                                 CODE OF VIRGINIA

POWERS OF AUTHORITIES GENERALLY (§ 15.2-6308)

An authority shall have the following powers:

1. To sue and be sued; to adopt and use a common seal and to alter the same as
may be deemed expedient; to have perpetual succession; to make and execute
contracts and other instruments necessary or convenient to the exercise of the
powers of the authority; and to make and from time to time amend and repeal
bylaws, rules and regulations, not inconsistent with law, to carry into effect
the powers and purposes of the authority.

2. To foster and stimulate the industrial, social and other economic development
of its area of operation, including without limitation development for
industrial, employment, housing, commercial, recreational, educational and other
public purposes; to prepare and carry out plans and projects to accomplish such
objectives; to provide for the construction, reconstruction, improvement,
alteration, maintenance, removal, equipping or repair of any buildings,
structures or land of any kind; to sell, lease or rent to others or to develop,
operate or manage with others in a joint venture or other partnering
arrangement, on such terms as it deems proper and which are consistent with the
provisions of &#xA7; 15.2-6317, any lands, dwellings, houses, accommodations,
structures, buildings, facilities, or appurtenances embraced within its area of
operations; to establish, collect and revise the rents charged and terms and
conditions of occupancy thereof; to terminate any such lease or rental
obligation upon the failure of the lessee or renter to comply with any of the
obligations thereof; to arrange or contract for the furnishing by any person or
agency, public or private, of works, services, privileges or facilities in
connection with any activity in which the authority may engage; to acquire, own,
hold, and improve real or personal property; to purchase, lease, obtain options
upon, acquire by gift, grant, bequest, devise, easement, dedication or otherwise
any real or personal property or any interest therein, which purchase, lease, or
acquisition may be made for less than fair market value; to sell, lease,
exchange, transfer, assign, or pledge any real or personal property or any
interest therein, which sale, lease, or other transfer or assignment may be made
for less than fair market value; to dedicate, make a gift of, or lease for a
nominal amount, any real or personal property or any interest therein to the
Commonwealth, or the localities or agencies, public or private, within the area
of operation or adjacent to such authority, jointly or severally, for public use
or benefit, such as, but not limited to, game preserves, playgrounds, park and
recreational areas and facilities, hospitals, clinics, schools and airports; to
acquire, lease, maintain, alter, operate, improve, expand, sell or otherwise
dispose of on-site utility and infrastructure systems or sell any excess service
capacity for off-site use; to acquire, lease, construct, maintain and operate
and dispose of tracks, spurs, crossings, terminals, warehouses and terminal
facilities of every kind and description necessary or useful in the
transportation and storage of goods, wares and merchandise; and to insure or
provide for the insurance of any real or personal property or operation of the
authority against any risks or hazards.

3. To invest any funds held in reserves or sinking funds, or any funds not
required for immediate disbursements, in property or security in which
fiduciaries may legally invest funds subject to their control; to purchase its
bonds at a price not more than the principal amount thereof and accrued
interest, all bonds so purchased to be cancelled.

4. To undertake and carry out examinations, investigations, studies and analyses
of the business, industrial, agricultural, utility, transportation and other
economic development needs, requirements and potentialities of its area of
operation, or off-site needs, requirements and potentialities which directly
affect the successful industrial and economic development of its area of
operation, and the manner in which such needs and requirements and
potentialities are being met, or should be met, in order to accomplish the
purposes for which it is created; to make use of the facts determined in such
research and analyses in its own operation; and to make the results of such
studies and analyses available to public bodies and to private individuals,
groups and businesses, except as such information may be exempted pursuant to
the Virginia Freedom of Information Act (&#xA7; 2.2-3700 et seq.).

5. In the discharge of its enumerated powers, to cooperate with the federal
government, the Commonwealth and the localities within its area of operation or
adjacent to such authority.

6. To appoint an authority advisory committee to advise it, consisting of such
number of persons as it may deem proper. Such persons so appointed shall be
residents of the locality in which the authority is located. They shall not
receive any compensation for their services but may be reimbursed for their
necessary traveling and other expenses incurred while on business of the
authority.

7. To exercise all or any part or combination of powers herein granted.

8. To do any and all other acts and things that may be reasonably necessary and
convenient to carry out its purposes and powers.
			No provision of law with respect to the acquisition, operation or disposition
of property by other political subdivisions or public bodies shall be applicable
to an authority unless specifically stated therein. In any locality where
planning, zoning or development regulations may apply, the authority shall
comply with and is subject to those regulations to the same extent as a private
commercial or industrial enterprise.

HISTORY: Code 1950, § 15-946; 1954, c. 645; 1962, c. 623, § 15.1-1329; 1996,
c. 740; 1997, c. 587; 2005, cc. 869, 887.