                                 CODE OF VIRGINIA

DEFINITIONS (§ 15.2-4902)

Wherever used in this chapter, unless a different meaning clearly appears in the
context:
		&#8220;Authority&#8221; means any political subdivision, a body politic and
corporate, created, organized and operated pursuant to the provisions of this
chapter, or if the authority is abolished, the board, body, commission,
department or officer succeeding to the principal functions thereof or to whom
the powers given by this chapter are given by law.
		&#8220;Authority facilities&#8221; or &#8220;facilities&#8221; means any or
all (i) medical (including, but not limited to, office and treatment
facilities), pollution control or industrial facilities; (ii) facilities for the
residence or care of the aged; (iii) multi-state regional or national
headquarters offices or operations centers; (iv) facilities for private,
accredited and nonprofit institutions of collegiate, elementary, or secondary
education in the Commonwealth whose primary purpose is to provide collegiate,
elementary, secondary, or graduate education and not to provide religious
training or theological education, such facilities being for use as academic or
administration buildings or any other structure or application usual and
customary to a college, elementary or secondary school campus other than chapels
and their like; (v) parking facilities, including parking structures; (vi)
facilities for use as office space by nonprofit, nonreligious organizations;
(vii) facilities for museums and historical education, demonstration and
interpretation, together with buildings, structures or other facilities
necessary or desirable in connection with the foregoing, for use by nonprofit
organizations; (viii) facilities for use by an organization (other than an
organization organized and operated exclusively for religious purposes) which is
described in § 501(c) (3) of the Internal Revenue Code of 1986, as amended, and
which is exempt from federal income taxation pursuant to § 501 (a) of such
Internal Revenue Code; (ix) facilities for use by a locality, the Commonwealth
and its agencies, or other governmental organizations, provided that any such
facilities owned by a locality, the Commonwealth or its agencies or other public
bodies subject to the Virginia Public Procurement Act (§ 2.2-4300 et seq.)
shall not be exempt from competitive procurement requirements, under the
exception granted in subsection B of § 2.2-4344; (x) facilities devoted to the
staging of equine events and activities (other than racing events); however,
such facilities must be owned by a governmental or nonprofit, nonreligious
organization and operated by any such governmental or nonprofit, nonreligious
organization; (xi) facilities for commercial enterprises that are not enterprise
zone facilities (as defined in § 1394 (b) of the Internal Revenue Code of 1986,
as amended) now existing or hereafter acquired, constructed or installed by or
for the authority pursuant to the terms of this chapter; however, facilities for
commercial enterprise that are not enterprise zone facilities but which are
taxable authority facilities shall constitute authority facilities only if the
interest on any bonds issued to finance such facilities is not exempt from
federal income taxation; (xii) enterprise zone facilities; and (xiii) facilities
used primarily for single or multi-family residences. Clause (xiii) applies only
to industrial development authorities created by one or more localities whose
housing authorities have not been activated as provided by §§ 36-4 and 36-4.1.
Any facility may be located within or outside or partly within or outside the
locality creating the authority. Any facility may consist of or include any or
all buildings, improvements, additions, extensions, replacements, machinery or
equipment, and may also include appurtenances, lands, rights in land, water
rights, franchises, furnishings, landscaping, utilities, approaches, roadways
and other facilities necessary or desirable in connection therewith or
incidental thereto, acquired, constructed, or installed by or on behalf of the
authority. A pollution control facility shall include any facility acquired,
constructed or installed or any expenditure made, including the reconstruction,
modernization or modification of any existing building, improvement, addition,
extension, replacement, machinery or equipment, and which is designed to further
the control or abatement of land, sewer, water, air, noise or general
environmental pollution derived from the operation of any industrial or medical
facility. Any facility may be constructed on or installed in or upon lands,
structures, rights-of-way, easements, air rights, franchises or other property
rights or interests whether owned by the authority or others.
		&#8220;Bonds&#8221; or &#8220;revenue bonds&#8221; embraces notes, bonds and
other obligations authorized to be issued by the authority pursuant to the
provisions of this chapter.
		&#8220;Cost&#8221; means, as applied to authority facilities, the cost of
construction; the cost of acquisition of all lands, structures, rights-of-way,
franchises, easements and other property rights and interests; the cost of
demolishing, removing or relocating any buildings or structures on lands
acquired, including the cost of acquiring any lands to which such buildings or
structures may be moved or relocated; the cost of all labor, materials,
machinery and equipment; financing charges and interest on all bonds prior to
and during construction and, if deemed advisable by the authority, for a period
not exceeding one year after completion of such construction; cost of
engineering, financial and legal services, plans, specifications, studies,
surveys, estimates of cost and of revenues, and other expenses necessary or
incident to determining the feasibility or practicability of constructing the
authority facilities; administrative expenses, provisions for working capital,
reserves for interest and for extensions, enlargements, additions and
improvements; and such other expenses as may be necessary or incident to the
construction of the authority facilities, the financing of such construction and
the placing of the authority facilities in operation. Any obligation or expense
incurred by the Commonwealth or any agency thereof, with the approval of the
authority, for studies, surveys, borings, preparation of plans and
specifications or other work or materials in connection with the construction of
the authority facilities may be regarded as a part of the cost of the authority
facilities and may be reimbursed to the Commonwealth or any agency thereof out
of the proceeds of the bonds issued for such authority facilities as hereinafter
authorized.
		&#8220;Enterprise&#8221; means any industry for manufacturing, processing,
assembling, storing, warehousing, distributing, or selling any products of
agriculture, mining, or industry and for research and development or scientific
laboratories, including, but not limited to, the practice of medicine and all
other activities related thereto or for such other businesses or activities as
will be in the furtherance of the public purposes of this chapter.
		&#8220;Loans&#8221; means any loans made by the authority in furtherance of
the purposes of this chapter from the proceeds of the issuance and sale of the
authority&#8217;s bonds and from any of its revenues or other moneys available
to it as provided herein.
		&#8220;Revenues&#8221; means any or all fees, rates, rentals and receipts
collected by, payable to or otherwise derived by the authority from, and all
other moneys and income of whatsoever kind or character collected by, payable to
or otherwise derived by the authority in connection with the ownership, leasing
or sale of the authority facilities or in connection with any loans made by the
authority under this chapter.
		&#8220;Taxable authority facilities&#8221; means any private or commercial
golf course, country club, massage parlor, tennis club, skating facility
(including roller skating, skateboard and ice skating), racquet sports facility,
suntan facility, race track, or facility the primary purpose of which is one of
the following: (i) retail food and beverage services (excluding grocery stores),
(ii) automobile sales and service, (iii) recreation or entertainment, or (iv)
banks, savings and loan institutions or mortgage loan companies. The foregoing
sentence notwithstanding, no facility financed as an enterprise zone facility
using tax-exempt &#8220;enterprise zone facility bonds&#8221; (as such term is
used in § 1394 of the Internal Revenue Code) shall constitute a taxable
authority facility.
		&#8220;Trust indenture&#8221; means any trust agreement or mortgage under
which bonds authorized pursuant to this chapter may be secured.

HISTORY: 1966, c. 651, § 15.1-1374; 1968, c. 687; 1970, c. 725; 1972, c. 783;
1973, c. 528; 1977, cc. 238, 619, 673; 1978, c. 526; 1980, c. 372; 1983, c. 514;
1984, c. 700; 1986, c. 473; 1988, c. 211; 1990, cc. 312, 469; 1991, c. 6; 1994,
c. 737; 1997, cc. 587, 758, 763; 1999, c. 379; 2005, c. 928; 2006, c. 324.