                                 CODE OF VIRGINIA

ACQUISITION AND LEASE OF PROPERTY (§ 62.1-132.19)

A. Except as provided in subsection D, the Authority is empowered to rent,
lease, buy, own, acquire, construct, reconstruct, and dispose of harbors,
seaports, port facilities, and such property, whether real or personal, as it
may find necessary or convenient and issue revenue bonds therefor without
pledging the faith and credit of the Commonwealth.

B. The Authority may lease to another such part or all of its real or personal
property for such period and upon such terms and conditions as the Authority may
determine.

C. The Authority shall neither expend funds nor incur any indebtedness for any
improvement, repair, maintenance, or addition to any real or personal property
owned by anyone other than the Authority, the Commonwealth, or a political
subdivision of the Commonwealth, unless either (i) the use of such property is
guaranteed to the Authority or the Commonwealth by a lease extending beyond the
useful life of the improvement, repair, maintenance, addition, or new facility,
or (ii) such expenditure or indebtedness is approved in writing by the Governor.

D. Notwithstanding any provision of law to the contrary, neither the
Commonwealth nor the Authority shall accept any unsolicited proposal under the
Public-Private Transportation Act of 1995 (&#xA7; 33.2-1800 et seq.) or the
Public-Private Education Facilities and Infrastructure Act (&#xA7; 56-575.1 et
seq.) regarding the ownership or operation of any seaport or port facility.

HISTORY: 1981, c. 589; 2013, cc. 762, 794.