed trust funds","url":"\/2.2-2207\/","token":"2.2\/I\/D\/22\/2\/2.2-2207","metadata":false},{"id":75999,"structure_id":13821,"section_number":"2.2-2208","catch_line":"Proceedings by bondholder or trustee to enforce rights","url":"\/2.2-2208\/","token":"2.2\/I\/D\/22\/2\/2.2-2208","metadata":false},{"id":64504,"structure_id":13821,"section_number":"2.2-2209","catch_line":"Bonds made securities for investment and deposit","url":"\/2.2-2209\/","token":"2.2\/I\/D\/22\/2\/2.2-2209","metadata":false},{"id":57238,"structure_id":13821,"section_number":"2.2-2210","catch_line":"Refunding bonds; bonds for refunding and for costs of additional projects","url":"\/2.2-2210\/","token":"2.2\/I\/D\/22\/2\/2.2-2210","metadata":false},{"id":78751,"structure_id":13821,"section_number":"2.2-2211","catch_line":"Grants or loans of public or private funds","url":"\/2.2-2211\/","token":"2.2\/I\/D\/22\/2\/2.2-2211","metadata":false},{"id":82421,"structure_id":13821,"section_number":"2.2-2212","catch_line":"Moneys of Authority","url":"\/2.2-2212\/","token":"2.2\/I\/D\/22\/2\/2.2-2212","metadata":false},{"id":63805,"structure_id":13821,"section_number":"2.2-2213","catch_line":"Forms of accounts and records; audit; annual report","url":"\/2.2-2213\/","token":"2.2\/I\/D\/22\/2\/2.2-2213","metadata":false},{"id":54835,"structure_id":13821,"section_number":"2.2-2214","catch_line":"Exemption from taxes or assessments","url":"\/2.2-2214\/","token":"2.2\/I\/D\/22\/2\/2.2-2214","metadata":false},{"id":68835,"structure_id":13821,"section_number":"2.2-2215","catch_line":"Powers not restrictive; exemptions from Public Procurement Act and the Virginia Personnel Act","url":"\/2.2-2215\/","token":"2.2\/I\/D\/22\/2\/2.2-2215","metadata":false},{"id":80275,"structure_id":13821,"section_number":"2.2-2216","catch_line":"Appropriations by any government","url":"\/2.2-2216\/","token":"2.2\/I\/D\/22\/2\/2.2-2216","metadata":false},{"id":64038,"structure_id":13821,"section_number":"2.2-2217","catch_line":"Conveyance, lease or transfer of property by a city or county to the Authority","url":"\/2.2-2217\/","token":"2.2\/I\/D\/22\/2\/2.2-2217","metadata":false}],"previous_section":{"id":57677,"structure_id":13821,"section_number":"2.2-2203.4","catch_line":"Trust for postemployment benefits authorized; administration","url":"\/2.2-2203.4\/","token":"2.2\/I\/D\/22\/2\/2.2-2203.4","metadata":false},"next_section":{"id":69352,"structure_id":13821,"section_number":"2.2-2205","catch_line":"Form, terms, execution and sale of bonds; use of proceeds; interim receipts or temporary bonds; lost or destroyed bonds; faith and credit of state and political subdivisions not pledged; expenses","url":"\/2.2-2205\/","token":"2.2\/I\/D\/22\/2\/2.2-2205","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2204\/","history_text":"

This law was first created in 1995. The record of its establishment is cataloged in chapter 758<\/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 4 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 1996, chapter 111<\/a>; in 2001, chapter 844<\/a>; in 2012, chapters 779<\/a> and 817<\/a>; in 2017, chapter 633<\/a>.<\/p>","references":false,"refers_to":[{"id":86402,"section_number":"2.2-2202","catch_line":"Declaration of public purpose; Virginia Commercial Space Flight Authority created","order_by":null,"url":"\/2.2-2202\/"},{"id":65668,"section_number":"2.2-2203.2","catch_line":"Strategic plan","order_by":null,"url":"\/2.2-2203.2\/"},{"id":86911,"section_number":"2.2-4000","catch_line":"Short title; purpose","order_by":null,"url":"\/2.2-4000\/"}],"permalink":{"id":174177,"object_type":"law","relational_id":57668,"identifier":"2.2-2204","token":"2.2\/I\/D\/22\/2\/2.2-2204","url":"\/2.2-2204\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-2204\/","token":"2.2\/I\/D\/22\/2\/2.2-2204","dublin_core":{"Title":"Powers of the Authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2204","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The Authority<\/span> is granted all powers necessary or convenient for the carrying out of its statutory purposes, including, but not limited to, the power to:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Sue and be sued, implead and be impleaded, complain and defend in all courts<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Adopt, use, and alter at will a common seal; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Acquire any project and property, real, personal or mixed, tangible or intangible, or any interest therein, by purchase, gift or devise and to sell, lease (whether as lessor or lessee), transfer, convey or dispose of any project or property, real, personal or mixed, tangible or intangible or any interest therein, at any time acquired or held by the Authority<\/span> on such terms and conditions as may be determined by the Board<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Adopt a strategic plan pursuant to § 2.2-2203.2<\/a> and plan, develop, undertake, carry out, construct, equip, improve, rehabilitate, repair, furnish, maintain and operate projects pursuant to such plan; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Adopt an annual budget for the Authority<\/span>’s capital improvements and operations; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Adopt, alter, and repeal bylaws, rules, and regulations governing the manner in which its business shall be transacted and the manner in which the power of the Authority<\/span> shall be exercised and its duties performed. Such bylaws, rules, and regulations may provide for such committees and their functions as the Authority<\/span> may deem necessary and expedient. Such bylaws, rules, and regulations shall be exempt from the Administrative Process Act (§ 2.2-4000<\/a> et seq.); <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Fix, alter, charge, and collect rates, rentals, fees, and other charges for the use of projects of, the sale of products of, or services rendered by the Authority<\/span> at rates to be determined by it for the purpose of providing for the payment of the expenses of the Authority<\/span>; the planning, development, construction, improvement, rehabilitation, repair, furnishing, maintenance, and operation of its projects and properties; the payment of the costs accomplishing its purposes set forth in § 2.2-2202<\/a>; the payment of the principal of and interest on its obligations; and the creation of reserves for such purposes, for other purposes of the Authority<\/span> and to pay the cost of maintaining, repairing and operating any project and fulfilling the terms and provisions of any agreements made with the purchasers or holders of any such obligations and any other purposes as set forth in this article; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Borrow money, make and issue<\/span> bonds<\/span><\/span> including bonds<\/span><\/span> as the Authority<\/span> may determine to issue<\/span> for the purpose of accomplishing the purposes set forth in § 2.2-2202<\/a> or for refunding bonds<\/span><\/span> previously issued by the Authority<\/span>, whether such outstanding bonds<\/span><\/span> have matured or are then subject to redemption<\/span>, or any combination of such purposes; secure the payment of all bonds<\/span><\/span>, or any part thereof, by pledge, assignment or deed of trust of all or any of its revenues, rentals, and receipts or of any project or property, real, personal or mixed, tangible or intangible, or any rights and interest therein; make such agreements with the purchasers or holders of such bonds<\/span><\/span> or with others in connection with any such bonds<\/span><\/span>, whether issued or to be issued, as the Authority<\/span> shall deem advisable; and in general to provide for the security for said bonds<\/span><\/span> and the rights of holders thereof. However, the total principal amount of bonds<\/span><\/span>, including refunding bonds<\/span><\/span>, outstanding at any time shall not exceed $50 million, excluding from such limit any revenue bonds<\/span><\/span>. The Authority<\/span> shall not issue<\/span> any bonds<\/span><\/span>, other than revenue bonds<\/span><\/span>, that are not specifically authorized by a bill or resolution passed by a majority vote of those elected to each house of the General Assembly; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Make and enter into all contracts<\/span> and agreements necessary or incidental to the performance of its duties, the furtherance of its purposes, and the execution of its powers under this article, including interstate compacts that have been authorized by the General Assembly and where necessary consented to by the United States<\/span> Congress and agreements with any person or federal agency<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> Employ, in its discretion, consultants, attorneys, architects, engineers, accountants, financial experts, investment bankers, superintendents, managers and such other employees and agents as may be necessary, and to fix their compensation to be payable from funds made available to the Authority<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> Receive and accept from any federal or private agency, foundation, corporation, association or person grants, donations of money, real or personal property for the benefit of the Authority<\/span>, and to receive and accept from the Commonwealth<\/span> or any state<\/span>, and any municipality, county or other political subdivision thereof and from any other source, aid or contributions of either money, property, or other things of value, to be held, used and applied for the purposes for which such grants and contributions may be made; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> Render advice and assistance, and to provide services, to institutions of higher education and to other persons providing services or facilities for scientific and technological research or graduate education, provided that credit toward a degree, certificate or diploma shall be granted only if such education is provided in conjunction with an institution of higher education authorized to operate in Virginia; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

13.<\/span> Develop, undertake and provide programs, alone or in conjunction with any person or federal agency<\/span>, for scientific and technological research, technology management, continuing education and in-service training; however, credit towards a degree, certificate or diploma shall be granted only if such education is provided in conjunction with an institution of higher education authorized to operate in Virginia; foster the utilization of scientific and technological research, information discoveries and data and obtain patents, copyrights and trademarks thereon; coordinate the scientific and technological research efforts of public institutions and private industry and collect and maintain data on the development and utilization of scientific and technological research capabilities; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

14.<\/span> Pledge or otherwise encumber all or any of the revenues or receipts of the Authority<\/span> as security for all or any of the obligations of the Authority<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

15.<\/span> Do all acts and things necessary or convenient to carry out the powers granted to it by law<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS OF THE AUTHORITY (\u00a7 2.2-2204)\n\nThe Authority is granted all powers necessary or convenient for the carrying out\nof its statutory purposes, including, but not limited to, the power to:\n\n1. Sue and be sued, implead and be impleaded, complain and defend in all courts;\n\n2. Adopt, use, and alter at will a common seal;\n\n3. Acquire any project and property, real, personal or mixed, tangible or\nintangible, or any interest therein, by purchase, gift or devise and to sell,\nlease (whether as lessor or lessee), transfer, convey or dispose of any project\nor property, real, personal or mixed, tangible or intangible or any interest\ntherein, at any time acquired or held by the Authority on such terms and\nconditions as may be determined by the Board;\n\n4. Adopt a strategic plan pursuant to § 2.2-2203.2 and plan, develop,\nundertake, carry out, construct, equip, improve, rehabilitate, repair, furnish,\nmaintain and operate projects pursuant to such plan;\n\n5. Adopt an annual budget for the Authority’s capital improvements and\noperations;\n\n6. Adopt, alter, and repeal bylaws, rules, and regulations governing the manner\nin which its business shall be transacted and the manner in which the power of\nthe Authority shall be exercised and its duties performed. Such bylaws, rules,\nand regulations may provide for such committees and their functions as the\nAuthority may deem necessary and expedient. Such bylaws, rules, and regulations\nshall be exempt from the Administrative Process Act (§ 2.2-4000 et seq.);\n\n7. Fix, alter, charge, and collect rates, rentals, fees, and other charges for\nthe use of projects of, the sale of products of, or services rendered by the\nAuthority at rates to be determined by it for the purpose of providing for the\npayment of the expenses of the Authority; the planning, development,\nconstruction, improvement, rehabilitation, repair, furnishing, maintenance, and\noperation of its projects and properties; the payment of the costs accomplishing\nits purposes set forth in § 2.2-2202; the payment of the principal of and\ninterest on its obligations; and the creation of reserves for such purposes, for\nother purposes of the Authority and to pay the cost of maintaining, repairing\nand operating any project and fulfilling the terms and provisions of any\nagreements made with the purchasers or holders of any such obligations and any\nother purposes as set forth in this article;\n\n8. Borrow money, make and issue bonds including bonds as the Authority may\ndetermine to issue for the purpose of accomplishing the purposes set forth in\n§ 2.2-2202 or for refunding bonds previously issued by the Authority,\nwhether such outstanding bonds have matured or are then subject to redemption,\nor any combination of such purposes; secure the payment of all bonds, or any\npart thereof, by pledge, assignment or deed of trust of all or any of its\nrevenues, rentals, and receipts or of any project or property, real, personal or\nmixed, tangible or intangible, or any rights and interest therein; make such\nagreements with the purchasers or holders of such bonds or with others in\nconnection with any such bonds, whether issued or to be issued, as the Authority\nshall deem advisable; and in general to provide for the security for said bonds\nand the rights of holders thereof. However, the total principal amount of bonds,\nincluding refunding bonds, outstanding at any time shall not exceed $50 million,\nexcluding from such limit any revenue bonds. The Authority shall not issue any\nbonds, other than revenue bonds, that are not specifically authorized by a bill\nor resolution passed by a majority vote of those elected to each house of the\nGeneral Assembly;\n\n9. Make and enter into all contracts and agreements necessary or incidental to\nthe performance of its duties, the furtherance of its purposes, and the\nexecution of its powers under this article, including interstate compacts that\nhave been authorized by the General Assembly and where necessary consented to by\nthe United States Congress and agreements with any person or federal agency;\n\n10. Employ, in its discretion, consultants, attorneys, architects, engineers,\naccountants, financial experts, investment bankers, superintendents, managers\nand such other employees and agents as may be necessary, and to fix their\ncompensation to be payable from funds made available to the Authority;\n\n11. Receive and accept from any federal or private agency, foundation,\ncorporation, association or person grants, donations of money, real or personal\nproperty for the benefit of the Authority, and to receive and accept from the\nCommonwealth or any state, and any municipality, county or other political\nsubdivision thereof and from any other source, aid or contributions of either\nmoney, property, or other things of value, to be held, used and applied for the\npurposes for which such grants and contributions may be made;\n\n12. Render advice and assistance, and to provide services, to institutions of\nhigher education and to other persons providing services or facilities for\nscientific and technological research or graduate education, provided that\ncredit toward a degree, certificate or diploma shall be granted only if such\neducation is provided in conjunction with an institution of higher education\nauthorized to operate in Virginia;\n\n13. Develop, undertake and provide programs, alone or in conjunction with any\nperson or federal agency, for scientific and technological research, technology\nmanagement, continuing education and in-service training; however, credit\ntowards a degree, certificate or diploma shall be granted only if such education\nis provided in conjunction with an institution of higher education authorized to\noperate in Virginia; foster the utilization of scientific and technological\nresearch, information discoveries and data and obtain patents, copyrights and\ntrademarks thereon; coordinate the scientific and technological research efforts\nof public institutions and private industry and collect and maintain data on the\ndevelopment and utilization of scientific and technological research\ncapabilities;\n\n14. Pledge or otherwise encumber all or any of the revenues or receipts of the\nAuthority as security for all or any of the obligations of the Authority; and\n\n15. Do all acts and things necessary or convenient to carry out the powers\ngranted to it by law.\n\nHISTORY: 1995, c. 758, \u00a7 9-266.5; 1996, c. 111; 2001, c. 844; 2012, cc. 779,\n817; 2017, c. 633.","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}}