                                 CODE OF VIRGINIA

POWERS OF AUTHORITY (§ 10.1-1603)

The Authority is granted all powers necessary or convenient for carrying out its
statutory purposes, including the following rights and powers:

1. To acquire by gift, devise, purchase, or otherwise, absolutely or in trust,
and to hold, use, lease as lessee and unless otherwise restricted by the terms
of the gift or devise, to lease as lessor, convey, sell or otherwise dispose of
any property, real or personal, or any estate or interest therein including
water rights. However, the Authority shall have no power to encumber its real
property or create any estate or interest therein other than encumbrances on
structures not extending to the real property upon which such structures are
constructed.

2. To make and enter into any contracts and agreements with any appropriate
person or federal agency. Such contracts include but are not limited to (i)
agreements with the Commonwealth, or any agency thereof, to lease property owned
or controlled by the Commonwealth, for the purpose of construction, improvement,
maintenance, or operation of any project or activity that will further the
purposes described in this chapter; and (ii) agreements with any person to
sublease property owned or controlled by the Commonwealth or to issue licenses
for the purpose of construction, improvement, maintenance, or operation of any
project or activity that will further the purposes described in this chapter.

3. To plan, develop, carry out, construct, improve, rehabilitate, repair,
furnish, maintain, and operate projects.

4. To promulgate regulations concerning the use of properties under its control
to protect such property and the public thereon.

5. To fix, alter, charge, and collect rates, rentals, and other charges for the
use of projects of, or for the sale of products of or for the services rendered
by the Authority. Such charges shall be used to pay the expenses of the
Authority, the planning, development, construction, improvement, rehabilitation,
repair, furnishing, maintenance, and operation of its projects and properties,
the costs of accomplishing its purposes set forth in &#xA7; 10.1-1601, and the
principal of and interest on its obligations, and to fulfill the terms and
provisions of any agreements made with the purchasers or holders of any such
obligations. Such fees, rents and charges shall not be subject to supervision or
regulation by any commission, board, or agency of the Commonwealth or any
political subdivision thereof.

6. To borrow money, make and issue bonds including bonds that the Authority may
determine to issue for the purposes set forth in &#xA7; 10.1-1601 or of
refunding bonds previously issued by the Authority. The Authority shall have the
right to secure the payment of all bonds, or any part thereof, by pledge or deed
of trust of all or any of its revenues, rentals, and receipts or of any project
or property, tangible or intangible, or any interest therein. However, the
Authority shall have no power to encumber its real property or create any estate
or interest therein other than encumbrances on structures not extending to the
real property upon which such structures are located. The bonds may be secured
by a pledge of any grant or contribution from a person or federal agency. The
Authority shall have the power to make agreements with the purchasers or holders
of the bonds or with others in connection with the bonds, whether issued or to
be issued, as it deems advisable, and in general to provide for the security for
the bonds and the rights of the bond holders.

7. To employ consultants, attorneys, architects, engineers, accountants,
financial experts, investment bankers, superintendents, managers and such other
employees and agents as may be necessary, and to fix their compensation to be
payable from funds made available to the Authority.

8. To receive and accept from any federal agency, foundation, or person, grants,
loans, gifts or contributions of money, property, or other things of value, to
be held, used and applied only for the purposes for which the grant or
contribution is made or to be expended in accomplishing the objectives of the
Authority.

9. To develop, undertake and provide programs, alone or in conjunction with any
person or federal agency, for scientific research, continuing education, and
in-service training, provided that credit towards a degree, certificate or
diploma shall be granted only if the education is provided in conjunction with
an institution of higher education authorized to operate in the Commonwealth;
and to foster the utilization of scientific research information, discoveries
and data.

10. To pledge or otherwise encumber all or any of the revenues or receipts of
the Authority as security for all or any of the obligations of the Authority.

11. To do all acts and things necessary or convenient to carry out the powers
granted by this chapter or any other acts.

HISTORY: 1986, c. 360, § 10-158.5; 1988, c. 891; 1991, c. 706.