                                 CODE OF VIRGINIA

POWERS OF AUTHORITY ENUMERATED (§ 22.1-171)

A. In order to enable the Authority to carry out the purposes for which it is
established, the Authority is vested with the powers of a body corporate
including the power to sue and be sued, to make contracts, to adopt and use a
common seal and to alter the same and is authorized and empowered:

   1. To collect, or to authorize the trustee under any trust indenture securing
   any bonds of the Authority to collect, as the same shall become due, the
   principal of and the interest on all obligations transferred to the Authority
   from the Literary Fund;

   2. To collect, or to authorize the trustee under any trust indenture securing
   any bonds of the Authority to collect, as the same shall become due, the
   principal of and the interest on all local school bonds purchased by the
   Authority;

   3. To pay the compensation of the chief executive officer of the Authority and
   all such employees, agents, financial advisers and attorneys as may be
   employed by the Authority either from moneys received by the Authority under
   the provisions of this chapter or from appropriations made by the General
   Assembly for such purpose;

   4. To issue bonds of the Authority as authorized by this chapter and to refund
   any of such bonds;

   5. To adopt or alter or repeal any bylaws, rules or regulations as the
   Authority may deem necessary or expedient; and

   6. To do any and all other acts and things necessary, appropriate or
   incidental in carrying out the purposes of this chapter.

B. The Authority is further authorized and empowered to issue notes and other
obligations for any of its purposes in such form as may be authorized by
resolution of the Authority. The issuance of such notes or other obligations
shall be governed by the provisions of this chapter insofar as the same may be
applicable.

C. The Board of Commissioners shall submit an annual report to the Governor and
General Assembly on or before November 1 of each year. Such report shall
contain, at a minimum, the annual financial statements of the Authority for the
year ending the preceding June 30.

HISTORY: Code 1950, § 22-29.11; 1962, c. 194; 1972, c. 745; 1980, c. 559; 1984,
c. 734; 1985, c. 146; 2004, c. 650.