                                 CODE OF VIRGINIA

POWERS OF AUTHORITY (§ 62.1-203)

The Authority is granted all powers necessary or appropriate to carry out and to
effectuate its purposes, including the following:

1. To have perpetual succession as a public body corporate and as a political
subdivision of the Commonwealth;

2. To adopt, amend and repeal bylaws, and rules and regulations, not
inconsistent with this chapter for the administration and regulation of its
affairs and to carry into effect the powers and purposes of the Authority and
the conduct of its business;

3. To sue and be sued in its own name;

4. To have an official seal and alter it at will although the failure to affix
this seal shall not affect the validity of any instrument executed on behalf of
the Authority;

5. To maintain an office at any place within the Commonwealth which it
designates;

6. To make and execute contracts and all other instruments and agreements
necessary or convenient for the performance of its duties and the exercise of
its powers and functions under this chapter;

7. To sell, convey, mortgage, pledge, lease, exchange, transfer and otherwise
dispose of all or any part of its properties and assets;

8. To employ officers, employees, agents, advisers and consultants, including
without limitations, attorneys, financial advisers, engineers and other
technical advisers and public accountants and, the provisions of any other law
to the contrary notwithstanding, to determine their duties and compensation
without the approval of any other agency or instrumentality;

9. To procure insurance, in amounts and from insurers of its choice, or provide
self-insurance, against any loss, cost, or expense in connection with its
property, assets or activities, including insurance or self-insurance against
liability for its acts or the acts of its directors, employees or agents and for
the indemnification of the members of its Board of Directors and its employees
and agents;

10. To procure credit enhancements from any public or private entities,
including any department, agency or instrumentality of the United States of
America or the Commonwealth, for the payment of any bonds issued by the
Authority, including the power to pay premiums or fees on any such credit
enhancements;

11. To receive and accept from any source aid, grants and contributions of
money, property, labor or other things of value to be held, used and applied to
carry out the purposes of this chapter subject to the conditions upon which the
aid, grants or contributions are made;

12. To enter into agreements with any department, agency or instrumentality of
the United States of America or, the Commonwealth, the District of Columbia or
any adjoining state for the purpose of planning, regulating and providing for
the financing of any projects;

13. To collect, or to authorize the trustee under any trust indenture securing
any bonds or any other fiduciary to collect, amounts due under any local
obligations owned or credit enhanced by the Authority, including taking the
action required by &#xA7; 15.2-2659 or 62.1-216.1 to obtain payment of any
unpaid sums;

14. To enter into contracts or agreements for the servicing and processing of
local obligations owned by the Authority;

15. To invest or reinvest its funds as provided in this chapter or permitted by
applicable law;

16. Unless restricted under any agreement with holders of bonds, to consent to
any modification with respect to the rate of interest, time and payment of any
installment of principal or interest, or any other term of any local obligations
owned by the Authority;

17. To establish and revise, amend and repeal, and to charge and collect, fees
and charges in connection with any activities or services of the Authority;

18. To do any act necessary or convenient to the exercise of the powers granted
or reasonably implied by this chapter; and

19. To pledge as security for the payment of any or all bonds of the Authority,
all or any part of the Capital Reserve Fund or other reserve fund or account
transferred to a trustee for such purpose from the Water Facilities Revolving
Fund pursuant to &#xA7; 62.1-231, from the Water Supply Revolving Fund pursuant
to &#xA7; 62.1-240, from the Virginia Solid Waste or Recycling Revolving Fund
pursuant to &#xA7; 62.1-241.9, from the Virginia Airports Revolving Fund
pursuant to &#xA7; 5.1-30.6, from the Dam Safety, Flood Prevention and
Protection Assistance Fund pursuant to &#xA7; 10.1-603.17, from the Virginia
Tobacco Region Revolving Fund pursuant to &#xA7; 3.2-3117, or from the Resilient
Virginia Revolving Fund pursuant to &#xA7; 10.1-603.37. Notwithstanding the
foregoing, any such transfer from the Virginia Tobacco Region Revolving Fund may
be pledged to secure only those bonds of the Authority issued to finance or
refinance projects located in the tobacco-dependent communities in the Southside
and Southwest regions of Virginia.

HISTORY: 1984, c. 699; 1985, c. 67; 1986, c. 415; 1987, cc. 117, 133, 324; 1994,
c. 684; 1998, c. 399; 1999, c. 897; 2003, c. 561; 2006, cc. 648, 765; 2011, c.
616; 2015, cc. 399, 433; 2022, cc. 739, 782.