                                 CODE OF VIRGINIA

GENERAL POWERS (§ 62.1-132.1)

A. Except as provided in subsection B, the Authority is vested with the powers
of a body corporate, including, without limitation, to:

   1. Sue and be sued;

   2. Make contracts;

   3. Adopt and use a common seal, and alter such seal at its pleasure;

   4. Procure insurance, participate in insurance plans, and provide
   self-insurance. The purchase of insurance, participation in an insurance plan,
   or the creation of a self-insurance plan by the Authority shall not be deemed
   a waiver or relinquishment of any sovereign immunity to which the Authority or
   its officers, directors, employees, or agents are otherwise entitled;

   5. Develop policies and procedures generally applicable to the procurement of
   goods, services and construction based on competitive principles; and

   6. Exercise all the powers that are conferred upon industrial development
   authorities created pursuant to Chapter 49 (&#xA7; 15.2-4900 et seq.) of Title
   15.2, except that the power to effect a change in ownership or operation of
   the Port of Virginia shall be subject to the provisions of &#xA7; 62.1-132.19.

B. Expenditures by the Authority for capital projects are restricted to projects
located on real property that is owned, leased, or operated by the Virginia Port
Authority, except those expenditures (i) as provided in &#xA7; 62.1-132.13 or
62.1-132.14, (ii) on grants to local government for financial assistance for
port facilities as approved by the Board in policies posted on the
Authority&#8217;s website, or (iii) to provide support for the types of projects
eligible for funding under subsection A of &#xA7; 33.2-1509, subsection A of
&#xA7; 33.2-1600, or &#xA7; 33.2-1526.4.

HISTORY: 1981, c. 589; 1997, c. 232; 2013, cc. 762, 794; 2015, c. 609; 2020, cc.
1230, 1275.