{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2285.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2285.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2285.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2285.html"}],"law_id":84552,"edition_id":1,"section_id":84552,"structure_id":13623,"section_number":"2.2-2285","catch_line":"Powers of the Authority","history":"1984, c. 749, \u00a7\u00a7 9-205, 9-228; 1995, c. 128; 2001, c. 844; 2003, c. 339; 2005, c. 624; 2008, cc. 445, 744.","full_text":"The Authority is granted all powers necessary or appropriate to carry out and effectuate its purposes including, but not limited to, the following powers to:\n\n1\n\nHave perpetual existence as a public body corporate and as a political subdivision of the Commonwealth;2\n\nAdopt, amend, and repeal bylaws, rules and regulations not inconsistent with this article, to regulate its affairs and to carry into effect the powers and the purposes of the Authority and for the conduct of its business;3\n\nSue and be sued in its name including but not limited to bringing actions pursuant to Article 6 (§ 15.2-2650 et seq.) of Chapter 26 of Title 15.2 to determine the validity of any issuance or proposed issuance of its bonds under this article and the legality and validity of all proceedings previously taken or proposed in a resolution of the Authority to be taken for the authorization, issuance, sale and delivery of such bonds and for the payment of the principal thereof and interest thereon;4\n\nHave an official seal and alter it at will;5\n\nMaintain an office at such place within the Commonwealth as it may designate;6\n\nMake and execute contracts and all other instruments necessary and convenient for the performance of its duties and the exercise of its powers under this article upon such terms and conditions it deems appropriate;7\n\nEmploy office personnel, advisers, consultants, professionals and agents as may be necessary in its judgment, and to fix their compensation;8\n\nProcure insurance against any loss in connection with its property and other assets, including but not limited to loans in such amounts and from such insurers as it deems advisable;9\n\nBorrow money and issue bonds as provided by this article;10\n\nProcure insurance or guarantees from any public or private entities, including any department, agency or instrumentality of the United States of America, or, subject to the provisions of and to the extent moneys are available in the fund created by § 2.2-2290, insure or guarantee the payment of any bonds issued by the Authority, including the power to pay premiums on any such insurance or guarantees or other instruments of indebtedness;11\n\nReceive and accept from any source aid or contributions of money, property, labor or other things of value to be held, used and applied to carry out the purposes of this article (subject, however, to any conditions upon which grants or contributions are made) including, but not limited to gifts or grants from any department, agency or instrumentality of the United States;12\n\nEnter into agreements with any department, agency or instrumentality of the United States or of the Commonwealth and with lenders and enter into loans with contracting parties for the purpose of planning, regulating and providing for the financing or assisting in the financing of any eligible business or any project thereof;13\n\nEnter into contracts or agreements with lenders for the servicing and\/or processing of loans;14\n\nProvide technical assistance to local industrial development authorities and to profit and nonprofit entities in the development or operation by, or assistance to, persons engaged in small business enterprises and distribute data and information concerning the encouragement and improvement of small business enterprises in the Commonwealth;15\n\nTo the extent permitted in the proceedings pursuant to which the bonds of the Authority are issued, consent to any modification with respect to the rate of interest, time for, and payment of, any installment of principal or interest, or any other term of any contract, loan, sales contract, lease, indenture or agreement of any kind to which the Authority is a party;16\n\nTo the extent permitted in the proceedings pursuant to which the bonds of the Authority are issued, enter into contracts with any lender containing provisions authorizing the lender to reduce the charges or fees, exclusive of loan payments, to persons unable to pay the regular schedule thereof when, by reason of other income or payment by any department, agency or instrumentality of the United States or the Commonwealth, the reduction can be made without jeopardizing the economic stability of the eligible business being financed;17\n\nAllocate any of its property to the insurance or guarantee fund established by § 2.2-2290 or to any other fund of the Authority, such property consisting of:\n\t\t\ta. Moneys appropriated by the Commonwealth;\n\t\t\tb. Premiums, fees and any other amounts received by the Authority with respect to financial assistance provided by the Authority;\n\t\t\tc. Proceeds as designated by the Authority from the loan or other disposition of property held or acquired by the Authority;\n\t\t\td. Income from investments that were made by the Authority or on the behalf of the Authority from moneys in one or more of its funds; or\n\t\t\te. Any other moneys made available to the Authority consistent with this article;18\n\nUse any fund of the Authority for any and all expenses to be paid by the Authority including, but not limited to: (i) any and all expenses for administrative, legal, actuarial, and other services; (ii) all costs, charges, fees and expenses of the Authority relating to the authorizing, preparing, printing, selling, issuing, and insuring of bonds and the funding of reserves; and (iii) all expenses and costs relating to the guaranteeing, insuring or procurement of guarantees, insurance or other instruments providing credit or the enhancement of credit for the bonds;19\n\nCollect fees and charges the Authority determines to be reasonable in connection with its loans, insurance, guarantees, commitments and servicing thereof;20\n\nSell, at public or private sale, with or without public bidding, any obligation held by the Authority;21\n\nInvest any funds not needed for immediate disbursement, including any funds held in reserve, in any obligations or securities that may be legally purchased by political subdivisions in the Commonwealth or as may be otherwise permitted by § 2.2-2305;22\n\nAdminister the Private Activity Bonds program in Chapter 50 (§ 15.2-5000 et seq.) of Title 15.2 jointly with the Director of the Department of Housing and Community Development and the Virginia Housing Development Authority;23\n\nCreate and establish such funds and accounts as may be necessary or desirable for its purposes;24\n\nEnter into agreements the purpose of which is to authorize lenders that have been designated as preferred lenders to undertake loan decisioning and processing functions and responsibilities with respect to certain Authority guaranteed loans without obtaining prior Authority approval. Under such agreements, the Authority will provide each preferred lender credit authority equal to an amount determined by the Authority, or an amount equal to the funds available for such guarantees, whichever is less, for the period designated in the allocation. The preferred lender’s allocation of credit authority shall be increased only by written permission of the Authority and shall not be restored automatically by the receipt of payments on Authority loans; and25\n\nTake any action necessary or convenient for the exercise of the powers granted by this article or reasonably implied from them.","order_by":null,"text":{"0":{"id":302996,"text":"The Authority is granted all powers necessary or appropriate to carry out and effectuate its purposes including, but not limited to, the following powers to:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":302997,"text":"Have perpetual existence as a public body corporate and as a political subdivision of the Commonwealth;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":302998,"text":"Adopt, amend, and repeal bylaws, rules and regulations not inconsistent with this article, to regulate its affairs and to carry into effect the powers and the purposes of the Authority and for the conduct of its business;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":302999,"text":"Sue and be sued in its name including but not limited to bringing actions pursuant to Article 6 (§ 15.2-2650 et seq.) of Chapter 26 of Title 15.2 to determine the validity of any issuance or proposed issuance of its bonds under this article and the legality and validity of all proceedings previously taken or proposed in a resolution of the Authority to be taken for the authorization, issuance, sale and delivery of such bonds and for the payment of the principal thereof and interest thereon;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":303000,"text":"Have an official seal and alter it at will;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":303001,"text":"Maintain an office at such place within the Commonwealth as it may designate;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":303002,"text":"Make and execute contracts and all other instruments necessary and convenient for the performance of its duties and the exercise of its powers under this article upon such terms and conditions it deems appropriate;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":303003,"text":"Employ office personnel, advisers, consultants, professionals and agents as may be necessary in its judgment, and to fix their compensation;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":303004,"text":"Procure insurance against any loss in connection with its property and other assets, including but not limited to loans in such amounts and from such insurers as it deems advisable;","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":303005,"text":"Borrow money and issue bonds as provided by this article;","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8","next_prefix":"10"},"10":{"id":303006,"text":"Procure insurance or guarantees from any public or private entities, including any department, agency or instrumentality of the United States of America, or, subject to the provisions of and to the extent moneys are available in the fund created by § 2.2-2290, insure or guarantee the payment of any bonds issued by the Authority, including the power to pay premiums on any such insurance or guarantees or other instruments of indebtedness;","type":"section","prefixes":["10"],"prefix":"10","entire_prefix":"10","prefix_anchor":"10","level":1,"prior_prefix":"9","next_prefix":"11"},"11":{"id":303007,"text":"Receive and accept from any source aid or contributions of money, property, labor or other things of value to be held, used and applied to carry out the purposes of this article (subject, however, to any conditions upon which grants or contributions are made) including, but not limited to gifts or grants from any department, agency or instrumentality of the United States;","type":"section","prefixes":["11"],"prefix":"11","entire_prefix":"11","prefix_anchor":"11","level":1,"prior_prefix":"10","next_prefix":"12"},"12":{"id":303008,"text":"Enter into agreements with any department, agency or instrumentality of the United States or of the Commonwealth and with lenders and enter into loans with contracting parties for the purpose of planning, regulating and providing for the financing or assisting in the financing of any eligible business or any project thereof;","type":"section","prefixes":["12"],"prefix":"12","entire_prefix":"12","prefix_anchor":"12","level":1,"prior_prefix":"11","next_prefix":"13"},"13":{"id":303009,"text":"Enter into contracts or agreements with lenders for the servicing and\/or processing of loans;","type":"section","prefixes":["13"],"prefix":"13","entire_prefix":"13","prefix_anchor":"13","level":1,"prior_prefix":"12","next_prefix":"14"},"14":{"id":303010,"text":"Provide technical assistance to local industrial development authorities and to profit and nonprofit entities in the development or operation by, or assistance to, persons engaged in small business enterprises and distribute data and information concerning the encouragement and improvement of small business enterprises in the Commonwealth;","type":"section","prefixes":["14"],"prefix":"14","entire_prefix":"14","prefix_anchor":"14","level":1,"prior_prefix":"13","next_prefix":"15"},"15":{"id":303011,"text":"To the extent permitted in the proceedings pursuant to which the bonds of the Authority are issued, consent to any modification with respect to the rate of interest, time for, and payment of, any installment of principal or interest, or any other term of any contract, loan, sales contract, lease, indenture or agreement of any kind to which the Authority is a party;","type":"section","prefixes":["15"],"prefix":"15","entire_prefix":"15","prefix_anchor":"15","level":1,"prior_prefix":"14","next_prefix":"16"},"16":{"id":303012,"text":"To the extent permitted in the proceedings pursuant to which the bonds of the Authority are issued, enter into contracts with any lender containing provisions authorizing the lender to reduce the charges or fees, exclusive of loan payments, to persons unable to pay the regular schedule thereof when, by reason of other income or payment by any department, agency or instrumentality of the United States or the Commonwealth, the reduction can be made without jeopardizing the economic stability of the eligible business being financed;","type":"section","prefixes":["16"],"prefix":"16","entire_prefix":"16","prefix_anchor":"16","level":1,"prior_prefix":"15","next_prefix":"17"},"17":{"id":303013,"text":"Allocate any of its property to the insurance or guarantee fund established by § 2.2-2290 or to any other fund of the Authority, such property consisting of:\n\t\t\ta. Moneys appropriated by the Commonwealth;\n\t\t\tb. Premiums, fees and any other amounts received by the Authority with respect to financial assistance provided by the Authority;\n\t\t\tc. Proceeds as designated by the Authority from the loan or other disposition of property held or acquired by the Authority;\n\t\t\td. Income from investments that were made by the Authority or on the behalf of the Authority from moneys in one or more of its funds; or\n\t\t\te. Any other moneys made available to the Authority consistent with this article;","type":"section","prefixes":["17"],"prefix":"17","entire_prefix":"17","prefix_anchor":"17","level":1,"prior_prefix":"16","next_prefix":"18"},"18":{"id":303014,"text":"Use any fund of the Authority for any and all expenses to be paid by the Authority including, but not limited to: (i) any and all expenses for administrative, legal, actuarial, and other services; (ii) all costs, charges, fees and expenses of the Authority relating to the authorizing, preparing, printing, selling, issuing, and insuring of bonds and the funding of reserves; and (iii) all expenses and costs relating to the guaranteeing, insuring or procurement of guarantees, insurance or other instruments providing credit or the enhancement of credit for the bonds;","type":"section","prefixes":["18"],"prefix":"18","entire_prefix":"18","prefix_anchor":"18","level":1,"prior_prefix":"17","next_prefix":"19"},"19":{"id":303015,"text":"Collect fees and charges the Authority determines to be reasonable in connection with its loans, insurance, guarantees, commitments and servicing thereof;","type":"section","prefixes":["19"],"prefix":"19","entire_prefix":"19","prefix_anchor":"19","level":1,"prior_prefix":"18","next_prefix":"20"},"20":{"id":303016,"text":"Sell, at public or private sale, with or without public bidding, any obligation held by the Authority;","type":"section","prefixes":["20"],"prefix":"20","entire_prefix":"20","prefix_anchor":"20","level":1,"prior_prefix":"19","next_prefix":"21"},"21":{"id":303017,"text":"Invest any funds not needed for immediate disbursement, including any funds held in reserve, in any obligations or securities that may be legally purchased by political subdivisions in the Commonwealth or as may be otherwise permitted by § 2.2-2305;","type":"section","prefixes":["21"],"prefix":"21","entire_prefix":"21","prefix_anchor":"21","level":1,"prior_prefix":"20","next_prefix":"22"},"22":{"id":303018,"text":"Administer the Private Activity Bonds program in Chapter 50 (§ 15.2-5000 et seq.) of Title 15.2 jointly with the Director of the Department of Housing and Community Development and the Virginia Housing Development Authority;","type":"section","prefixes":["22"],"prefix":"22","entire_prefix":"22","prefix_anchor":"22","level":1,"prior_prefix":"21","next_prefix":"23"},"23":{"id":303019,"text":"Create and establish such funds and accounts as may be necessary or desirable for its purposes;","type":"section","prefixes":["23"],"prefix":"23","entire_prefix":"23","prefix_anchor":"23","level":1,"prior_prefix":"22","next_prefix":"24"},"24":{"id":303020,"text":"Enter into agreements the purpose of which is to authorize lenders that have been designated as preferred lenders to undertake loan decisioning and processing functions and responsibilities with respect to certain Authority guaranteed loans without obtaining prior Authority approval. Under such agreements, the Authority will provide each preferred lender credit authority equal to an amount determined by the Authority, or an amount equal to the funds available for such guarantees, whichever is less, for the period designated in the allocation. The preferred lender’s allocation of credit authority shall be increased only by written permission of the Authority and shall not be restored automatically by the receipt of payments on Authority loans; and","type":"section","prefixes":["24"],"prefix":"24","entire_prefix":"24","prefix_anchor":"24","level":1,"prior_prefix":"23","next_prefix":"25"},"25":{"id":303021,"text":"Take any action necessary or convenient for the exercise of the powers granted by this article or reasonably implied from them.","type":"section","prefixes":["25"],"prefix":"25","entire_prefix":"25","prefix_anchor":"25","level":1,"prior_prefix":"24"}},"ancestry":[{"id":13623,"edition_id":1,"name":"Virginia Small Business Financing Authority","identifier":"7","label":"article","depth":5,"order_by":1,"parent_id":13344,"metadata":{},"date_created":"2026-06-26 03:45:24","date_modified":"2026-06-26 03:45:24","permalink":{"id":174461,"object_type":"structure","relational_id":13623,"identifier":"7","token":"2.2\/I\/D\/22\/7","url":"\/2.2\/I\/D\/22\/7\/","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":58804,"structure_id":13623,"section_number":"2.2-2279","catch_line":"Short title; definitions","url":"\/2.2-2279\/","token":"2.2\/I\/D\/22\/7\/2.2-2279","metadata":false},{"id":57453,"structure_id":13623,"section_number":"2.2-2280","catch_line":"Declaration of public purpose; Authority created","url":"\/2.2-2280\/","token":"2.2\/I\/D\/22\/7\/2.2-2280","metadata":false},{"id":57343,"structure_id":13623,"section_number":"2.2-2281","catch_line":"Construction of article","url":"\/2.2-2281\/","token":"2.2\/I\/D\/22\/7\/2.2-2281","metadata":false},{"id":76362,"structure_id":13623,"section_number":"2.2-2282","catch_line":"Board of directors; membership; terms, compensation and expenses; chairman, vice-chairman, secretary and treasurer; quorum; staff","url":"\/2.2-2282\/","token":"2.2\/I\/D\/22\/7\/2.2-2282","metadata":false},{"id":64953,"structure_id":13623,"section_number":"2.2-2283","catch_line":"Meetings of the Board","url":"\/2.2-2283\/","token":"2.2\/I\/D\/22\/7\/2.2-2283","metadata":false},{"id":57687,"structure_id":13623,"section_number":"2.2-2284","catch_line":"Executive Director; appointment; duties","url":"\/2.2-2284\/","token":"2.2\/I\/D\/22\/7\/2.2-2284","metadata":false},{"id":84552,"structure_id":13623,"section_number":"2.2-2285","catch_line":"Powers of the Authority","url":"\/2.2-2285\/","token":"2.2\/I\/D\/22\/7\/2.2-2285","metadata":false},{"id":74688,"structure_id":13623,"section_number":"2.2-2286","catch_line":"Power to condemn","url":"\/2.2-2286\/","token":"2.2\/I\/D\/22\/7\/2.2-2286","metadata":false},{"id":54625,"structure_id":13623,"section_number":"2.2-2287","catch_line":"Power to borrow money and issue bonds","url":"\/2.2-2287\/","token":"2.2\/I\/D\/22\/7\/2.2-2287","metadata":false},{"id":71590,"structure_id":13623,"section_number":"2.2-2288","catch_line":"Power to issue bonds to purchase ninety percent guaranteed portion of loans","url":"\/2.2-2288\/","token":"2.2\/I\/D\/22\/7\/2.2-2288","metadata":false},{"id":83086,"structure_id":13623,"section_number":"2.2-2289","catch_line":"Power to issue umbrella bonds","url":"\/2.2-2289\/","token":"2.2\/I\/D\/22\/7\/2.2-2289","metadata":false},{"id":75308,"structure_id":13623,"section_number":"2.2-2290","catch_line":"Insurance or guarantee fund","url":"\/2.2-2290\/","token":"2.2\/I\/D\/22\/7\/2.2-2290","metadata":false},{"id":78908,"structure_id":13623,"section_number":"2.2-2291","catch_line":"Security for bonds; fees and expenses; limitations","url":"\/2.2-2291\/","token":"2.2\/I\/D\/22\/7\/2.2-2291","metadata":false},{"id":61903,"structure_id":13623,"section_number":"2.2-2292","catch_line":"Public hearing and approval","url":"\/2.2-2292\/","token":"2.2\/I\/D\/22\/7\/2.2-2292","metadata":false},{"id":57038,"structure_id":13623,"section_number":"2.2-2293","catch_line":"Loans to lenders; conditions","url":"\/2.2-2293\/","token":"2.2\/I\/D\/22\/7\/2.2-2293","metadata":false},{"id":60840,"structure_id":13623,"section_number":"2.2-2294","catch_line":"Investment in, purchase or assignment of loans; conditions","url":"\/2.2-2294\/","token":"2.2\/I\/D\/22\/7\/2.2-2294","metadata":false},{"id":84283,"structure_id":13623,"section_number":"2.2-2295","catch_line":"Regulations of the Authority","url":"\/2.2-2295\/","token":"2.2\/I\/D\/22\/7\/2.2-2295","metadata":false},{"id":59895,"structure_id":13623,"section_number":"2.2-2296","catch_line":"How bonds paid and secured","url":"\/2.2-2296\/","token":"2.2\/I\/D\/22\/7\/2.2-2296","metadata":false},{"id":86041,"structure_id":13623,"section_number":"2.2-2297","catch_line":"Liability of Commonwealth, political subdivisions and members of Board","url":"\/2.2-2297\/","token":"2.2\/I\/D\/22\/7\/2.2-2297","metadata":false},{"id":79714,"structure_id":13623,"section_number":"2.2-2298","catch_line":"Authorization of bonds by resolution; contents of bond sale; manner","url":"\/2.2-2298\/","token":"2.2\/I\/D\/22\/7\/2.2-2298","metadata":false},{"id":67046,"structure_id":13623,"section_number":"2.2-2299","catch_line":"Resolution authorizing issuance of bonds; provisions","url":"\/2.2-2299\/","token":"2.2\/I\/D\/22\/7\/2.2-2299","metadata":false},{"id":71824,"structure_id":13623,"section_number":"2.2-2300","catch_line":"Pledge by Authority","url":"\/2.2-2300\/","token":"2.2\/I\/D\/22\/7\/2.2-2300","metadata":false},{"id":66573,"structure_id":13623,"section_number":"2.2-2301","catch_line":"Purchase of bonds of Authority","url":"\/2.2-2301\/","token":"2.2\/I\/D\/22\/7\/2.2-2301","metadata":false},{"id":76359,"structure_id":13623,"section_number":"2.2-2302","catch_line":"Bonds secured by indenture; contents; expenses; how treated","url":"\/2.2-2302\/","token":"2.2\/I\/D\/22\/7\/2.2-2302","metadata":false},{"id":68741,"structure_id":13623,"section_number":"2.2-2303","catch_line":"Signatures of prior members or officers; validity","url":"\/2.2-2303\/","token":"2.2\/I\/D\/22\/7\/2.2-2303","metadata":false},{"id":78197,"structure_id":13623,"section_number":"2.2-2304","catch_line":"Deposit of money; expenditures; security for deposits","url":"\/2.2-2304\/","token":"2.2\/I\/D\/22\/7\/2.2-2304","metadata":false},{"id":66422,"structure_id":13623,"section_number":"2.2-2305","catch_line":"Contracts with holders of bonds; how money secured","url":"\/2.2-2305\/","token":"2.2\/I\/D\/22\/7\/2.2-2305","metadata":false},{"id":63890,"structure_id":13623,"section_number":"2.2-2306","catch_line":"Bondholder protection","url":"\/2.2-2306\/","token":"2.2\/I\/D\/22\/7\/2.2-2306","metadata":false},{"id":76612,"structure_id":13623,"section_number":"2.2-2307","catch_line":"Bonds as legal investments and securities","url":"\/2.2-2307\/","token":"2.2\/I\/D\/22\/7\/2.2-2307","metadata":false},{"id":84851,"structure_id":13623,"section_number":"2.2-2308","catch_line":"Expenses of Authority; liability of Commonwealth or political subdivision prohibited","url":"\/2.2-2308\/","token":"2.2\/I\/D\/22\/7\/2.2-2308","metadata":false},{"id":85768,"structure_id":13623,"section_number":"2.2-2309","catch_line":"Creation, administration, and management of Virginia Export Fund","url":"\/2.2-2309\/","token":"2.2\/I\/D\/22\/7\/2.2-2309","metadata":false},{"id":54591,"structure_id":13623,"section_number":"2.2-2310","catch_line":"Creation, administration, and management of Virginia Small Business Growth Fund","url":"\/2.2-2310\/","token":"2.2\/I\/D\/22\/7\/2.2-2310","metadata":false},{"id":65463,"structure_id":13623,"section_number":"2.2-2311","catch_line":"Repealed","url":"\/2.2-2311\/","token":"2.2\/I\/D\/22\/7\/2.2-2311","metadata":false},{"id":60227,"structure_id":13623,"section_number":"2.2-2311.1","catch_line":"Creation, administration, and management of the Small, Women-owned, and Minority-owned Business Loan Fund","url":"\/2.2-2311.1\/","token":"2.2\/I\/D\/22\/7\/2.2-2311.1","metadata":false},{"id":66627,"structure_id":13623,"section_number":"2.2-2312","catch_line":"Annual report; audit","url":"\/2.2-2312\/","token":"2.2\/I\/D\/22\/7\/2.2-2312","metadata":false},{"id":67073,"structure_id":13623,"section_number":"2.2-2312.1","catch_line":"Risk-based review of outstanding loans; report","url":"\/2.2-2312.1\/","token":"2.2\/I\/D\/22\/7\/2.2-2312.1","metadata":false},{"id":82478,"structure_id":13623,"section_number":"2.2-2313","catch_line":"Exemption from taxation","url":"\/2.2-2313\/","token":"2.2\/I\/D\/22\/7\/2.2-2313","metadata":false},{"id":86107,"structure_id":13623,"section_number":"2.2-2314","catch_line":"Administrative Process Act not applicable","url":"\/2.2-2314\/","token":"2.2\/I\/D\/22\/7\/2.2-2314","metadata":false}],"previous_section":{"id":57687,"structure_id":13623,"section_number":"2.2-2284","catch_line":"Executive Director; appointment; duties","url":"\/2.2-2284\/","token":"2.2\/I\/D\/22\/7\/2.2-2284","metadata":false},"next_section":{"id":74688,"structure_id":13623,"section_number":"2.2-2286","catch_line":"Power to condemn","url":"\/2.2-2286\/","token":"2.2\/I\/D\/22\/7\/2.2-2286","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2285\/","history_text":"

This law was first created in 1984. The record of its establishment is cataloged in chapter 749 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 1984 \u201cActs\u201d aren\u2019t available online. It has been modified 5 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 1995, chapter 128<\/a>; in 2001, chapter 844<\/a>; in 2003, chapter 339<\/a>; in 2005, chapter 624<\/a>; in 2008, chapters 445<\/a> and 744<\/a>.<\/p>","references":[{"id":85768,"section_number":"2.2-2309","catch_line":"Creation, administration, and management of Virginia Export Fund","order_by":null,"url":"\/2.2-2309\/"},{"id":54591,"section_number":"2.2-2310","catch_line":"Creation, administration, and management of Virginia Small Business Growth Fund","order_by":null,"url":"\/2.2-2310\/"}],"refers_to":[{"id":58001,"section_number":"15.2-2650","catch_line":"Article controlling as to proceedings involving validity","order_by":null,"url":"\/15.2-2650\/"},{"id":59187,"section_number":"15.2-5000","catch_line":"Definitions","order_by":null,"url":"\/15.2-5000\/"},{"id":75308,"section_number":"2.2-2290","catch_line":"Insurance or guarantee fund","order_by":null,"url":"\/2.2-2290\/"},{"id":66422,"section_number":"2.2-2305","catch_line":"Contracts with holders of bonds; how money secured","order_by":null,"url":"\/2.2-2305\/"}],"permalink":{"id":174487,"object_type":"law","relational_id":84552,"identifier":"2.2-2285","token":"2.2\/I\/D\/22\/7\/2.2-2285","url":"\/2.2-2285\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-2285\/","token":"2.2\/I\/D\/22\/7\/2.2-2285","dublin_core":{"Title":"Powers of the Authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2285","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The Authority<\/span> is granted all powers necessary or appropriate to carry out and effectuate its purposes including, but not limited to, the following powers to:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Have perpetual existence as a public body corporate and as a political subdivision of the Commonwealth<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Adopt, amend<\/span>, and repeal bylaws, rules and regulations not inconsistent with this article, to regulate its affairs and to carry into effect the powers and the purposes of the Authority<\/span> and for the conduct of its business; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Sue and be sued in its name including but not limited to bringing actions pursuant to Article 6 (§ 15.2-2650<\/a> et seq.) of Chapter 26 of Title 15.2 to determine the validity of any issuance or proposed issuance of its bonds<\/span><\/span> under this article and the legality and validity of all proceedings previously taken or proposed in a resolution of the Authority<\/span> to be taken for the authorization, issuance, sale and delivery of such bonds<\/span><\/span> and for the payment of the principal thereof and interest thereon; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Have an official seal and alter it at will; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Maintain an office at such place within the Commonwealth<\/span> as it may designate; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Make and execute contracts<\/span> and all other instruments necessary and convenient for the performance of its duties and the exercise of its powers under this article upon such terms and conditions it deems appropriate; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Employ office personnel, advisers, consultants, professionals and agents as may be necessary in its judgment<\/span>, and to fix their compensation; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Procure insurance against any loss in connection with its property and other assets<\/span>, including but not limited to loans in such amounts and from such insurers as it deems advisable; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Borrow money and issue<\/span> bonds<\/span><\/span> as provided by this article; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> Procure insurance or guarantees from any public or private entities, including any department, agency or instrumentality of the United States<\/span> of America, or, subject to the provisions of and to the extent moneys are available in the fund created by § 2.2-2290<\/a>, insure or guarantee the payment of any bonds<\/span><\/span> issued by the Authority<\/span>, including the power to pay premiums on any such insurance or guarantees or other instruments of indebtedness; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> Receive and accept from any source aid or contributions of money, property, labor or other things of value to be held, used and applied to carry out the purposes of this article (subject, however, to any conditions upon which grants or contributions are made) including, but not limited to gifts or grants from any department, agency or instrumentality of the United States<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> Enter into agreements with any department, agency or instrumentality of the United States<\/span> or of the Commonwealth<\/span> and with lenders and enter into loans with contracting parties for the purpose of planning, regulating and providing for the financing or assisting in the financing of any eligible business or any project thereof; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

13.<\/span> Enter into contracts<\/span> or agreements with lenders for the servicing and\/or processing of loans; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

14.<\/span> Provide technical assistance to local industrial development authorities and to profit and nonprofit entities in the development or operation by, or assistance to, persons engaged in small business enterprises and distribute data and information concerning the encouragement and improvement of small business enterprises in the Commonwealth<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

15.<\/span> To the extent permitted in the proceedings pursuant to which the bonds<\/span><\/span> of the Authority<\/span> are issued, consent to any modification with respect to the rate of interest, time for, and payment of, any installment of principal or interest, or any other term of any contract<\/span>, loan, sales contract<\/span>, lease, indenture or agreement of any kind to which the Authority<\/span> is a party<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

16.<\/span> To the extent permitted in the proceedings pursuant to which the bonds<\/span><\/span> of the Authority<\/span> are issued, enter into contracts<\/span> with any lender containing provisions authorizing the lender to reduce the charges or fees, exclusive of loan payments, to persons unable to pay the regular schedule thereof when, by reason of other income or payment by any department, agency or instrumentality of the United States<\/span> or the Commonwealth<\/span>, the reduction can be made without jeopardizing the economic stability of the eligible business being financed; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

17.<\/span> Allocate any of its property to the insurance or guarantee fund established by § 2.2-2290<\/a> or to any other fund of the Authority<\/span>, such property consisting of:\n\t\t\ta. Moneys appropriated by the Commonwealth<\/span>;\n\t\t\tb. Premiums, fees and any other amounts received by the Authority<\/span> with respect to financial assistance provided by the Authority<\/span>;\n\t\t\tc. Proceeds as designated by the Authority<\/span> from the loan or other disposition<\/span> of property held or acquired by the Authority<\/span>;\n\t\t\td. Income from investments that were made by the Authority<\/span> or on the behalf of the Authority<\/span> from moneys in one or more of its funds; or\n\t\t\te. Any other moneys made available to the Authority<\/span> consistent with this article; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

18.<\/span> Use any fund of the Authority<\/span> for any and all expenses to be paid by the Authority<\/span> including, but not limited to: (i) any and all expenses for administrative, legal, actuarial, and other services; (ii) all costs, charges, fees and expenses of the Authority<\/span> relating to the authorizing, preparing, printing, selling, issuing, and insuring of bonds<\/span><\/span> and the funding of reserves; and (iii) all expenses and costs relating to the guaranteeing, insuring or procurement of guarantees, insurance or other instruments providing credit or the enhancement of credit for the bonds<\/span><\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

19.<\/span> Collect fees and charges the Authority<\/span> determines to be reasonable in connection with its loans, insurance, guarantees, commitments and servicing thereof; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

20.<\/span> Sell, at public or private sale, with or without public bidding, any obligation held by the Authority<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

21.<\/span> Invest any funds not needed for immediate disbursement, including any funds held in reserve, in any obligations or securities that may be legally purchased by political subdivisions in the Commonwealth<\/span> or as may be otherwise permitted by § 2.2-2305<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

22.<\/span> Administer the Private Activity Bonds<\/span><\/span> program in Chapter 50 (§ 15.2-5000<\/a> et seq.) of Title 15.2 jointly with the Director of the Department of Housing and Community Development and the Virginia Housing Development Authority<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

23.<\/span> Create and establish such funds and accounts as may be necessary or desirable for its purposes; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

24.<\/span> Enter into agreements the purpose of which is to authorize lenders that have been designated as preferred lenders to undertake loan decisioning and processing functions and responsibilities with respect to certain Authority<\/span> guaranteed loans without obtaining prior Authority<\/span> approval. Under such agreements, the Authority<\/span> will provide each preferred lender credit authority<\/span> equal to an amount determined by the Authority<\/span>, or an amount equal to the funds available for such guarantees, whichever is less, for the period designated in the allocation. The preferred lender’s allocation of credit authority<\/span> shall be increased only by written permission of the Authority<\/span> and shall not be restored automatically by the receipt of payments on Authority<\/span> loans; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

25.<\/span> Take any action necessary or convenient for the exercise of the powers granted by this article or reasonably implied from them. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS OF THE AUTHORITY (\u00a7 2.2-2285)\n\nThe Authority is granted all powers necessary or appropriate to carry out and\neffectuate its purposes including, but not limited to, the following powers to:\n\n1. Have perpetual existence as a public body corporate and as a political\nsubdivision of the Commonwealth;\n\n2. Adopt, amend, and repeal bylaws, rules and regulations not inconsistent with\nthis article, to regulate its affairs and to carry into effect the powers and\nthe purposes of the Authority and for the conduct of its business;\n\n3. Sue and be sued in its name including but not limited to bringing actions\npursuant to Article 6 (§ 15.2-2650 et seq.) of Chapter 26 of Title 15.2 to\ndetermine the validity of any issuance or proposed issuance of its bonds under\nthis article and the legality and validity of all proceedings previously taken\nor proposed in a resolution of the Authority to be taken for the authorization,\nissuance, sale and delivery of such bonds and for the payment of the principal\nthereof and interest thereon;\n\n4. Have an official seal and alter it at will;\n\n5. Maintain an office at such place within the Commonwealth as it may designate;\n\n6. Make and execute contracts and all other instruments necessary and convenient\nfor the performance of its duties and the exercise of its powers under this\narticle upon such terms and conditions it deems appropriate;\n\n7. Employ office personnel, advisers, consultants, professionals and agents as\nmay be necessary in its judgment, and to fix their compensation;\n\n8. Procure insurance against any loss in connection with its property and other\nassets, including but not limited to loans in such amounts and from such\ninsurers as it deems advisable;\n\n9. Borrow money and issue bonds as provided by this article;\n\n10. Procure insurance or guarantees from any public or private entities,\nincluding any department, agency or instrumentality of the United States of\nAmerica, or, subject to the provisions of and to the extent moneys are available\nin the fund created by § 2.2-2290, insure or guarantee the payment of any\nbonds issued by the Authority, including the power to pay premiums on any such\ninsurance or guarantees or other instruments of indebtedness;\n\n11. Receive and accept from any source aid or contributions of money, property,\nlabor or other things of value to be held, used and applied to carry out the\npurposes of this article (subject, however, to any conditions upon which grants\nor contributions are made) including, but not limited to gifts or grants from\nany department, agency or instrumentality of the United States;\n\n12. Enter into agreements with any department, agency or instrumentality of the\nUnited States or of the Commonwealth and with lenders and enter into loans with\ncontracting parties for the purpose of planning, regulating and providing for\nthe financing or assisting in the financing of any eligible business or any\nproject thereof;\n\n13. Enter into contracts or agreements with lenders for the servicing and\/or\nprocessing of loans;\n\n14. Provide technical assistance to local industrial development authorities and\nto profit and nonprofit entities in the development or operation by, or\nassistance to, persons engaged in small business enterprises and distribute data\nand information concerning the encouragement and improvement of small business\nenterprises in the Commonwealth;\n\n15. To the extent permitted in the proceedings pursuant to which the bonds of\nthe Authority are issued, consent to any modification with respect to the rate\nof interest, time for, and payment of, any installment of principal or interest,\nor any other term of any contract, loan, sales contract, lease, indenture or\nagreement of any kind to which the Authority is a party;\n\n16. To the extent permitted in the proceedings pursuant to which the bonds of\nthe Authority are issued, enter into contracts with any lender containing\nprovisions authorizing the lender to reduce the charges or fees, exclusive of\nloan payments, to persons unable to pay the regular schedule thereof when, by\nreason of other income or payment by any department, agency or instrumentality\nof the United States or the Commonwealth, the reduction can be made without\njeopardizing the economic stability of the eligible business being financed;\n\n17. Allocate any of its property to the insurance or guarantee fund established\nby § 2.2-2290 or to any other fund of the Authority, such property\nconsisting of:\n\t\t\ta. Moneys appropriated by the Commonwealth;\n\t\t\tb. Premiums, fees and any other amounts received by the Authority with\nrespect to financial assistance provided by the Authority;\n\t\t\tc. Proceeds as designated by the Authority from the loan or other disposition\nof property held or acquired by the Authority;\n\t\t\td. Income from investments that were made by the Authority or on the behalf\nof the Authority from moneys in one or more of its funds; or\n\t\t\te. Any other moneys made available to the Authority consistent with this\narticle;\n\n18. Use any fund of the Authority for any and all expenses to be paid by the\nAuthority including, but not limited to: (i) any and all expenses for\nadministrative, legal, actuarial, and other services; (ii) all costs, charges,\nfees and expenses of the Authority relating to the authorizing, preparing,\nprinting, selling, issuing, and insuring of bonds and the funding of reserves;\nand (iii) all expenses and costs relating to the guaranteeing, insuring or\nprocurement of guarantees, insurance or other instruments providing credit or\nthe enhancement of credit for the bonds;\n\n19. Collect fees and charges the Authority determines to be reasonable in\nconnection with its loans, insurance, guarantees, commitments and servicing\nthereof;\n\n20. Sell, at public or private sale, with or without public bidding, any\nobligation held by the Authority;\n\n21. Invest any funds not needed for immediate disbursement, including any funds\nheld in reserve, in any obligations or securities that may be legally purchased\nby political subdivisions in the Commonwealth or as may be otherwise permitted\nby § 2.2-2305;\n\n22. Administer the Private Activity Bonds program in Chapter 50 (§\n15.2-5000 et seq.) of Title 15.2 jointly with the Director of the Department of\nHousing and Community Development and the Virginia Housing Development\nAuthority;\n\n23. Create and establish such funds and accounts as may be necessary or\ndesirable for its purposes;\n\n24. Enter into agreements the purpose of which is to authorize lenders that have\nbeen designated as preferred lenders to undertake loan decisioning and\nprocessing functions and responsibilities with respect to certain Authority\nguaranteed loans without obtaining prior Authority approval. Under such\nagreements, the Authority will provide each preferred lender credit authority\nequal to an amount determined by the Authority, or an amount equal to the funds\navailable for such guarantees, whichever is less, for the period designated in\nthe allocation. The preferred lender’s allocation of credit authority\nshall be increased only by written permission of the Authority and shall not be\nrestored automatically by the receipt of payments on Authority loans; and\n\n25. Take any action necessary or convenient for the exercise of the powers\ngranted by this article or reasonably implied from them.\n\nHISTORY: 1984, c. 749, \u00a7\u00a7 9-205, 9-228; 1995, c. 128; 2001, c. 844; 2003, c.\n339; 2005, c. 624; 2008, cc. 445, 744.","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}}