                                 CODE OF VIRGINIA

POWERS AND DUTIES OF AUTHORITY (§ 23.1-1223)

A. The Authority shall assist participating institutions in the acquisition,
construction, financing, and refinancing of projects.

B. The Authority may:

   1. Determine the location and character of any project to be financed under
   the provisions of this article;

   2. Construct, reconstruct, remodel, maintain, manage, enlarge, alter, add to,
   repair, operate, lease, as lessee or lessor, and regulate any project to be
   financed under the provisions of this article;

   3. Enter into contracts for any purpose set forth in subdivision 2;

   4. Enter into contracts for the management and operation of any project;

   5. Issue bonds, bond anticipation notes, and other obligations of the
   Authority for any of its corporate purposes and fund or refund such bonds,
   bond anticipation notes, or other obligations as provided in this article;

   6. Fix, revise, charge, and collect rates, rents, fees, and charges for the
   use of and for the services furnished by a project or any portion of a
   project;

   7. Contract with any person, partnership, association, corporation, or other
   entity to fix, revise, charge, and collect rates, rents, fees, and charges
   pursuant to subdivision 9;

   8. Designate a participating institution as its agent to take actions pursuant
   to subdivisions 1 through 4, 6, and 7;

   9. Establish regulations for the use of a project or any portion of a project
   or designate a participating institution as its agent to establish regulations
   for the use of a project in which such institution is participating;

   10. Employ consulting engineers, architects, attorneys, accountants,
   construction and financial experts, superintendents, managers, and such other
   employees and agents as it deems necessary and determine their compensation;

   11. Receive and accept from any public agency loans or grants for or in aid of
   the construction of a project or any portion of a project;

   12. Receive and accept from any source loans, grants, aid, or contributions of
   money, property, labor, or other things of value to be held, used, and applied
   only for the purposes for which such loans, grants, aid, and contributions are
   made;

   13. Mortgage any project and the site of any project for the benefit of the
   holders of revenue bonds issued to finance such project;

   14. Make loans to any participating institution for the cost of a project in
   accordance with an agreement between the Authority and such institution, but
   no such loan shall exceed the total cost of the project as determined by such
   institution and approved by the Authority;

   15. Make loans to participating institutions to refund outstanding
   obligations, mortgages, or advances issued, made, or given by such
   participating institutions for the cost of a project;

   16. Charge to and equitably apportion among participating institutions its
   administrative costs and expenses incurred in the exercise of the powers and
   duties conferred by this article; and

   17. Do all things necessary or convenient to carry out the purposes of this
   article.

C. In carrying out the purposes of this article, the Authority may undertake a
joint project for two or more participating institutions, and all other
provisions of this article shall apply to and for the benefit of the Authority
and the institutions of higher education participating in such joint project.

HISTORY: 1972, c. 686, § 23-30.42; 2016, cc. 532, 588, 658.