                                 CODE OF VIRGINIA

POWERS AND DUTIES OF AUTHORITY; LIMITATIONS (§ 2.2-2263)

A. The Authority is granted all powers necessary or convenient for carrying out
its purposes, including, but not limited to, the following powers to:

   1. Have perpetual existence as a corporation.

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

   3. Adopt, use, and alter at will a corporate seal.

   4. Acquire, purchase, hold and use any property, real, personal or mixed,
   tangible or intangible, or any interest therein necessary or desirable for
   carrying out the purposes of the Authority; lease as lessee, with the approval
   of the Governor, any property, real, personal or mixed, or any interest
   therein for a term not exceeding 99 years at a nominal rental or at such
   annual rental as may be determined; with the approval of the Governor, lease
   as lessor to the Commonwealth and any city, county, town or other political
   subdivision, or any agency, department, or public body of the Commonwealth, or
   land grant college, any project at any time constructed by the Authority and
   any property, real, personal or mixed, tangible or intangible, or any interest
   therein, at any time acquired by the Authority, whether wholly or partially
   completed; with the approval of the Governor, sell, transfer and convey to the
   Commonwealth, any project at any time constructed by the Authority; and, with
   the approval of the Governor, sell, transfer and convey any property, real,
   personal or mixed, tangible or intangible, or any interest therein, at any
   time acquired by the Authority.

   5. Acquire by purchase, lease, or otherwise, and construct, improve, furnish,
   maintain, repair, and operate projects.

   6. Adopt bylaws for the management and regulation of its affairs.

   7. Fix, alter, charge, and collect rates, rentals, and other charges for the
   use of the facilities of, or for the services rendered by, the Authority, or
   projects thereof, at reasonable rates to be determined by it for the purpose
   of providing for the payment of the expenses of the Authority, the
   construction, improvement, repair, furnishing, maintenance, and operation of
   its facilities and properties, the payment of the principal of and interest on
   its bonds, and to fulfill the terms and provisions of any agreements made with
   the purchasers or holders of any such bonds.

   8. Borrow money; make and issue bonds of the Authority and such bonds as the
   Authority may determine to issue for the purpose of refunding obligations
   previously issued by the Authority; secure the payment of all bonds, or any
   part thereof, by pledge or deed of trust of all or any of its revenues,
   rentals, and receipts; 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 deems advisable; and in general, provide for
   the security for the bonds and the rights of holders thereof.
   				The Authority shall submit an annual report to the Governor and General
   Assembly on or before November 1 of each year containing, at a minimum, the
   annual financial statements of the Authority for the year ending the preceding
   June 30.

   9. Make contracts of every name and nature, and to execute all instruments
   necessary or convenient to carry out its business.

   10. Borrow money and accept grants from, and enter into contracts, leases or
   other transactions with, any federal agency.

   11. Have the power of eminent domain.

   12. Pledge or otherwise encumber all or any of the revenues or receipts of the
   Authority as security for all or any of the bonds of the Authority.

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

   14. Acquire, by assignment from the Commonwealth or the Virginia Retirement
   System, all contracts, including those that are not completed, which involve
   constructing, improving, furnishing, maintaining, and operating the
   structures, facilities, or undertakings similar to those designated herein as
   projects.

   15. Enter into contractual agreements with localities or governmental entities
   undertaking a capital project that benefits the Commonwealth for which the
   financing or refinancing of reimbursements of all or any portion of the
   Commonwealth&#8217;s share of the costs of such project will be made pursuant
   to other applicable provisions of Virginia law.

   16. Provide for the financing or assist in the financing by 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 &#xA7; 30-309.

B. The Authority shall not undertake or finance or refinance any projects or MEI
projects that are not specifically included in a bill or resolution passed by a
majority of those elected to each house of the General Assembly, authorizing
such projects or MEI projects or the reimbursement of all or any portion of the
Commonwealth&#8217;s share of the costs of such projects or MEI projects and, as
to any project relating to a public institution of higher education in the
Commonwealth, not specifically designated by the governing board of that
institution as a project to be undertaken by the Authority.

C. Except as otherwise provided by law, when projects are to be constructed,
improved, furnished, maintained, repaired or operated for the use of any
department of the Commonwealth, no plans or specifications therefor shall be
presented for quotations or bids until the plans and specifications have been
submitted to and approved by the Department of General Services and any other
department of the Commonwealth having any jurisdiction over the projects, so
that the project will conform to standards established by such departments.

HISTORY: 1981, c. 569, § 2.1-234.13; 1984, c. 734; 1985, c. 146; 1987, cc. 11,
616; 1988, cc. 23, 731, 761, 830; 1990, cc. 815, 876; 1991, c. 656; 1992, c.
878; 1993, Sp. Sess., c. 1; 1994, c. 823; 1995, c. 841; 1996, c. 835; 1998, cc.
498, 504; 2000, cc. 67, 279; 2001, c. 844; 2002, cc. 501, 542; 2004, c. 650;
2009, cc. 246, 311.