{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/62.1-203.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/62.1-203.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/62.1-203.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/62.1-203.html"}],"law_id":85528,"edition_id":1,"section_id":85528,"structure_id":13206,"section_number":"62.1-203","catch_line":"Powers of Authority","history":"1984, c. 699; 1985, c. 67; 1986, c. 415; 1987, cc. 117, 133, 324; 1994, c. 684; 1998, c. 399; 1999, c. 897; 2003, c. 561; 2006, cc. 648, 765; 2011, c. 616; 2015, cc. 399, 433; 2022, cc. 739, 782.","full_text":"The Authority is granted all powers necessary or appropriate to carry out and to effectuate its purposes, including the following:\n\n1\n\nTo have perpetual succession as a public body corporate and as a political subdivision of the Commonwealth;2\n\nTo adopt, amend and repeal bylaws, and rules and regulations, not inconsistent with this chapter for the administration and regulation of its affairs and to carry into effect the powers and purposes of the Authority and the conduct of its business;3\n\nTo sue and be sued in its own name;4\n\nTo have an official seal and alter it at will although the failure to affix this seal shall not affect the validity of any instrument executed on behalf of the Authority;5\n\nTo maintain an office at any place within the Commonwealth which it designates;6\n\nTo make and execute contracts and all other instruments and agreements necessary or convenient for the performance of its duties and the exercise of its powers and functions under this chapter;7\n\nTo sell, convey, mortgage, pledge, lease, exchange, transfer and otherwise dispose of all or any part of its properties and assets;8\n\nTo employ officers, employees, agents, advisers and consultants, including without limitations, attorneys, financial advisers, engineers and other technical advisers and public accountants and, the provisions of any other law to the contrary notwithstanding, to determine their duties and compensation without the approval of any other agency or instrumentality;9\n\nTo procure insurance, in amounts and from insurers of its choice, or provide self-insurance, against any loss, cost, or expense in connection with its property, assets or activities, including insurance or self-insurance against liability for its acts or the acts of its directors, employees or agents and for the indemnification of the members of its Board of Directors and its employees and agents;10\n\nTo procure credit enhancements from any public or private entities, including any department, agency or instrumentality of the United States of America or the Commonwealth, for the payment of any bonds issued by the Authority, including the power to pay premiums or fees on any such credit enhancements;11\n\nTo receive and accept from any source aid, grants and contributions of money, property, labor or other things of value to be held, used and applied to carry out the purposes of this chapter subject to the conditions upon which the aid, grants or contributions are made;12\n\nTo enter into agreements with any department, agency or instrumentality of the United States of America or, the Commonwealth, the District of Columbia or any adjoining state for the purpose of planning, regulating and providing for the financing of any projects;13\n\nTo collect, or to authorize the trustee under any trust indenture securing any bonds or any other fiduciary to collect, amounts due under any local obligations owned or credit enhanced by the Authority, including taking the action required by § 15.2-2659 or 62.1-216.1 to obtain payment of any unpaid sums;14\n\nTo enter into contracts or agreements for the servicing and processing of local obligations owned by the Authority;15\n\nTo invest or reinvest its funds as provided in this chapter or permitted by applicable law;16\n\nUnless restricted under any agreement with holders of bonds, to consent to any modification with respect to the rate of interest, time and payment of any installment of principal or interest, or any other term of any local obligations owned by the Authority;17\n\nTo establish and revise, amend and repeal, and to charge and collect, fees and charges in connection with any activities or services of the Authority;18\n\nTo do any act necessary or convenient to the exercise of the powers granted or reasonably implied by this chapter; and19\n\nTo pledge as security for the payment of any or all bonds of the Authority, all or any part of the Capital Reserve Fund or other reserve fund or account transferred to a trustee for such purpose from the Water Facilities Revolving Fund pursuant to § 62.1-231, from the Water Supply Revolving Fund pursuant to § 62.1-240, from the Virginia Solid Waste or Recycling Revolving Fund pursuant to § 62.1-241.9, from the Virginia Airports Revolving Fund pursuant to § 5.1-30.6, from the Dam Safety, Flood Prevention and Protection Assistance Fund pursuant to § 10.1-603.17, from the Virginia Tobacco Region Revolving Fund pursuant to § 3.2-3117, or from the Resilient Virginia Revolving Fund pursuant to § 10.1-603.37. Notwithstanding the foregoing, any such transfer from the Virginia Tobacco Region Revolving Fund may be pledged to secure only those bonds of the Authority issued to finance or refinance projects located in the tobacco-dependent communities in the Southside and Southwest regions of Virginia.","order_by":null,"text":{"0":{"id":306388,"text":"The Authority is granted all powers necessary or appropriate to carry out and to effectuate its purposes, including the following:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":306389,"text":"To have perpetual succession 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":306390,"text":"To adopt, amend and repeal bylaws, and rules and regulations, not inconsistent with this chapter for the administration and regulation of its affairs and to carry into effect the powers and purposes of the Authority and 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":306391,"text":"To sue and be sued in its own name;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":306392,"text":"To have an official seal and alter it at will although the failure to affix this seal shall not affect the validity of any instrument executed on behalf of the Authority;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":306393,"text":"To maintain an office at any place within the Commonwealth which it designates;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":306394,"text":"To make and execute contracts and all other instruments and agreements necessary or convenient for the performance of its duties and the exercise of its powers and functions under this chapter;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":306395,"text":"To sell, convey, mortgage, pledge, lease, exchange, transfer and otherwise dispose of all or any part of its properties and assets;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":306396,"text":"To employ officers, employees, agents, advisers and consultants, including without limitations, attorneys, financial advisers, engineers and other technical advisers and public accountants and, the provisions of any other law to the contrary notwithstanding, to determine their duties and compensation without the approval of any other agency or instrumentality;","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":306397,"text":"To procure insurance, in amounts and from insurers of its choice, or provide self-insurance, against any loss, cost, or expense in connection with its property, assets or activities, including insurance or self-insurance against liability for its acts or the acts of its directors, employees or agents and for the indemnification of the members of its Board of Directors and its employees and agents;","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8","next_prefix":"10"},"10":{"id":306398,"text":"To procure credit enhancements from any public or private entities, including any department, agency or instrumentality of the United States of America or the Commonwealth, for the payment of any bonds issued by the Authority, including the power to pay premiums or fees on any such credit enhancements;","type":"section","prefixes":["10"],"prefix":"10","entire_prefix":"10","prefix_anchor":"10","level":1,"prior_prefix":"9","next_prefix":"11"},"11":{"id":306399,"text":"To receive and accept from any source aid, grants and contributions of money, property, labor or other things of value to be held, used and applied to carry out the purposes of this chapter subject to the conditions upon which the aid, grants or contributions are made;","type":"section","prefixes":["11"],"prefix":"11","entire_prefix":"11","prefix_anchor":"11","level":1,"prior_prefix":"10","next_prefix":"12"},"12":{"id":306400,"text":"To enter into agreements with any department, agency or instrumentality of the United States of America or, the Commonwealth, the District of Columbia or any adjoining state for the purpose of planning, regulating and providing for the financing of any projects;","type":"section","prefixes":["12"],"prefix":"12","entire_prefix":"12","prefix_anchor":"12","level":1,"prior_prefix":"11","next_prefix":"13"},"13":{"id":306401,"text":"To collect, or to authorize the trustee under any trust indenture securing any bonds or any other fiduciary to collect, amounts due under any local obligations owned or credit enhanced by the Authority, including taking the action required by § 15.2-2659 or 62.1-216.1 to obtain payment of any unpaid sums;","type":"section","prefixes":["13"],"prefix":"13","entire_prefix":"13","prefix_anchor":"13","level":1,"prior_prefix":"12","next_prefix":"14"},"14":{"id":306402,"text":"To enter into contracts or agreements for the servicing and processing of local obligations owned by the Authority;","type":"section","prefixes":["14"],"prefix":"14","entire_prefix":"14","prefix_anchor":"14","level":1,"prior_prefix":"13","next_prefix":"15"},"15":{"id":306403,"text":"To invest or reinvest its funds as provided in this chapter or permitted by applicable law;","type":"section","prefixes":["15"],"prefix":"15","entire_prefix":"15","prefix_anchor":"15","level":1,"prior_prefix":"14","next_prefix":"16"},"16":{"id":306404,"text":"Unless restricted under any agreement with holders of bonds, to consent to any modification with respect to the rate of interest, time and payment of any installment of principal or interest, or any other term of any local obligations owned by the Authority;","type":"section","prefixes":["16"],"prefix":"16","entire_prefix":"16","prefix_anchor":"16","level":1,"prior_prefix":"15","next_prefix":"17"},"17":{"id":306405,"text":"To establish and revise, amend and repeal, and to charge and collect, fees and charges in connection with any activities or services of the Authority;","type":"section","prefixes":["17"],"prefix":"17","entire_prefix":"17","prefix_anchor":"17","level":1,"prior_prefix":"16","next_prefix":"18"},"18":{"id":306406,"text":"To do any act necessary or convenient to the exercise of the powers granted or reasonably implied by this chapter; and","type":"section","prefixes":["18"],"prefix":"18","entire_prefix":"18","prefix_anchor":"18","level":1,"prior_prefix":"17","next_prefix":"19"},"19":{"id":306407,"text":"To pledge as security for the payment of any or all bonds of the Authority, all or any part of the Capital Reserve Fund or other reserve fund or account transferred to a trustee for such purpose from the Water Facilities Revolving Fund pursuant to § 62.1-231, from the Water Supply Revolving Fund pursuant to § 62.1-240, from the Virginia Solid Waste or Recycling Revolving Fund pursuant to § 62.1-241.9, from the Virginia Airports Revolving Fund pursuant to § 5.1-30.6, from the Dam Safety, Flood Prevention and Protection Assistance Fund pursuant to § 10.1-603.17, from the Virginia Tobacco Region Revolving Fund pursuant to § 3.2-3117, or from the Resilient Virginia Revolving Fund pursuant to § 10.1-603.37. Notwithstanding the foregoing, any such transfer from the Virginia Tobacco Region Revolving Fund may be pledged to secure only those bonds of the Authority issued to finance or refinance projects located in the tobacco-dependent communities in the Southside and Southwest regions of Virginia.","type":"section","prefixes":["19"],"prefix":"19","entire_prefix":"19","prefix_anchor":"19","level":1,"prior_prefix":"18"}},"ancestry":[{"id":13206,"edition_id":1,"name":"Virginia Resources Authority","identifier":"21","label":"chapter","depth":2,"order_by":1,"parent_id":12909,"metadata":{},"date_created":"2026-06-26 03:44:26","date_modified":"2026-06-26 03:44:26","permalink":{"id":268673,"object_type":"structure","relational_id":13206,"identifier":"21","token":"62.1\/21","url":"\/62.1\/21\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12909,"edition_id":1,"name":"Waters of the State, Ports and Harbors","identifier":"62.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:00","date_modified":"2026-06-26 03:44:00","permalink":{"id":268199,"object_type":"structure","relational_id":12909,"identifier":"62.1","token":"62.1","url":"\/62.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":85141,"structure_id":13206,"section_number":"62.1-197","catch_line":"Short title","url":"\/62.1-197\/","token":"62.1\/21\/62.1-197","metadata":false},{"id":64219,"structure_id":13206,"section_number":"62.1-198","catch_line":"Legislative findings and purposes","url":"\/62.1-198\/","token":"62.1\/21\/62.1-198","metadata":false},{"id":80022,"structure_id":13206,"section_number":"62.1-199","catch_line":"Definitions","url":"\/62.1-199\/","token":"62.1\/21\/62.1-199","metadata":false},{"id":75414,"structure_id":13206,"section_number":"62.1-200","catch_line":"Creation of Authority","url":"\/62.1-200\/","token":"62.1\/21\/62.1-200","metadata":false},{"id":54824,"structure_id":13206,"section_number":"62.1-201","catch_line":"Board of Directors","url":"\/62.1-201\/","token":"62.1\/21\/62.1-201","metadata":false},{"id":73267,"structure_id":13206,"section_number":"62.1-202","catch_line":"Appointment and duties of Executive Director","url":"\/62.1-202\/","token":"62.1\/21\/62.1-202","metadata":false},{"id":85528,"structure_id":13206,"section_number":"62.1-203","catch_line":"Powers of Authority","url":"\/62.1-203\/","token":"62.1\/21\/62.1-203","metadata":false},{"id":66055,"structure_id":13206,"section_number":"62.1-204","catch_line":"Power to borrow money and issue bonds and credit enhancements","url":"\/62.1-204\/","token":"62.1\/21\/62.1-204","metadata":false},{"id":74781,"structure_id":13206,"section_number":"62.1-205","catch_line":"Power to issue refunding bonds","url":"\/62.1-205\/","token":"62.1\/21\/62.1-205","metadata":false},{"id":71517,"structure_id":13206,"section_number":"62.1-206","catch_line":"Sources of payment and security for bonds and credit enhancements","url":"\/62.1-206\/","token":"62.1\/21\/62.1-206","metadata":false},{"id":69549,"structure_id":13206,"section_number":"62.1-207","catch_line":"Liability of Commonwealth, political subdivisions and members of board of directors","url":"\/62.1-207\/","token":"62.1\/21\/62.1-207","metadata":false},{"id":72376,"structure_id":13206,"section_number":"62.1-208","catch_line":"Authorization, content and sale of bonds and credit enhancements","url":"\/62.1-208\/","token":"62.1\/21\/62.1-208","metadata":false},{"id":58282,"structure_id":13206,"section_number":"62.1-209","catch_line":"Provisions of resolution or trust indenture authorizing issuance of bonds","url":"\/62.1-209\/","token":"62.1\/21\/62.1-209","metadata":false},{"id":69114,"structure_id":13206,"section_number":"62.1-210","catch_line":"Pledge by Authority","url":"\/62.1-210\/","token":"62.1\/21\/62.1-210","metadata":false},{"id":75603,"structure_id":13206,"section_number":"62.1-211","catch_line":"Purchase of bonds by Authority","url":"\/62.1-211\/","token":"62.1\/21\/62.1-211","metadata":false},{"id":83833,"structure_id":13206,"section_number":"62.1-212","catch_line":"Bonds as negotiable instruments","url":"\/62.1-212\/","token":"62.1\/21\/62.1-212","metadata":false},{"id":57674,"structure_id":13206,"section_number":"62.1-213","catch_line":"Validity of signatures of prior members or officers","url":"\/62.1-213\/","token":"62.1\/21\/62.1-213","metadata":false},{"id":64195,"structure_id":13206,"section_number":"62.1-214","catch_line":"Bondholder protection","url":"\/62.1-214\/","token":"62.1\/21\/62.1-214","metadata":false},{"id":72224,"structure_id":13206,"section_number":"62.1-215","catch_line":"Establishment of capital reserve funds","url":"\/62.1-215\/","token":"62.1\/21\/62.1-215","metadata":false},{"id":78168,"structure_id":13206,"section_number":"62.1-216","catch_line":"Purchase and credit enhancements of local obligations","url":"\/62.1-216\/","token":"62.1\/21\/62.1-216","metadata":false},{"id":72905,"structure_id":13206,"section_number":"62.1-216.1","catch_line":"Investigation by Governor of nonpayments; withholding state funds from nonpaying locality; payment of funds withheld; receipts, reports, etc","url":"\/62.1-216.1\/","token":"62.1\/21\/62.1-216.1","metadata":false},{"id":71594,"structure_id":13206,"section_number":"62.1-217","catch_line":"Grants from Commonwealth","url":"\/62.1-217\/","token":"62.1\/21\/62.1-217","metadata":false},{"id":61493,"structure_id":13206,"section_number":"62.1-218","catch_line":"Grants to local governments","url":"\/62.1-218\/","token":"62.1\/21\/62.1-218","metadata":false},{"id":70080,"structure_id":13206,"section_number":"62.1-219","catch_line":"Exemption from taxation","url":"\/62.1-219\/","token":"62.1\/21\/62.1-219","metadata":false},{"id":63260,"structure_id":13206,"section_number":"62.1-220","catch_line":"Bonds as legal investments and securities","url":"\/62.1-220\/","token":"62.1\/21\/62.1-220","metadata":false},{"id":54215,"structure_id":13206,"section_number":"62.1-221","catch_line":"Deposit of money; expenditures; security for deposits","url":"\/62.1-221\/","token":"62.1\/21\/62.1-221","metadata":false},{"id":84057,"structure_id":13206,"section_number":"62.1-222","catch_line":"Annual reports; audit","url":"\/62.1-222\/","token":"62.1\/21\/62.1-222","metadata":false},{"id":74970,"structure_id":13206,"section_number":"62.1-223","catch_line":"Liberal construction of chapter","url":"\/62.1-223\/","token":"62.1\/21\/62.1-223","metadata":false}],"previous_section":{"id":73267,"structure_id":13206,"section_number":"62.1-202","catch_line":"Appointment and duties of Executive Director","url":"\/62.1-202\/","token":"62.1\/21\/62.1-202","metadata":false},"next_section":{"id":66055,"structure_id":13206,"section_number":"62.1-204","catch_line":"Power to borrow money and issue bonds and credit enhancements","url":"\/62.1-204\/","token":"62.1\/21\/62.1-204","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/62.1-203\/","history_text":"

This law was first created in 1984. The record of its establishment is cataloged in chapter 699 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 11 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 1985, chapter 67; in 1986, chapter 415; in 1987, chapters 117, 133, and 324; in 1994, chapter 684<\/a>; in 1998, chapter 399<\/a>; in 1999, chapter 897<\/a>; in 2003, chapter 561<\/a>; in 2006, chapters 648<\/a> and 765<\/a>; in 2011, chapter 616<\/a>; in 2015, chapters 399<\/a> and 433<\/a>; in 2022, chapters 739<\/a> and 782<\/a>.<\/p>","references":false,"refers_to":[{"id":81027,"section_number":"10.1-603.17","catch_line":"Dam Safety, Flood Prevention and Protection Assistance Fund established","order_by":null,"url":"\/10.1-603.17\/"},{"id":73941,"section_number":"10.1-603.37","catch_line":"Pledge of loans to secure bonds of Authority","order_by":null,"url":"\/10.1-603.37\/"},{"id":78015,"section_number":"15.2-2659","catch_line":"Investigation by Governor of alleged defaults; withholding state funds from defaulting locality; payment of funds withheld; receipts, reports, etc.; magisterial and school district defaults included","order_by":null,"url":"\/15.2-2659\/"},{"id":80920,"section_number":"3.2-3117","catch_line":"Pledge of loans to secure bonds of the Authority","order_by":null,"url":"\/3.2-3117\/"},{"id":59316,"section_number":"5.1-30.6","catch_line":"Pledge of loans to secure bonds of Authority","order_by":null,"url":"\/5.1-30.6\/"},{"id":72905,"section_number":"62.1-216.1","catch_line":"Investigation by Governor of nonpayments; withholding state funds from nonpaying locality; payment of funds withheld; receipts, reports, etc","order_by":null,"url":"\/62.1-216.1\/"},{"id":62895,"section_number":"62.1-231","catch_line":"Pledge of loans to secure bonds of Authority","order_by":null,"url":"\/62.1-231\/"},{"id":60860,"section_number":"62.1-240","catch_line":"Pledge of loans to secure bonds of Authority","order_by":null,"url":"\/62.1-240\/"},{"id":73447,"section_number":"62.1-241.9","catch_line":"Pledge of loans to secure bonds of Authority","order_by":null,"url":"\/62.1-241.9\/"}],"permalink":{"id":268699,"object_type":"law","relational_id":85528,"identifier":"62.1-203","token":"62.1\/21\/62.1-203","url":"\/62.1-203\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/62.1-203\/","token":"62.1\/21\/62.1-203","dublin_core":{"Title":"Powers of Authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 62.1-203","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 to effectuate its purposes, including the following:<\/p><\/section>\n\t\t\t\t\t\t

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

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

3.<\/span> To sue and be sued in its own name; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> To have an official seal and alter it at will although the failure to affix this seal shall not affect the validity of any instrument executed on behalf of the Authority<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> To maintain an office at any place within the Commonwealth which it designates; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> To make and execute contracts<\/span> and all other instruments and agreements necessary or convenient for the performance of its duties and the exercise of its powers and functions under this chapter; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> To sell, convey, mortgage, pledge, lease, exchange, transfer and otherwise dispose of all or any part of its properties and assets<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> To employ officers, employees, agents, advisers and consultants, including without limitations, attorneys, financial advisers, engineers and other technical advisers and public accountants and, the provisions of any other law<\/span> to the contrary notwithstanding, to determine their duties and compensation without the approval of any other agency or instrumentality; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> To procure insurance, in amounts and from insurers of its choice, or provide self-insurance, against any loss, cost<\/span>, or expense in connection with its property, assets<\/span> or activities, including insurance or self-insurance against liability for its acts or the acts of its directors, employees or agents and for the indemnification of the members of its Board of Directors<\/span> and its employees and agents; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> To procure credit enhancements<\/span> from any public or private entities, including any department, agency or instrumentality of the United States of America or the Commonwealth, for the payment of any bonds<\/span><\/span> issued by the Authority<\/span>, including the power to pay premiums or fees on any such credit enhancements<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> To receive and accept from any source aid, grants and contributions of money, property, labor or other things of value to be held, used and applied to carry out the purposes of this chapter subject to the conditions upon which the aid, grants or contributions are made; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> To enter into agreements with any department, agency or instrumentality of the United States of America or, the Commonwealth, the District of Columbia or any adjoining state for the purpose of planning, regulating and providing for the financing of any projects<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

13.<\/span> To collect, or to authorize the trustee under any trust indenture securing any bonds<\/span><\/span> or any other fiduciary to collect, amounts due under any local obligations<\/span> owned or credit enhanced by the Authority<\/span>, including taking the action required by § 15.2-2659<\/a> or 62.1-216.1<\/a> to obtain payment of any unpaid sums; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

14.<\/span> To enter into contracts<\/span> or agreements for the servicing and processing of local obligations<\/span> owned by the Authority<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

15.<\/span> To invest or reinvest its funds as provided in this chapter or permitted by applicable law<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

16.<\/span> Unless restricted under any agreement with holders of bonds<\/span><\/span>, to consent to any modification with respect to the rate of interest, time and payment of any installment of principal or interest, or any other term of any local obligations<\/span> owned by the Authority<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

17.<\/span> To establish and revise, amend<\/span> and repeal, and to charge and collect, fees and charges in connection with any activities or services of the Authority<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

18.<\/span> To do any act necessary or convenient to the exercise of the powers granted or reasonably implied by this chapter; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

19.<\/span> To pledge as security for the payment of any or all bonds<\/span><\/span> of the Authority<\/span>, all or any part of the Capital Reserve Fund<\/span> or other reserve fund or account transferred to a trustee for such purpose from the Water Facilities Revolving Fund pursuant to § 62.1-231<\/a>, from the Water Supply Revolving Fund pursuant to § 62.1-240<\/a>, from the Virginia Solid Waste or Recycling Revolving Fund pursuant to § 62.1-241.9<\/a>, from the Virginia Airports Revolving Fund pursuant to § 5.1-30.6<\/a>, from the Dam Safety, Flood Prevention and Protection Assistance Fund pursuant to § 10.1-603.17<\/a>, from the Virginia Tobacco Region Revolving Fund pursuant to § 3.2-3117<\/a>, or from the Resilient Virginia Revolving Fund pursuant to § 10.1-603.37<\/a>. Notwithstanding the foregoing, any such transfer from the Virginia Tobacco Region Revolving Fund may be pledged to secure only those bonds<\/span><\/span> of the Authority<\/span> issued to finance or refinance projects<\/span> located in the tobacco-dependent communities in the Southside and Southwest regions of Virginia. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS OF AUTHORITY (\u00a7 62.1-203)\n\nThe Authority is granted all powers necessary or appropriate to carry out and to\neffectuate its purposes, including the following:\n\n1. To have perpetual succession as a public body corporate and as a political\nsubdivision of the Commonwealth;\n\n2. To adopt, amend and repeal bylaws, and rules and regulations, not\ninconsistent with this chapter for the administration and regulation of its\naffairs and to carry into effect the powers and purposes of the Authority and\nthe conduct of its business;\n\n3. To sue and be sued in its own name;\n\n4. To have an official seal and alter it at will although the failure to affix\nthis seal shall not affect the validity of any instrument executed on behalf of\nthe Authority;\n\n5. To maintain an office at any place within the Commonwealth which it\ndesignates;\n\n6. To make and execute contracts and all other instruments and agreements\nnecessary or convenient for the performance of its duties and the exercise of\nits powers and functions under this chapter;\n\n7. To sell, convey, mortgage, pledge, lease, exchange, transfer and otherwise\ndispose of all or any part of its properties and assets;\n\n8. To employ officers, employees, agents, advisers and consultants, including\nwithout limitations, attorneys, financial advisers, engineers and other\ntechnical advisers and public accountants and, the provisions of any other law\nto the contrary notwithstanding, to determine their duties and compensation\nwithout the approval of any other agency or instrumentality;\n\n9. To procure insurance, in amounts and from insurers of its choice, or provide\nself-insurance, against any loss, cost, or expense in connection with its\nproperty, assets or activities, including insurance or self-insurance against\nliability for its acts or the acts of its directors, employees or agents and for\nthe indemnification of the members of its Board of Directors and its employees\nand agents;\n\n10. To procure credit enhancements from any public or private entities,\nincluding any department, agency or instrumentality of the United States of\nAmerica or the Commonwealth, for the payment of any bonds issued by the\nAuthority, including the power to pay premiums or fees on any such credit\nenhancements;\n\n11. To receive and accept from any source aid, grants and contributions of\nmoney, property, labor or other things of value to be held, used and applied to\ncarry out the purposes of this chapter subject to the conditions upon which the\naid, grants or contributions are made;\n\n12. To enter into agreements with any department, agency or instrumentality of\nthe United States of America or, the Commonwealth, the District of Columbia or\nany adjoining state for the purpose of planning, regulating and providing for\nthe financing of any projects;\n\n13. To collect, or to authorize the trustee under any trust indenture securing\nany bonds or any other fiduciary to collect, amounts due under any local\nobligations owned or credit enhanced by the Authority, including taking the\naction required by § 15.2-2659 or 62.1-216.1 to obtain payment of any\nunpaid sums;\n\n14. To enter into contracts or agreements for the servicing and processing of\nlocal obligations owned by the Authority;\n\n15. To invest or reinvest its funds as provided in this chapter or permitted by\napplicable law;\n\n16. Unless restricted under any agreement with holders of bonds, to consent to\nany modification with respect to the rate of interest, time and payment of any\ninstallment of principal or interest, or any other term of any local obligations\nowned by the Authority;\n\n17. To establish and revise, amend and repeal, and to charge and collect, fees\nand charges in connection with any activities or services of the Authority;\n\n18. To do any act necessary or convenient to the exercise of the powers granted\nor reasonably implied by this chapter; and\n\n19. To pledge as security for the payment of any or all bonds of the Authority,\nall or any part of the Capital Reserve Fund or other reserve fund or account\ntransferred to a trustee for such purpose from the Water Facilities Revolving\nFund pursuant to § 62.1-231, from the Water Supply Revolving Fund pursuant\nto § 62.1-240, from the Virginia Solid Waste or Recycling Revolving Fund\npursuant to § 62.1-241.9, from the Virginia Airports Revolving Fund\npursuant to § 5.1-30.6, from the Dam Safety, Flood Prevention and\nProtection Assistance Fund pursuant to § 10.1-603.17, from the Virginia\nTobacco Region Revolving Fund pursuant to § 3.2-3117, or from the Resilient\nVirginia Revolving Fund pursuant to § 10.1-603.37. Notwithstanding the\nforegoing, any such transfer from the Virginia Tobacco Region Revolving Fund may\nbe pledged to secure only those bonds of the Authority issued to finance or\nrefinance projects located in the tobacco-dependent communities in the Southside\nand Southwest regions of Virginia.\n\nHISTORY: 1984, c. 699; 1985, c. 67; 1986, c. 415; 1987, cc. 117, 133, 324; 1994,\nc. 684; 1998, c. 399; 1999, c. 897; 2003, c. 561; 2006, cc. 648, 765; 2011, c.\n616; 2015, cc. 399, 433; 2022, cc. 739, 782.","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}}