                                 CODE OF VIRGINIA

POWERS OF AUTHORITY (§ 15.2-4905)

The authority shall have the following powers together with all powers
incidental thereto or necessary for the performance of those hereinafter stated:

1. To sue and be sued and to prosecute and defend, at law or in equity, in any
court having jurisdiction of the subject matter and of the parties;

2. To adopt and use a corporate seal and to alter the same at pleasure;

3. To enter into contracts; however, any written contract of the authority shall
contain provisions addressing the issue of whether attorney&#8217;s fees shall
be recoverable by the prevailing party in the event the contract is subject to
litigation;

4. To acquire, whether by purchase, exchange, gift, lease or otherwise, and to
improve, maintain, equip and furnish one or more authority facilities including
all real and personal properties which the board of directors of the authority
may deem necessary in connection therewith and regardless of whether any such
facilities shall then be in existence;

5. To lease to others any or all of its facilities and to charge and collect
rent therefor and to terminate any such lease upon the failure of the lessee to
comply with any of the obligations thereof; and to include in any such lease, if
desired, a provision that the lessee thereof shall have options to renew such
lease or to purchase any or all of the leased facilities, or that upon payment
of all of the indebtedness of the authority it may lease or convey any or all of
its facilities to the lessee thereof with or without consideration;

6. To sell, exchange, donate, and convey any or all of its facilities or
properties whenever its board of directors shall find any such action to be in
furtherance of the purposes for which the authority was organized;

7. To issue its bonds for the purpose of carrying out any of its powers
including specifically, but without intending to limit any power conferred by
this section or this chapter, the issuance of bonds to provide long-term
financing of any pollution control facility, whether any such facility was
constructed prior to or after the enactment hereof or the receipt of a
commitment from an authority to undertake financing pursuant hereto, unless the
major part of the proceeds of such bonds will be used to redeem any prior
long-term financing of such facility other than financings pursuant to this
chapter or any similar law;

8. As security for the payment of the principal of and interest on any bonds so
issued and any agreements made in connection therewith, to mortgage and pledge
any or all of its facilities or any part or parts thereof, whether then owned or
thereafter acquired, and to pledge the revenues therefrom or from any part
thereof or from any loans made by the authority;

9. To employ and pay compensation to such employees and agents, including
attorneys, and real estate brokers whether engaged by the authority or
otherwise, as the board of directors shall deem necessary in carrying on the
business of the authority;

10. To exercise all powers expressly given the authority by the governing body
of the locality which established the authority and to establish bylaws and make
all rules and regulations, not inconsistent with the provisions of this chapter,
deemed expedient for the management of the authority&#8217;s affairs;

11. To appoint an industrial advisory committee or similar committee or
committees to advise the authority, consisting of such number of persons as it
may deem advisable. Such persons may be compensated such amount per regular,
special, or committee meeting as may be approved by the appointing authority,
not to exceed $50 per meeting day, and may be reimbursed for necessary traveling
and other expenses incurred while on the business of the authority;

12. To borrow money and to accept contributions, grants and other financial
assistance from the United States of America and agencies or instrumentalities
thereof, the Commonwealth, or any political subdivision, agency, or public
instrumentality of the Commonwealth, for or in aid of the construction,
acquisition, ownership, maintenance or repair of the authority facilities, for
the payment of principal of any bond of the authority, interest thereon, or
other cost incident thereto, or in order to make loans in furtherance of the
purposes of this chapter of such money, contributions, grants, and other
financial assistance, and to this end the authority shall have the power to
comply with such conditions and to execute such agreements, trust indentures,
and other legal instruments as may be necessary, convenient or desirable and to
agree to such terms and conditions as may be imposed; and

13. To make loans or grants to any person, partnership, association,
corporation, business, or governmental entity in furtherance of the purposes of
this chapter including for the purposes of promoting economic development,
provided that such loans or grants shall be made only from revenues of the
authority which have not been pledged or assigned for the payment of any of the
authority&#8217;s bonds, and to enter into such contracts, instruments, and
agreements as may be expedient to provide for such loans and any security
therefor. An authority may also be permitted to forgive loans or other
obligations if it is deemed to further economic development. The word
&#8220;revenues&#8221; as used in this subdivision includes contributions,
grants and other financial assistance, as set out in subdivision 12.
			The authority shall not have power to operate any facility as a business
other than as lessor and shall not have the power to operate any single or
multi-family housing facilities. However, the authority shall have the power to
apply for, establish, operate and maintain a foreign-trade zone in accordance
with the provisions of Chapter 14 (&#xA7; 62.1-159 et seq.) of Title 62.1. Any
meeting held by the board of directors at which formal action is taken shall be
open to the public.
			If a locality has created an industrial development authority pursuant to
this chapter or any other provision of law, no other such authority, not created
by such locality, shall finance facilities, except pollution control facilities,
within the boundaries of such locality, unless the governing body of such
locality in which the facilities are located or are proposed to be located,
concurs with the inducement resolution adopted by the authority, and shows such
concurrence in a duly adopted resolution. Notwithstanding the foregoing, nothing
contained herein shall be deemed to invalidate or otherwise impair any existing
financing by an authority or the financing of any facilities for which
application has been made to an authority prior to July 1, 1981.
			Notwithstanding the provisions of this section, and notwithstanding the
provisions of any other law, general or special, nothing herein shall be deemed
to impair the authority of the town council of the Town of Front Royal from
creating its own independent industrial development authority, separate and
apart for all purposes from any currently existing or future industrial
development authority. A Town of Front Royal independent industrial development
authority, created solely by the town, shall have all powers granted industrial
development authorities generally as set forth in this chapter. Such industrial
development authority may also include Warren County in any of its economic
development projects for a period of five years ending July 1, 2025.

HISTORY: 1966, c. 651, § 15.1-1378; 1970, c. 598; 1972, c. 783; 1973, c. 528;
1981, c. 3; 1991, c. 6; 1993, c. 896; 1994, c. 317; 1997, cc. 587, 758, 763;
1998, c. 728; 2005, c. 575; 2020, c. 1001.