                                 CODE OF VIRGINIA

POWERS OF THE AUTHORITY (§ 15.2-6405)

Each authority is vested with the powers of a body corporate, including the
power to sue and be sued in its own name, plead and be impleaded, and adopt and
use a common seal and alter the same as may be deemed expedient. In addition to
the powers set forth elsewhere in this chapter, an authority may:

1. Adopt bylaws, rules and regulations to carry out the provisions of this
chapter;

2. Employ, either as regular employees or as independent contractors,
consultants, engineers, architects, accountants, attorneys, financial experts,
construction experts and personnel, superintendents, managers and other
professional personnel, personnel, and agents as may be necessary in the
judgment of the authority, and fix their compensation;

3. Determine the locations of, develop, establish, construct, erect, repair,
remodel, add to, extend, improve, equip, operate, regulate, and maintain
facilities to the extent necessary or convenient to accomplish the purposes of
the authority;

4. Acquire, own, hold, lease, use, sell, encumber, transfer, or dispose of, in
its own name, any real or personal property or interests therein;

5. Invest and reinvest funds of the authority;

6. Enter into contracts of any kind, and execute all instruments necessary or
convenient with respect to its carrying out the powers in this chapter to
accomplish the purposes of the authority;

7. Expend such funds as may be available to it for the purpose of developing
facilities, including but not limited to (i) purchasing real estate; (ii)
grading sites; (iii) improving, replacing, and extending water, sewer, natural
gas, electrical, and other utility lines; (iv) constructing, rehabilitating, and
expanding buildings; (v) constructing parking facilities; (vi) constructing
access roads, streets, and rail lines; (vii) purchasing or leasing machinery and
tools; and (viii) making any other improvements deemed necessary by the
authority to meet its objectives;

8. Fix and revise from time to time and charge and collect rates, rents, fees,
or other charges for the use of facilities or for services rendered in
connection with the facilities;

9. Borrow money from any source for any valid purpose, including working capital
for its operations, reserve funds, or interest; mortgage, pledge, or otherwise
encumber the property or funds of the authority; and contract with or engage the
services of any person in connection with any financing, including financial
institutions, issuers of letters of credit, or insurers;

10. Issue bonds under this chapter;

11. Accept funds and property from the Commonwealth, persons, counties, cities,
and towns and use the same for any of the purposes for which the authority is
created;

12. Apply for and accept grants or loans of money or other property from any
federal agency for any of the purposes authorized in this chapter and expend or
use the same in accordance with the directions and requirements attached thereto
or imposed thereon by any such federal agency;

13. Make loans or grants to, and enter into cooperative arrangements with, any
person, partnership, association, corporation, business or governmental entity
in furtherance of the purposes of this chapter, for the purposes of promoting
economic and workforce development, provided that such loans or grants shall be
made only from revenues of the authority that 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. The word &#8220;revenues&#8221; as used in
this subdivision includes grants, loans, funds and property, as set out in
subdivisions 11 and 12;

14. Enter into agreements with any other political subdivision of the
Commonwealth for joint or cooperative action in accordance with &#xA7;
15.2-1300; and

15. Do all things necessary or convenient to carry out the purposes of this
chapter.

HISTORY: 1997, cc. 276, 587, § 15.1-1715; 2002, c. 691; 2003, c. 874.