                                 CODE OF VIRGINIA

POWERS OF THE AUTHORITY (§ 2.2-2204)

The Authority is granted all powers necessary or convenient for the carrying out
of its statutory purposes, including, but not limited to, the power to:

1. Sue and be sued, implead and be impleaded, complain and defend in all courts;

2. Adopt, use, and alter at will a common seal;

3. Acquire any project and property, real, personal or mixed, tangible or
intangible, or any interest therein, by purchase, gift or devise and to sell,
lease (whether as lessor or lessee), transfer, convey or dispose of any project
or property, real, personal or mixed, tangible or intangible or any interest
therein, at any time acquired or held by the Authority on such terms and
conditions as may be determined by the Board;

4. Adopt a strategic plan pursuant to &#xA7; 2.2-2203.2 and plan, develop,
undertake, carry out, construct, equip, improve, rehabilitate, repair, furnish,
maintain and operate projects pursuant to such plan;

5. Adopt an annual budget for the Authority&#8217;s capital improvements and
operations;

6. Adopt, alter, and repeal bylaws, rules, and regulations governing the manner
in which its business shall be transacted and the manner in which the power of
the Authority shall be exercised and its duties performed. Such bylaws, rules,
and regulations may provide for such committees and their functions as the
Authority may deem necessary and expedient. Such bylaws, rules, and regulations
shall be exempt from the Administrative Process Act (&#xA7; 2.2-4000 et seq.);

7. Fix, alter, charge, and collect rates, rentals, fees, and other charges for
the use of projects of, the sale of products of, or services rendered by the
Authority at rates to be determined by it for the purpose of providing for the
payment of the expenses of the Authority; the planning, development,
construction, improvement, rehabilitation, repair, furnishing, maintenance, and
operation of its projects and properties; the payment of the costs accomplishing
its purposes set forth in &#xA7; 2.2-2202; the payment of the principal of and
interest on its obligations; and the creation of reserves for such purposes, for
other purposes of the Authority and to pay the cost of maintaining, repairing
and operating any project and fulfilling the terms and provisions of any
agreements made with the purchasers or holders of any such obligations and any
other purposes as set forth in this article;

8. Borrow money, make and issue bonds including bonds as the Authority may
determine to issue for the purpose of accomplishing the purposes set forth in
&#xA7; 2.2-2202 or for refunding bonds previously issued by the Authority,
whether such outstanding bonds have matured or are then subject to redemption,
or any combination of such purposes; secure the payment of all bonds, or any
part thereof, by pledge, assignment or deed of trust of all or any of its
revenues, rentals, and receipts or of any project or property, real, personal or
mixed, tangible or intangible, or any rights and interest therein; make such
agreements with the purchasers or holders of such bonds or with others in
connection with any such bonds, whether issued or to be issued, as the Authority
shall deem advisable; and in general to provide for the security for said bonds
and the rights of holders thereof. However, the total principal amount of bonds,
including refunding bonds, outstanding at any time shall not exceed $50 million,
excluding from such limit any revenue bonds. The Authority shall not issue any
bonds, other than revenue bonds, that are not specifically authorized by a bill
or resolution passed by a majority vote of those elected to each house of the
General Assembly;

9. Make and enter into all contracts and agreements necessary or incidental to
the performance of its duties, the furtherance of its purposes, and the
execution of its powers under this article, including interstate compacts that
have been authorized by the General Assembly and where necessary consented to by
the United States Congress and agreements with any person or federal agency;

10. Employ, in its discretion, consultants, attorneys, architects, engineers,
accountants, financial experts, investment bankers, superintendents, managers
and such other employees and agents as may be necessary, and to fix their
compensation to be payable from funds made available to the Authority;

11. Receive and accept from any federal or private agency, foundation,
corporation, association or person grants, donations of money, real or personal
property for the benefit of the Authority, and to receive and accept from the
Commonwealth or any state, and any municipality, county or other political
subdivision thereof and from any other source, aid or contributions of either
money, property, or other things of value, to be held, used and applied for the
purposes for which such grants and contributions may be made;

12. Render advice and assistance, and to provide services, to institutions of
higher education and to other persons providing services or facilities for
scientific and technological research or graduate education, provided that
credit toward a degree, certificate or diploma shall be granted only if such
education is provided in conjunction with an institution of higher education
authorized to operate in Virginia;

13. Develop, undertake and provide programs, alone or in conjunction with any
person or federal agency, for scientific and technological research, technology
management, continuing education and in-service training; however, credit
towards a degree, certificate or diploma shall be granted only if such education
is provided in conjunction with an institution of higher education authorized to
operate in Virginia; foster the utilization of scientific and technological
research, information discoveries and data and obtain patents, copyrights and
trademarks thereon; coordinate the scientific and technological research efforts
of public institutions and private industry and collect and maintain data on the
development and utilization of scientific and technological research
capabilities;

14. Pledge or otherwise encumber all or any of the revenues or receipts of the
Authority as security for all or any of the obligations of the Authority; and

15. Do all acts and things necessary or convenient to carry out the powers
granted to it by law.

HISTORY: 1995, c. 758, § 9-266.5; 1996, c. 111; 2001, c. 844; 2012, cc. 779,
817; 2017, c. 633.