{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2263.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2263.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2263.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2263.html"}],"law_id":60152,"edition_id":1,"section_id":60152,"structure_id":13466,"section_number":"2.2-2263","catch_line":"Powers and duties of Authority; limitations","history":"1981, c. 569, \u00a7 2.1-234.13; 1984, c. 734; 1985, c. 146; 1987, cc. 11, 616; 1988, cc. 23, 731, 761, 830; 1990, cc. 815, 876; 1991, c. 656; 1992, c. 878; 1993, Sp. Sess., c. 1; 1994, c. 823; 1995, c. 841; 1996, c. 835; 1998, cc. 498, 504; 2000, cc. 67, 279; 2001, c. 844; 2002, cc. 501, 542; 2004, c. 650; 2009, cc. 246, 311.","full_text":"A\n\nThe Authority is granted all powers necessary or convenient for carrying out its purposes, including, but not limited to, the following powers to:1\n\nHave perpetual existence as a corporation.2\n\nSue and be sued, implead and be impleaded, complain and defend in all courts.3\n\nAdopt, use, and alter at will a corporate seal.4\n\nAcquire, purchase, hold and use any property, real, personal or mixed, tangible or intangible, or any interest therein necessary or desirable for carrying out the purposes of the Authority; lease as lessee, with the approval of the Governor, any property, real, personal or mixed, or any interest therein for a term not exceeding 99 years at a nominal rental or at such annual rental as may be determined; with the approval of the Governor, lease as lessor to the Commonwealth and any city, county, town or other political subdivision, or any agency, department, or public body of the Commonwealth, or land grant college, any project at any time constructed by the Authority and any property, real, personal or mixed, tangible or intangible, or any interest therein, at any time acquired by the Authority, whether wholly or partially completed; with the approval of the Governor, sell, transfer and convey to the Commonwealth, any project at any time constructed by the Authority; and, with the approval of the Governor, sell, transfer and convey any property, real, personal or mixed, tangible or intangible, or any interest therein, at any time acquired by the Authority.5\n\nAcquire by purchase, lease, or otherwise, and construct, improve, furnish, maintain, repair, and operate projects.6\n\nAdopt bylaws for the management and regulation of its affairs.7\n\nFix, alter, charge, and collect rates, rentals, and other charges for the use of the facilities of, or for the services rendered by, the Authority, or projects thereof, at reasonable rates to be determined by it for the purpose of providing for the payment of the expenses of the Authority, the construction, improvement, repair, furnishing, maintenance, and operation of its facilities and properties, the payment of the principal of and interest on its bonds, and to fulfill the terms and provisions of any agreements made with the purchasers or holders of any such bonds.8\n\nBorrow money; make and issue bonds of the Authority and such bonds as the Authority may determine to issue for the purpose of refunding obligations previously issued by the Authority; secure the payment of all bonds, or any part thereof, by pledge or deed of trust of all or any of its revenues, rentals, and receipts; 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 deems advisable; and in general, provide for the security for the bonds and the rights of holders thereof.\n\t\t\t\tThe Authority shall submit an annual report to the Governor and General Assembly on or before November 1 of each year containing, at a minimum, the annual financial statements of the Authority for the year ending the preceding June 30.9\n\nMake contracts of every name and nature, and to execute all instruments necessary or convenient to carry out its business.10\n\nBorrow money and accept grants from, and enter into contracts, leases or other transactions with, any federal agency.11\n\nHave the power of eminent domain.12\n\nPledge or otherwise encumber all or any of the revenues or receipts of the Authority as security for all or any of the bonds of the Authority.13\n\nDo all acts and things necessary or convenient to carry out the powers granted to it by law.14\n\nAcquire, by assignment from the Commonwealth or the Virginia Retirement System, all contracts, including those that are not completed, which involve constructing, improving, furnishing, maintaining, and operating the structures, facilities, or undertakings similar to those designated herein as projects.15\n\nEnter into contractual agreements with localities or governmental entities undertaking a capital project that benefits the Commonwealth for which the financing or refinancing of reimbursements of all or any portion of the Commonwealth’s share of the costs of such project will be made pursuant to other applicable provisions of Virginia law.16\n\nProvide for the financing or assist in the financing by any of the Commonwealth’s agencies, authorities, boards, departments, instrumentalities, institutions, or regional or local authorities or governments of land, buildings, infrastructure, and improvements for the benefit of an MEI project incentive package endorsed by the MEI Project Approval Commission created pursuant to § 30-309.B\n\nThe Authority shall not undertake or finance or refinance any projects or MEI projects that are not specifically included in a bill or resolution passed by a majority of those elected to each house of the General Assembly, authorizing such projects or MEI projects or the reimbursement of all or any portion of the Commonwealth’s share of the costs of such projects or MEI projects and, as to any project relating to a public institution of higher education in the Commonwealth, not specifically designated by the governing board of that institution as a project to be undertaken by the Authority.C\n\nExcept as otherwise provided by law, when projects are to be constructed, improved, furnished, maintained, repaired or operated for the use of any department of the Commonwealth, no plans or specifications therefor shall be presented for quotations or bids until the plans and specifications have been submitted to and approved by the Department of General Services and any other department of the Commonwealth having any jurisdiction over the projects, so that the project will conform to standards established by such departments.","order_by":null,"text":{"0":{"id":220076,"text":"The Authority is granted all powers necessary or convenient for carrying out its purposes, including, but not limited to, the following powers to:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":220077,"text":"Have perpetual existence as a corporation.","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":220078,"text":"Sue and be sued, implead and be impleaded, complain and defend in all courts.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":220079,"text":"Adopt, use, and alter at will a corporate seal.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":220080,"text":"Acquire, purchase, hold and use any property, real, personal or mixed, tangible or intangible, or any interest therein necessary or desirable for carrying out the purposes of the Authority; lease as lessee, with the approval of the Governor, any property, real, personal or mixed, or any interest therein for a term not exceeding 99 years at a nominal rental or at such annual rental as may be determined; with the approval of the Governor, lease as lessor to the Commonwealth and any city, county, town or other political subdivision, or any agency, department, or public body of the Commonwealth, or land grant college, any project at any time constructed by the Authority and any property, real, personal or mixed, tangible or intangible, or any interest therein, at any time acquired by the Authority, whether wholly or partially completed; with the approval of the Governor, sell, transfer and convey to the Commonwealth, any project at any time constructed by the Authority; and, with the approval of the Governor, sell, transfer and convey any property, real, personal or mixed, tangible or intangible, or any interest therein, at any time acquired by the Authority.","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":220081,"text":"Acquire by purchase, lease, or otherwise, and construct, improve, furnish, maintain, repair, and operate projects.","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":220082,"text":"Adopt bylaws for the management and regulation of its affairs.","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"A7"},"7":{"id":220083,"text":"Fix, alter, charge, and collect rates, rentals, and other charges for the use of the facilities of, or for the services rendered by, the Authority, or projects thereof, at reasonable rates to be determined by it for the purpose of providing for the payment of the expenses of the Authority, the construction, improvement, repair, furnishing, maintenance, and operation of its facilities and properties, the payment of the principal of and interest on its bonds, and to fulfill the terms and provisions of any agreements made with the purchasers or holders of any such bonds.","type":"section","prefixes":["A","7"],"prefix":"7","entire_prefix":"A7","prefix_anchor":"A7","level":2,"prior_prefix":"A6","next_prefix":"A8"},"8":{"id":220084,"text":"Borrow money; make and issue bonds of the Authority and such bonds as the Authority may determine to issue for the purpose of refunding obligations previously issued by the Authority; secure the payment of all bonds, or any part thereof, by pledge or deed of trust of all or any of its revenues, rentals, and receipts; 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 deems advisable; and in general, provide for the security for the bonds and the rights of holders thereof.\n\t\t\t\tThe Authority shall submit an annual report to the Governor and General Assembly on or before November 1 of each year containing, at a minimum, the annual financial statements of the Authority for the year ending the preceding June 30.","type":"section","prefixes":["A","8"],"prefix":"8","entire_prefix":"A8","prefix_anchor":"A8","level":2,"prior_prefix":"A7","next_prefix":"A9"},"9":{"id":220085,"text":"Make contracts of every name and nature, and to execute all instruments necessary or convenient to carry out its business.","type":"section","prefixes":["A","9"],"prefix":"9","entire_prefix":"A9","prefix_anchor":"A9","level":2,"prior_prefix":"A8","next_prefix":"A10"},"10":{"id":220086,"text":"Borrow money and accept grants from, and enter into contracts, leases or other transactions with, any federal agency.","type":"section","prefixes":["A","10"],"prefix":"10","entire_prefix":"A10","prefix_anchor":"A10","level":2,"prior_prefix":"A9","next_prefix":"A11"},"11":{"id":220087,"text":"Have the power of eminent domain.","type":"section","prefixes":["A","11"],"prefix":"11","entire_prefix":"A11","prefix_anchor":"A11","level":2,"prior_prefix":"A10","next_prefix":"A12"},"12":{"id":220088,"text":"Pledge or otherwise encumber all or any of the revenues or receipts of the Authority as security for all or any of the bonds of the Authority.","type":"section","prefixes":["A","12"],"prefix":"12","entire_prefix":"A12","prefix_anchor":"A12","level":2,"prior_prefix":"A11","next_prefix":"A13"},"13":{"id":220089,"text":"Do all acts and things necessary or convenient to carry out the powers granted to it by law.","type":"section","prefixes":["A","13"],"prefix":"13","entire_prefix":"A13","prefix_anchor":"A13","level":2,"prior_prefix":"A12","next_prefix":"A14"},"14":{"id":220090,"text":"Acquire, by assignment from the Commonwealth or the Virginia Retirement System, all contracts, including those that are not completed, which involve constructing, improving, furnishing, maintaining, and operating the structures, facilities, or undertakings similar to those designated herein as projects.","type":"section","prefixes":["A","14"],"prefix":"14","entire_prefix":"A14","prefix_anchor":"A14","level":2,"prior_prefix":"A13","next_prefix":"A15"},"15":{"id":220091,"text":"Enter into contractual agreements with localities or governmental entities undertaking a capital project that benefits the Commonwealth for which the financing or refinancing of reimbursements of all or any portion of the Commonwealth’s share of the costs of such project will be made pursuant to other applicable provisions of Virginia law.","type":"section","prefixes":["A","15"],"prefix":"15","entire_prefix":"A15","prefix_anchor":"A15","level":2,"prior_prefix":"A14","next_prefix":"A16"},"16":{"id":220092,"text":"Provide for the financing or assist in the financing by any of the Commonwealth’s agencies, authorities, boards, departments, instrumentalities, institutions, or regional or local authorities or governments of land, buildings, infrastructure, and improvements for the benefit of an MEI project incentive package endorsed by the MEI Project Approval Commission created pursuant to § 30-309.","type":"section","prefixes":["A","16"],"prefix":"16","entire_prefix":"A16","prefix_anchor":"A16","level":2,"prior_prefix":"A15","next_prefix":"B"},"17":{"id":220093,"text":"The Authority shall not undertake or finance or refinance any projects or MEI projects that are not specifically included in a bill or resolution passed by a majority of those elected to each house of the General Assembly, authorizing such projects or MEI projects or the reimbursement of all or any portion of the Commonwealth’s share of the costs of such projects or MEI projects and, as to any project relating to a public institution of higher education in the Commonwealth, not specifically designated by the governing board of that institution as a project to be undertaken by the Authority.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A16","next_prefix":"C"},"18":{"id":220094,"text":"Except as otherwise provided by law, when projects are to be constructed, improved, furnished, maintained, repaired or operated for the use of any department of the Commonwealth, no plans or specifications therefor shall be presented for quotations or bids until the plans and specifications have been submitted to and approved by the Department of General Services and any other department of the Commonwealth having any jurisdiction over the projects, so that the project will conform to standards established by such departments.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":13466,"edition_id":1,"name":"Virginia Public Building Authority","identifier":"6","label":"article","depth":5,"order_by":1,"parent_id":13344,"metadata":{},"date_created":"2026-06-26 03:44:57","date_modified":"2026-06-26 03:44:57","permalink":{"id":174383,"object_type":"structure","relational_id":13466,"identifier":"6","token":"2.2\/I\/D\/22\/6","url":"\/2.2\/I\/D\/22\/6\/","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":83401,"structure_id":13466,"section_number":"2.2-2260","catch_line":"Short title; definition","url":"\/2.2-2260\/","token":"2.2\/I\/D\/22\/6\/2.2-2260","metadata":false},{"id":82089,"structure_id":13466,"section_number":"2.2-2261","catch_line":"Virginia Public Building Authority created; purpose; membership; terms; expenses; staff","url":"\/2.2-2261\/","token":"2.2\/I\/D\/22\/6\/2.2-2261","metadata":false},{"id":68559,"structure_id":13466,"section_number":"2.2-2262","catch_line":"Board of directors","url":"\/2.2-2262\/","token":"2.2\/I\/D\/22\/6\/2.2-2262","metadata":false},{"id":60152,"structure_id":13466,"section_number":"2.2-2263","catch_line":"Powers and duties of Authority; limitations","url":"\/2.2-2263\/","token":"2.2\/I\/D\/22\/6\/2.2-2263","metadata":false},{"id":77102,"structure_id":13466,"section_number":"2.2-2264","catch_line":"Revenue bonds generally","url":"\/2.2-2264\/","token":"2.2\/I\/D\/22\/6\/2.2-2264","metadata":false},{"id":54430,"structure_id":13466,"section_number":"2.2-2265","catch_line":"Trust agreement securing bonds","url":"\/2.2-2265\/","token":"2.2\/I\/D\/22\/6\/2.2-2265","metadata":false},{"id":85958,"structure_id":13466,"section_number":"2.2-2266","catch_line":"Rents, fees and charges for financing or refinancing, services or use of facilities; use and disposition of revenues","url":"\/2.2-2266\/","token":"2.2\/I\/D\/22\/6\/2.2-2266","metadata":false},{"id":62184,"structure_id":13466,"section_number":"2.2-2267","catch_line":"Moneys received deemed trust funds","url":"\/2.2-2267\/","token":"2.2\/I\/D\/22\/6\/2.2-2267","metadata":false},{"id":82045,"structure_id":13466,"section_number":"2.2-2268","catch_line":"Proceedings by bondholder or trustee to enforce rights","url":"\/2.2-2268\/","token":"2.2\/I\/D\/22\/6\/2.2-2268","metadata":false},{"id":65101,"structure_id":13466,"section_number":"2.2-2269","catch_line":"Bonds made securities for investment and deposit","url":"\/2.2-2269\/","token":"2.2\/I\/D\/22\/6\/2.2-2269","metadata":false},{"id":59717,"structure_id":13466,"section_number":"2.2-2270","catch_line":"Revenue refunding bonds; bonds for refunding and for cost of additional projects","url":"\/2.2-2270\/","token":"2.2\/I\/D\/22\/6\/2.2-2270","metadata":false},{"id":55594,"structure_id":13466,"section_number":"2.2-2271","catch_line":"Grants or loans of public or private funds","url":"\/2.2-2271\/","token":"2.2\/I\/D\/22\/6\/2.2-2271","metadata":false},{"id":83142,"structure_id":13466,"section_number":"2.2-2272","catch_line":"Moneys of Authority; audit","url":"\/2.2-2272\/","token":"2.2\/I\/D\/22\/6\/2.2-2272","metadata":false},{"id":79944,"structure_id":13466,"section_number":"2.2-2273","catch_line":"Contracts, leases and other arrangements","url":"\/2.2-2273\/","token":"2.2\/I\/D\/22\/6\/2.2-2273","metadata":false},{"id":72030,"structure_id":13466,"section_number":"2.2-2274","catch_line":"Resolutions, rules and regulations, etc","url":"\/2.2-2274\/","token":"2.2\/I\/D\/22\/6\/2.2-2274","metadata":false},{"id":73905,"structure_id":13466,"section_number":"2.2-2275","catch_line":"Competition in award of contracts; contractors to give surety; terms of contracts","url":"\/2.2-2275\/","token":"2.2\/I\/D\/22\/6\/2.2-2275","metadata":false},{"id":55251,"structure_id":13466,"section_number":"2.2-2276","catch_line":"Eminent domain; right of entry","url":"\/2.2-2276\/","token":"2.2\/I\/D\/22\/6\/2.2-2276","metadata":false},{"id":83223,"structure_id":13466,"section_number":"2.2-2277","catch_line":"Jurisdiction of suits against Authority; service of process","url":"\/2.2-2277\/","token":"2.2\/I\/D\/22\/6\/2.2-2277","metadata":false},{"id":85246,"structure_id":13466,"section_number":"2.2-2278","catch_line":"Exemption from taxes or assessments","url":"\/2.2-2278\/","token":"2.2\/I\/D\/22\/6\/2.2-2278","metadata":false}],"previous_section":{"id":68559,"structure_id":13466,"section_number":"2.2-2262","catch_line":"Board of directors","url":"\/2.2-2262\/","token":"2.2\/I\/D\/22\/6\/2.2-2262","metadata":false},"next_section":{"id":77102,"structure_id":13466,"section_number":"2.2-2264","catch_line":"Revenue bonds generally","url":"\/2.2-2264\/","token":"2.2\/I\/D\/22\/6\/2.2-2264","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2263\/","history_text":"

This law was first created in 1981. The record of its establishment is cataloged in chapter 569 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 1981 \u201cActs\u201d aren\u2019t available online. It has been modified 16 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 1984, chapter 734; in 1985, chapter 146; in 1987, chapters 11 and 616; in 1988, chapters 23, 731, 761, and 830; in 1990, chapters 815 and 876; in 1991, chapter 656; in 1992, chapter 878; in 1994, chapter 823<\/a>; in 1995, chapter 841<\/a>; in 1996, chapter 835<\/a>; in 1998, chapters 498<\/a> and 504<\/a>; in 2000, chapters 67<\/a> and 279<\/a>; in 2001, chapter 844<\/a>; in 2002, chapters 501<\/a> and 542<\/a>; in 2004, chapter 650<\/a>; in 2009, chapters 246<\/a> and 311<\/a>.<\/p>","references":[{"id":82526,"section_number":"10.1-1186.01","catch_line":"Reimbursements to localities for upgrades to treatment works","order_by":null,"url":"\/10.1-1186.01\/"},{"id":86311,"section_number":"53.1-82.2","catch_line":"Method of reimbursement; involvement of the Treasury Board","order_by":null,"url":"\/53.1-82.2\/"}],"refers_to":false,"permalink":{"id":174397,"object_type":"law","relational_id":60152,"identifier":"2.2-2263","token":"2.2\/I\/D\/22\/6\/2.2-2263","url":"\/2.2-2263\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-2263\/","token":"2.2\/I\/D\/22\/6\/2.2-2263","dublin_core":{"Title":"Powers and duties of Authority; limitations","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2263","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Authority<\/span> is granted all powers necessary or convenient for carrying out its purposes, including, but not limited to, the following powers to: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Have perpetual existence as a corporation. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/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

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

4.<\/span> Acquire, purchase, hold and use any property, real, personal or mixed, tangible or intangible, or any interest therein necessary or desirable for carrying out the purposes of the Authority<\/span>; lease as lessee, with the approval of the Governor, any property, real, personal or mixed, or any interest therein for a term not exceeding 99 years at a nominal rental or at such annual rental as may be determined; with the approval of the Governor, lease as lessor to the Commonwealth<\/span> and any city, county, town or other political subdivision, or any agency, department, or public body of the Commonwealth<\/span>, or land grant college, any project at any time constructed by the Authority<\/span> and any property, real, personal or mixed, tangible or intangible, or any interest therein, at any time acquired by the Authority<\/span>, whether wholly or partially completed; with the approval of the Governor, sell, transfer and convey to the Commonwealth<\/span>, any project at any time constructed by the Authority<\/span>; and, with the approval of the Governor, sell, transfer and convey any property, real, personal or mixed, tangible or intangible, or any interest therein, at any time acquired by the Authority<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Acquire by purchase, lease, or otherwise, and construct, improve, furnish, maintain, repair, and operate projects. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Adopt bylaws for the management and regulation of its affairs. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Fix, alter, charge, and collect rates, rentals, and other charges for the use of the facilities of, or for the services rendered by, the Authority<\/span>, or projects thereof, at reasonable rates to be determined by it for the purpose of providing for the payment of the expenses of the Authority<\/span>, the construction, improvement, repair, furnishing, maintenance, and operation of its facilities and properties, the payment of the principal of and interest on its bonds<\/span><\/span>, and to fulfill the terms and provisions of any agreements made with the purchasers or holders of any such bonds<\/span><\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Borrow money; make and issue<\/span> bonds<\/span><\/span> of the Authority<\/span> and such bonds<\/span><\/span> as the Authority<\/span> may determine to issue<\/span> for the purpose of refunding obligations previously issued by the Authority<\/span>; secure the payment of all bonds<\/span><\/span>, or any part thereof, by pledge or deed of trust of all or any of its revenues, rentals, and receipts; 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> deems advisable; and in general, provide for the security for the bonds<\/span><\/span> and the rights of holders thereof.\n\t\t\t\tThe Authority<\/span> shall submit an annual report to the Governor and General Assembly on or before November 1 of each year containing, at a minimum, the annual financial statements of the Authority<\/span> for the year ending the preceding June 30. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Make contracts<\/span> of every name and nature, and to execute all instruments necessary or convenient to carry out its business. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> Borrow money and accept grants from, and enter into contracts<\/span>, leases or other transactions with, any federal agency<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> Have the power of eminent domain. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/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 bonds<\/span><\/span> of the Authority<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

13.<\/span> Do all acts and things necessary or convenient to carry out the powers granted to it by law<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

14.<\/span> Acquire, by assignment from the Commonwealth<\/span> or the Virginia Retirement System, all contracts<\/span>, including those that are not completed, which involve constructing, improving, furnishing, maintaining, and operating the structures, facilities, or undertakings similar to those designated herein as projects. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

15.<\/span> Enter into contractual agreements with localities or governmental entities undertaking a capital project that benefits the Commonwealth<\/span> for which the financing or refinancing of reimbursements of all or any portion of the Commonwealth<\/span>’s share of the costs of such project will be made pursuant to other applicable provisions of Virginia law<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

16.<\/span> Provide for the financing or assist in the financing by any of the Commonwealth<\/span>’s agencies, authorities, boards<\/span>, departments, instrumentalities, institutions, or regional or local authorities or governments of land, buildings, infrastructure, and improvements for the benefit of an MEI project incentive package endorsed by the MEI Project Approval Commission created pursuant to § 30-309<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Authority<\/span> shall not undertake or finance or refinance any projects or MEI projects that are not specifically included in a bill or resolution passed by a majority of those elected to each house of the General Assembly, authorizing such projects or MEI projects or the reimbursement of all or any portion of the Commonwealth<\/span>’s share of the costs of such projects or MEI projects and, as to any project relating to a public institution of higher education in the Commonwealth<\/span>, not specifically designated by the governing board<\/span> of that institution as a project to be undertaken by the Authority<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Except as otherwise provided by law<\/span>, when projects are to be constructed, improved, furnished, maintained, repaired or operated for the use of any department of the Commonwealth<\/span>, no plans or specifications therefor shall be presented for quotations or bids until the plans and specifications have been submitted to and approved by the Department of General Services and any other department of the Commonwealth<\/span> having any jurisdiction<\/span> over the projects, so that the project will conform to standards established by such departments. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS AND DUTIES OF AUTHORITY; LIMITATIONS (\u00a7 2.2-2263)\n\nA. The Authority is granted all powers necessary or convenient for carrying out\nits purposes, including, but not limited to, the following powers to:\n\n 1. Have perpetual existence as a corporation.\n\n 2. Sue and be sued, implead and be impleaded, complain and defend in all\n courts.\n\n 3. Adopt, use, and alter at will a corporate seal.\n\n 4. Acquire, purchase, hold and use any property, real, personal or mixed,\n tangible or intangible, or any interest therein necessary or desirable for\n carrying out the purposes of the Authority; lease as lessee, with the approval\n of the Governor, any property, real, personal or mixed, or any interest\n therein for a term not exceeding 99 years at a nominal rental or at such\n annual rental as may be determined; with the approval of the Governor, lease\n as lessor to the Commonwealth and any city, county, town or other political\n subdivision, or any agency, department, or public body of the Commonwealth, or\n land grant college, any project at any time constructed by the Authority and\n any property, real, personal or mixed, tangible or intangible, or any interest\n therein, at any time acquired by the Authority, whether wholly or partially\n completed; with the approval of the Governor, sell, transfer and convey to the\n Commonwealth, any project at any time constructed by the Authority; and, with\n the approval of the Governor, sell, transfer and convey any property, real,\n personal or mixed, tangible or intangible, or any interest therein, at any\n time acquired by the Authority.\n\n 5. Acquire by purchase, lease, or otherwise, and construct, improve, furnish,\n maintain, repair, and operate projects.\n\n 6. Adopt bylaws for the management and regulation of its affairs.\n\n 7. Fix, alter, charge, and collect rates, rentals, and other charges for the\n use of the facilities of, or for the services rendered by, the Authority, or\n projects thereof, at reasonable rates to be determined by it for the purpose\n of providing for the payment of the expenses of the Authority, the\n construction, improvement, repair, furnishing, maintenance, and operation of\n its facilities and properties, the payment of the principal of and interest on\n its bonds, and to fulfill the terms and provisions of any agreements made with\n the purchasers or holders of any such bonds.\n\n 8. Borrow money; make and issue bonds of the Authority and such bonds as the\n Authority may determine to issue for the purpose of refunding obligations\n previously issued by the Authority; secure the payment of all bonds, or any\n part thereof, by pledge or deed of trust of all or any of its revenues,\n rentals, and receipts; make such agreements with the purchasers or holders of\n such bonds or with others in connection with any such bonds, whether issued or\n to be issued, as the Authority deems advisable; and in general, provide for\n the security for the bonds and the rights of holders thereof.\n \t\t\t\tThe Authority shall submit an annual report to the Governor and General\n Assembly on or before November 1 of each year containing, at a minimum, the\n annual financial statements of the Authority for the year ending the preceding\n June 30.\n\n 9. Make contracts of every name and nature, and to execute all instruments\n necessary or convenient to carry out its business.\n\n 10. Borrow money and accept grants from, and enter into contracts, leases or\n other transactions with, any federal agency.\n\n 11. Have the power of eminent domain.\n\n 12. Pledge or otherwise encumber all or any of the revenues or receipts of the\n Authority as security for all or any of the bonds of the Authority.\n\n 13. Do all acts and things necessary or convenient to carry out the powers\n granted to it by law.\n\n 14. Acquire, by assignment from the Commonwealth or the Virginia Retirement\n System, all contracts, including those that are not completed, which involve\n constructing, improving, furnishing, maintaining, and operating the\n structures, facilities, or undertakings similar to those designated herein as\n projects.\n\n 15. Enter into contractual agreements with localities or governmental entities\n undertaking a capital project that benefits the Commonwealth for which the\n financing or refinancing of reimbursements of all or any portion of the\n Commonwealth’s share of the costs of such project will be made pursuant\n to other applicable provisions of Virginia law.\n\n 16. Provide for the financing or assist in the financing by any of the\n Commonwealth’s agencies, authorities, boards, departments,\n instrumentalities, institutions, or regional or local authorities or\n governments of land, buildings, infrastructure, and improvements for the\n benefit of an MEI project incentive package endorsed by the MEI Project\n Approval Commission created pursuant to § 30-309.\n\nB. The Authority shall not undertake or finance or refinance any projects or MEI\nprojects that are not specifically included in a bill or resolution passed by a\nmajority of those elected to each house of the General Assembly, authorizing\nsuch projects or MEI projects or the reimbursement of all or any portion of the\nCommonwealth’s share of the costs of such projects or MEI projects and, as\nto any project relating to a public institution of higher education in the\nCommonwealth, not specifically designated by the governing board of that\ninstitution as a project to be undertaken by the Authority.\n\nC. Except as otherwise provided by law, when projects are to be constructed,\nimproved, furnished, maintained, repaired or operated for the use of any\ndepartment of the Commonwealth, no plans or specifications therefor shall be\npresented for quotations or bids until the plans and specifications have been\nsubmitted to and approved by the Department of General Services and any other\ndepartment of the Commonwealth having any jurisdiction over the projects, so\nthat the project will conform to standards established by such departments.\n\nHISTORY: 1981, c. 569, \u00a7 2.1-234.13; 1984, c. 734; 1985, c. 146; 1987, cc. 11,\n616; 1988, cc. 23, 731, 761, 830; 1990, cc. 815, 876; 1991, c. 656; 1992, c.\n878; 1993, Sp. Sess., c. 1; 1994, c. 823; 1995, c. 841; 1996, c. 835; 1998, cc.\n498, 504; 2000, cc. 67, 279; 2001, c. 844; 2002, cc. 501, 542; 2004, c. 650;\n2009, cc. 246, 311.","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}}