                                 CODE OF VIRGINIA

VIRGINIA PUBLIC BUILDING AUTHORITY CREATED; PURPOSE; MEMBERSHIP; TERMS;
EXPENSES; STAFF (§ 2.2-2261)

There is created a political subdivision of the Commonwealth to be known as the
&#8220;Virginia Public Building Authority.&#8221; The Authority is created for
the purpose of constructing, improving, furnishing, maintaining, acquiring,
financing, refinancing, and operating public buildings for the use of the
Commonwealth (heretofore or hereafter constructed), state arsenals, armories,
and military reserves, state institutions of every kind and character
(heretofore and hereafter constructed), additions and improvements to public
institutions of higher education, including land grant colleges and medical
colleges, and the purchase of lands for rehabilitation purposes in connection
with state institutions and for use of state colleges, and museum facilities for
a trust instrumentality of the United States, and the purchase of lands for the
development of public buildings that may be authorized by the General Assembly
in the future, the acquisition of items of personal property for the use of the
Commonwealth, the constructing, improving, maintaining, acquiring, financing,
and refinancing of major information technology projects as defined in §
2.2-2006, the financing or refinancing of capital projects that benefit the
Commonwealth and any of its agencies, authorities, boards, departments,
instrumentalities, institutions, or regional or local authorities, the provision
of financing on behalf of any of the Commonwealth&#8217;s agencies, authorities,
boards, departments, instrumentalities, institutions, or regional or local
authorities or governments of land, buildings, infrastructure, and improvements
for the benefit of an MEI project incentive package endorsed by the MEI Project
Approval Commission created pursuant to § 30-309, and the financing or
refinancing of reimbursements to localities or governmental entities of all or
any portion of the Commonwealth&#8217;s share of the costs for capital projects
made pursuant to other applicable provisions of Virginia law, and the
refinancing of (i) obligations issued by other state and local authorities or
political subdivisions of the Commonwealth where such obligations are secured by
a lease or other payment agreement with the Commonwealth or (ii) the
Commonwealth&#8217;s obligations under such leases or payment agreements, the
purpose and intent of this article being to benefit the people of the
Commonwealth by, among other things, increasing their commerce and prosperity.
		The Authority shall be comprised of the State Treasurer or his designee, the
State Comptroller, and five additional members appointed by the Governor,
subject to confirmation by the General Assembly, who shall serve at the pleasure
of the Governor. Unconfirmed appointments shall expire 30 days after the
convening of the General Assembly. Members of the Authority shall be entitled to
no compensation for their services as members, but shall be reimbursed for all
reasonable and necessary expenses incurred in the discharge of their duties as
provided in § 2.2-2825. The term of each member appointed by the Governor shall
be five years.
		Vacancies in the membership of the Authority shall be filled by appointment
for the unexpired portion of the term. The Governor shall designate one member
of the Authority as chairman who shall serve a two-year term. No member shall be
eligible to serve more than two consecutive terms as chairman. The Department of
the Treasury shall serve as staff to the Authority.

HISTORY: 1981, c. 569, § 2.1-234.12; 1995, c. 841; 1998, cc. 498, 504; 2001, c.
844; 2002, cc. 501, 542; 2003, cc. 981, 1021; 2009, cc. 246, 311; 2011, cc. 691,
714.