{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/23.1-1203.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/23.1-1203.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/23.1-1203.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/23.1-1203.html"}],"law_id":77677,"edition_id":1,"section_id":77677,"structure_id":15508,"section_number":"23.1-1203","catch_line":"Powers of Authority generally","history":"1964, c. 607, \u00a7 23-30.31; 1966, c. 685; 1986, c. 597; 1996, cc. 672, 689; 2016, c. 588.","full_text":"To enable the Authority to carry out the purposes for which it is established, the Authority may:\n\n1\n\nSue and be sued;2\n\nMake contracts;3\n\nAdopt, use, and alter a common seal;4\n\nHave perpetual succession as a public body corporate;5\n\nAdopt bylaws and regulations for the conduct of its affairs;6\n\nMaintain an office at such place as it may designate;7\n\nCollect, or authorize the trustee under any trust indenture securing any bonds of the Authority to collect, (i) the principal of and the interest on all obligations transferred to the Authority by the General Assembly and (ii) other assets or moneys transferred to the Authority by the General Assembly or eligible institutions, including lease payments and other sources of revenue, as such principal, interest, and other assets or moneys become due;8\n\nConduct a program of purchasing equipment for eligible institutions as authorized by this article;9\n\nCollect, or authorize the trustee under any trust indenture securing any bonds of the Authority to collect, (i) payments due under leases or agreements of sale of equipment or leases or other obligations of real property by the Authority to eligible institutions as such payments become due and (ii) the principal of and the interest on all bonds of eligible institutions purchased by the Authority;10\n\nRepossess and sell, or authorize the trustee under any trust indenture securing any bonds of the Authority to repossess and sell, any equipment upon any default under the lease or agreement for the sale of such equipment;11\n\nRepossess and re-lease, or authorize the trustee under any trust indenture securing any bonds of the Authority to repossess and re-lease, any project upon any default under the lease of such project;12\n\nAssist eligible institutions in applying for grants from, or entering into other agreements with, the federal or state government, foundations, or other entities that are designed to provide (i) guarantees of or funds for payments under leases or contracts of sale or (ii) other benefits;13\n\nEnter into agreements with the federal or state government, foundations, or other entities that are designed to provide (i) guarantees of or funds for payments under leases or contracts of sale or (ii) other benefits;14\n\nSelect, appoint, and employ financial experts, corporate depositories, trustees, paying agents, attorneys, accountants, consulting engineers, construction experts, and other individuals to perform such other services as may be necessary in the judgment of the Authority and pay their compensation and reasonable expenses either from moneys received by the Authority under the provisions of this article or from appropriations made by the General Assembly for such purposes;15\n\nIssue bonds of the Authority as authorized by this article and refund any such bonds;16\n\nReceive and accept any grants, aid, or contributions of money, property, labor, or other things of value from any source or reject any such grants, aid, or contributions; and17\n\nPerform any other act necessary, appropriate, incidental, or convenient to carrying out the powers expressly granted in this article.","order_by":null,"text":{"0":{"id":278611,"text":"To enable the Authority to carry out the purposes for which it is established, the Authority may:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":278612,"text":"Sue and be sued;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":278613,"text":"Make contracts;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":278614,"text":"Adopt, use, and alter a common seal;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":278615,"text":"Have perpetual succession as a public body corporate;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":278616,"text":"Adopt bylaws and regulations for the conduct of its affairs;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":278617,"text":"Maintain an office at such place as it may designate;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":278618,"text":"Collect, or authorize the trustee under any trust indenture securing any bonds of the Authority to collect, (i) the principal of and the interest on all obligations transferred to the Authority by the General Assembly and (ii) other assets or moneys transferred to the Authority by the General Assembly or eligible institutions, including lease payments and other sources of revenue, as such principal, interest, and other assets or moneys become due;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":278619,"text":"Conduct a program of purchasing equipment for eligible institutions as authorized by this article;","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":278620,"text":"Collect, or authorize the trustee under any trust indenture securing any bonds of the Authority to collect, (i) payments due under leases or agreements of sale of equipment or leases or other obligations of real property by the Authority to eligible institutions as such payments become due and (ii) the principal of and the interest on all bonds of eligible institutions purchased by the Authority;","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8","next_prefix":"10"},"10":{"id":278621,"text":"Repossess and sell, or authorize the trustee under any trust indenture securing any bonds of the Authority to repossess and sell, any equipment upon any default under the lease or agreement for the sale of such equipment;","type":"section","prefixes":["10"],"prefix":"10","entire_prefix":"10","prefix_anchor":"10","level":1,"prior_prefix":"9","next_prefix":"11"},"11":{"id":278622,"text":"Repossess and re-lease, or authorize the trustee under any trust indenture securing any bonds of the Authority to repossess and re-lease, any project upon any default under the lease of such project;","type":"section","prefixes":["11"],"prefix":"11","entire_prefix":"11","prefix_anchor":"11","level":1,"prior_prefix":"10","next_prefix":"12"},"12":{"id":278623,"text":"Assist eligible institutions in applying for grants from, or entering into other agreements with, the federal or state government, foundations, or other entities that are designed to provide (i) guarantees of or funds for payments under leases or contracts of sale or (ii) other benefits;","type":"section","prefixes":["12"],"prefix":"12","entire_prefix":"12","prefix_anchor":"12","level":1,"prior_prefix":"11","next_prefix":"13"},"13":{"id":278624,"text":"Enter into agreements with the federal or state government, foundations, or other entities that are designed to provide (i) guarantees of or funds for payments under leases or contracts of sale or (ii) other benefits;","type":"section","prefixes":["13"],"prefix":"13","entire_prefix":"13","prefix_anchor":"13","level":1,"prior_prefix":"12","next_prefix":"14"},"14":{"id":278625,"text":"Select, appoint, and employ financial experts, corporate depositories, trustees, paying agents, attorneys, accountants, consulting engineers, construction experts, and other individuals to perform such other services as may be necessary in the judgment of the Authority and pay their compensation and reasonable expenses either from moneys received by the Authority under the provisions of this article or from appropriations made by the General Assembly for such purposes;","type":"section","prefixes":["14"],"prefix":"14","entire_prefix":"14","prefix_anchor":"14","level":1,"prior_prefix":"13","next_prefix":"15"},"15":{"id":278626,"text":"Issue bonds of the Authority as authorized by this article and refund any such bonds;","type":"section","prefixes":["15"],"prefix":"15","entire_prefix":"15","prefix_anchor":"15","level":1,"prior_prefix":"14","next_prefix":"16"},"16":{"id":278627,"text":"Receive and accept any grants, aid, or contributions of money, property, labor, or other things of value from any source or reject any such grants, aid, or contributions; and","type":"section","prefixes":["16"],"prefix":"16","entire_prefix":"16","prefix_anchor":"16","level":1,"prior_prefix":"15","next_prefix":"17"},"17":{"id":278628,"text":"Perform any other act necessary, appropriate, incidental, or convenient to carrying out the powers expressly granted in this article.","type":"section","prefixes":["17"],"prefix":"17","entire_prefix":"17","prefix_anchor":"17","level":1,"prior_prefix":"16"}},"ancestry":[{"id":15508,"edition_id":1,"name":"General Provisions; Powers and Duties","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":14345,"metadata":{},"date_created":"2026-06-26 03:55:39","date_modified":"2026-06-26 03:55:39","permalink":{"id":185737,"object_type":"structure","relational_id":15508,"identifier":"1","token":"23.1\/III\/12\/1","url":"\/23.1\/III\/12\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":14345,"edition_id":1,"name":"Virginia College Building Authority","identifier":"12","label":"chapter","depth":3,"order_by":1,"parent_id":14060,"metadata":{},"date_created":"2026-06-26 03:47:49","date_modified":"2026-06-26 03:47:49","permalink":{"id":185735,"object_type":"structure","relational_id":14345,"identifier":"12","token":"23.1\/III\/12","url":"\/23.1\/III\/12\/","edition_id":1,"permalink":0,"preferred":1}},{"id":14060,"edition_id":1,"name":"Management and Financing","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":13111,"metadata":{},"date_created":"2026-06-26 03:46:44","date_modified":"2026-06-26 03:46:44","permalink":{"id":185513,"object_type":"structure","relational_id":14060,"identifier":"III","token":"23.1\/III","url":"\/23.1\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13111,"edition_id":1,"name":"Institutions of Higher Education; Other Educational and Cultural Institutions","identifier":"23.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":184581,"object_type":"structure","relational_id":13111,"identifier":"23.1","token":"23.1","url":"\/23.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":84904,"structure_id":15508,"section_number":"23.1-1200","catch_line":"Definitions; findings","url":"\/23.1-1200\/","token":"23.1\/III\/12\/1\/23.1-1200","metadata":false},{"id":72257,"structure_id":15508,"section_number":"23.1-1201","catch_line":"Virginia College Building Authority established","url":"\/23.1-1201\/","token":"23.1\/III\/12\/1\/23.1-1201","metadata":false},{"id":83905,"structure_id":15508,"section_number":"23.1-1202","catch_line":"Action by Authority may be authorized by resolution","url":"\/23.1-1202\/","token":"23.1\/III\/12\/1\/23.1-1202","metadata":false},{"id":77677,"structure_id":15508,"section_number":"23.1-1203","catch_line":"Powers of Authority generally","url":"\/23.1-1203\/","token":"23.1\/III\/12\/1\/23.1-1203","metadata":false},{"id":86522,"structure_id":15508,"section_number":"23.1-1204","catch_line":"Duties; administration of assets, moneys, or obligations","url":"\/23.1-1204\/","token":"23.1\/III\/12\/1\/23.1-1204","metadata":false},{"id":73472,"structure_id":15508,"section_number":"23.1-1205","catch_line":"Powers; purchase or sale of bonds or other obligations of eligible institutions","url":"\/23.1-1205\/","token":"23.1\/III\/12\/1\/23.1-1205","metadata":false},{"id":71767,"structure_id":15508,"section_number":"23.1-1206","catch_line":"Powers; acquisition or disposition of equipment","url":"\/23.1-1206\/","token":"23.1\/III\/12\/1\/23.1-1206","metadata":false},{"id":71770,"structure_id":15508,"section_number":"23.1-1207","catch_line":"Powers; bonds of Authority generally","url":"\/23.1-1207\/","token":"23.1\/III\/12\/1\/23.1-1207","metadata":false},{"id":67521,"structure_id":15508,"section_number":"23.1-1208","catch_line":"Security for bonds","url":"\/23.1-1208\/","token":"23.1\/III\/12\/1\/23.1-1208","metadata":false},{"id":69367,"structure_id":15508,"section_number":"23.1-1209","catch_line":"Reserve fund; limitations","url":"\/23.1-1209\/","token":"23.1\/III\/12\/1\/23.1-1209","metadata":false},{"id":80005,"structure_id":15508,"section_number":"23.1-1210","catch_line":"Payment on bonds; pledge of revenues","url":"\/23.1-1210\/","token":"23.1\/III\/12\/1\/23.1-1210","metadata":false},{"id":83226,"structure_id":15508,"section_number":"23.1-1211","catch_line":"Default on payments","url":"\/23.1-1211\/","token":"23.1\/III\/12\/1\/23.1-1211","metadata":false},{"id":81001,"structure_id":15508,"section_number":"23.1-1212","catch_line":"Investment of funds","url":"\/23.1-1212\/","token":"23.1\/III\/12\/1\/23.1-1212","metadata":false},{"id":80486,"structure_id":15508,"section_number":"23.1-1213","catch_line":"Enforcement of rights and duties by bondholder or trustee under trust indenture","url":"\/23.1-1213\/","token":"23.1\/III\/12\/1\/23.1-1213","metadata":false},{"id":67372,"structure_id":15508,"section_number":"23.1-1214","catch_line":"Exemption of bonds from taxation","url":"\/23.1-1214\/","token":"23.1\/III\/12\/1\/23.1-1214","metadata":false},{"id":86127,"structure_id":15508,"section_number":"23.1-1215","catch_line":"Bonds made lawful investments","url":"\/23.1-1215\/","token":"23.1\/III\/12\/1\/23.1-1215","metadata":false},{"id":86824,"structure_id":15508,"section_number":"23.1-1216","catch_line":"Annual report; examination of records, books, and accounts","url":"\/23.1-1216\/","token":"23.1\/III\/12\/1\/23.1-1216","metadata":false},{"id":69836,"structure_id":15508,"section_number":"23.1-1217","catch_line":"Annual audit","url":"\/23.1-1217\/","token":"23.1\/III\/12\/1\/23.1-1217","metadata":false},{"id":83690,"structure_id":15508,"section_number":"23.1-1218","catch_line":"Article liberally construed; powers of Authority not subject to supervision by certain entities","url":"\/23.1-1218\/","token":"23.1\/III\/12\/1\/23.1-1218","metadata":false},{"id":59107,"structure_id":15508,"section_number":"23.1-1219","catch_line":"Jurisdiction of suits against Authority; service of process","url":"\/23.1-1219\/","token":"23.1\/III\/12\/1\/23.1-1219","metadata":false}],"previous_section":{"id":83905,"structure_id":15508,"section_number":"23.1-1202","catch_line":"Action by Authority may be authorized by resolution","url":"\/23.1-1202\/","token":"23.1\/III\/12\/1\/23.1-1202","metadata":false},"next_section":{"id":86522,"structure_id":15508,"section_number":"23.1-1204","catch_line":"Duties; administration of assets, moneys, or obligations","url":"\/23.1-1204\/","token":"23.1\/III\/12\/1\/23.1-1204","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-1203\/","history_text":"

This law was first created in 1964. The record of its establishment is cataloged in chapter 607 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 1964 \u201cActs\u201d aren\u2019t available online. 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 1966, chapter 685; in 1986, chapter 597; in 1996, chapters 672<\/a> and 689<\/a>; in 2016, chapter 588<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":185751,"object_type":"law","relational_id":77677,"identifier":"23.1-1203","token":"23.1\/III\/12\/1\/23.1-1203","url":"\/23.1-1203\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/23.1-1203\/","token":"23.1\/III\/12\/1\/23.1-1203","dublin_core":{"Title":"Powers of Authority generally","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-1203","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

To enable the Authority to carry out the purposes for which it is established, the Authority may:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Sue and be sued; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Make contracts<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

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

4.<\/span> Have perpetual succession as a public body corporate; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Adopt bylaws and regulations for the conduct of its affairs; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

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

7.<\/span> Collect, or authorize the trustee under any trust indenture securing any bonds<\/span> of the Authority to collect, (i) the principal of and the interest on all obligations transferred to the Authority by the General Assembly and (ii) other assets<\/span> or moneys transferred to the Authority by the General Assembly or eligible institutions, including lease payments and other sources of revenue, as such principal, interest, and other assets<\/span> or moneys become due; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Conduct a program of purchasing equipment for eligible institutions as authorized by this article; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Collect, or authorize the trustee under any trust indenture securing any bonds<\/span> of the Authority to collect, (i) payments due under leases or agreements of sale of equipment or leases or other obligations of real property by the Authority to eligible institutions as such payments become due and (ii) the principal of and the interest on all bonds<\/span> of eligible institutions purchased by the Authority; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> Repossess and sell, or authorize the trustee under any trust indenture securing any bonds<\/span> of the Authority to repossess and sell, any equipment upon any default<\/span> under the lease or agreement for the sale of such equipment; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> Repossess and re-lease, or authorize the trustee under any trust indenture securing any bonds<\/span> of the Authority to repossess and re-lease, any project upon any default<\/span> under the lease of such project; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> Assist eligible institutions in applying for grants from, or entering into other agreements with, the federal or state government, foundations, or other entities that are designed to provide (i) guarantees of or funds for payments under leases or contracts<\/span> of sale or (ii) other benefits; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

13.<\/span> Enter into agreements with the federal or state government, foundations, or other entities that are designed to provide (i) guarantees of or funds for payments under leases or contracts<\/span> of sale or (ii) other benefits; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

14.<\/span> Select, appoint, and employ financial experts, corporate depositories, trustees, paying agents, attorneys, accountants, consulting engineers, construction experts, and other individuals to perform such other services as may be necessary in the judgment<\/span> of the Authority and pay their compensation and reasonable expenses either from moneys received by the Authority under the provisions of this article or from appropriations made by the General Assembly for such purposes; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

15.<\/span> Issue<\/span> bonds<\/span> of the Authority as authorized by this article and refund any such bonds<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

16.<\/span> Receive and accept any grants, aid, or contributions of money, property, labor, or other things of value from any source or reject any such grants, aid, or contributions; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

17.<\/span> Perform any other act necessary, appropriate, incidental, or convenient to carrying out the powers expressly granted in this article. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS OF AUTHORITY GENERALLY (\u00a7 23.1-1203)\n\nTo enable the Authority to carry out the purposes for which it is established,\nthe Authority may:\n\n1. Sue and be sued;\n\n2. Make contracts;\n\n3. Adopt, use, and alter a common seal;\n\n4. Have perpetual succession as a public body corporate;\n\n5. Adopt bylaws and regulations for the conduct of its affairs;\n\n6. Maintain an office at such place as it may designate;\n\n7. Collect, or authorize the trustee under any trust indenture securing any\nbonds of the Authority to collect, (i) the principal of and the interest on all\nobligations transferred to the Authority by the General Assembly and (ii) other\nassets or moneys transferred to the Authority by the General Assembly or\neligible institutions, including lease payments and other sources of revenue, as\nsuch principal, interest, and other assets or moneys become due;\n\n8. Conduct a program of purchasing equipment for eligible institutions as\nauthorized by this article;\n\n9. Collect, or authorize the trustee under any trust indenture securing any\nbonds of the Authority to collect, (i) payments due under leases or agreements\nof sale of equipment or leases or other obligations of real property by the\nAuthority to eligible institutions as such payments become due and (ii) the\nprincipal of and the interest on all bonds of eligible institutions purchased by\nthe Authority;\n\n10. Repossess and sell, or authorize the trustee under any trust indenture\nsecuring any bonds of the Authority to repossess and sell, any equipment upon\nany default under the lease or agreement for the sale of such equipment;\n\n11. Repossess and re-lease, or authorize the trustee under any trust indenture\nsecuring any bonds of the Authority to repossess and re-lease, any project upon\nany default under the lease of such project;\n\n12. Assist eligible institutions in applying for grants from, or entering into\nother agreements with, the federal or state government, foundations, or other\nentities that are designed to provide (i) guarantees of or funds for payments\nunder leases or contracts of sale or (ii) other benefits;\n\n13. Enter into agreements with the federal or state government, foundations, or\nother entities that are designed to provide (i) guarantees of or funds for\npayments under leases or contracts of sale or (ii) other benefits;\n\n14. Select, appoint, and employ financial experts, corporate depositories,\ntrustees, paying agents, attorneys, accountants, consulting engineers,\nconstruction experts, and other individuals to perform such other services as\nmay be necessary in the judgment of the Authority and pay their compensation and\nreasonable expenses either from moneys received by the Authority under the\nprovisions of this article or from appropriations made by the General Assembly\nfor such purposes;\n\n15. Issue bonds of the Authority as authorized by this article and refund any\nsuch bonds;\n\n16. Receive and accept any grants, aid, or contributions of money, property,\nlabor, or other things of value from any source or reject any such grants, aid,\nor contributions; and\n\n17. Perform any other act necessary, appropriate, incidental, or convenient to\ncarrying out the powers expressly granted in this article.\n\nHISTORY: 1964, c. 607, \u00a7 23-30.31; 1966, c. 685; 1986, c. 597; 1996, cc. 672,\n689; 2016, c. 588.","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}}