                                 CODE OF VIRGINIA

POWERS OF AUTHORITY (§ 15.2-5519)

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 its pleasure;

3. To enter into contracts;

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 that 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 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;

8. To exercise all powers expressly given the authority by the governing body of
the locality that 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;

9. 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; or in order to make loans in
furtherance of the purposes of this chapter of such 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;

10. 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, 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 9; and

11. To establish a revolving loan fund or loan guarantee program to help carry
out its powers and promote establishment of tourism infrastructure.

HISTORY: 2007, c. 864.