15.2-4902 - Definitions.
§ 15.2-4902. Definitions.
Wherever used in this chapter, unless a different meaning clearly appears inthe context:
"Authority" means any political subdivision, a body politic and corporate,created, organized and operated pursuant to the provisions of this chapter,or if the authority is abolished, the board, body, commission, department orofficer succeeding to the principal functions thereof or to whom the powersgiven by this chapter are given by law.
"Authority facilities" or "facilities" means any or all (i) medical(including, but not limited to, office and treatment facilities), pollutioncontrol or industrial facilities; (ii) facilities for the residence or careof the aged; (iii) multi-state regional or national headquarters offices oroperations centers; (iv) facilities for private, accredited and nonprofitinstitutions of collegiate, elementary, or secondary education in theCommonwealth whose primary purpose is to provide collegiate, elementary,secondary, or graduate education and not to provide religious training ortheological education, such facilities being for use as academic oradministration buildings or any other structure or application usual andcustomary to a college, elementary or secondary school campus other thanchapels and their like; (v) parking facilities, including parking structures;(vi) facilities for use as office space by nonprofit, nonreligiousorganizations; (vii) facilities for museums and historical education,demonstration and interpretation, together with buildings, structures orother facilities necessary or desirable in connection with the foregoing, foruse by nonprofit organizations; (viii) facilities for use by an organization(other than an organization organized and operated exclusively for religiouspurposes) which is described in § 501 (c) (3) of the Internal Revenue Code of1986, as amended, and which is exempt from federal income taxation pursuantto § 501 (a) of such Internal Revenue Code; (ix) facilities for use by alocality, the Commonwealth and its agencies, or other governmentalorganizations, provided that any such facilities owned by a locality, theCommonwealth or its agencies or other public bodies subject to the VirginiaPublic Procurement Act (§ 2.2-4300 et seq.) shall not be exempt fromcompetitive procurement requirements, under the exception granted insubsection B of § 2.2-4344; (x) facilities devoted to the staging of equineevents and activities (other than racing events); however, such facilitiesmust be owned by a governmental or nonprofit, nonreligious organization andoperated by any such governmental or nonprofit, nonreligious organization;(xi) facilities for commercial enterprises that are not enterprise zonefacilities (as defined in § 1394 (b) of the Internal Revenue Code of 1986, asamended) now existing or hereafter acquired, constructed or installed by orfor the authority pursuant to the terms of this chapter; however, facilitiesfor commercial enterprise that are not enterprise zone facilities but whichare taxable authority facilities shall constitute authority facilities onlyif the interest on any bonds issued to finance such facilities is not exemptfrom federal income taxation; (xii) enterprise zone facilities; and (xiii)facilities used primarily for single or multi-family residences. Clause(xiii) applies only to industrial development authorities created by one ormore localities whose housing authorities have not been activated as providedby §§ 36-4 and 36-4.1. Any facility may be located within or outside orpartly within or outside the locality creating the authority. Any facilitymay consist of or include any or all buildings, improvements, additions,extensions, replacements, machinery or equipment, and may also includeappurtenances, lands, rights in land, water rights, franchises, furnishings,landscaping, utilities, approaches, roadways and other facilities necessaryor desirable in connection therewith or incidental thereto, acquired,constructed, or installed by or on behalf of the authority. A pollutioncontrol facility shall include any facility acquired, constructed orinstalled or any expenditure made, including the reconstruction,modernization or modification of any existing building, improvement,addition, extension, replacement, machinery or equipment, and which isdesigned to further the control or abatement of land, sewer, water, air,noise or general environmental pollution derived from the operation of anyindustrial or medical facility. Any facility may be constructed on orinstalled in or upon lands, structures, rights-of-way, easements, air rights,franchises or other property rights or interests whether owned by theauthority or others.
"Bonds" or "revenue bonds" embraces notes, bonds and other obligationsauthorized to be issued by the authority pursuant to the provisions of thischapter.
"Cost" means, as applied to authority facilities, the cost of construction;the cost of acquisition of all lands, structures, rights-of-way, franchises,easements and other property rights and interests; the cost of demolishing,removing or relocating any buildings or structures on lands acquired,including the cost of acquiring any lands to which such buildings orstructures may be moved or relocated; the cost of all labor, materials,machinery and equipment; financing charges and interest on all bonds prior toand during construction and, if deemed advisable by the authority, for aperiod not exceeding one year after completion of such construction; cost ofengineering, financial and legal services, plans, specifications, studies,surveys, estimates of cost and of revenues, and other expenses necessary orincident to determining the feasibility or practicability of constructing theauthority facilities; administrative expenses, provisions for workingcapital, reserves for interest and for extensions, enlargements, additionsand improvements; and such other expenses as may be necessary or incident tothe construction of the authority facilities, the financing of suchconstruction and the placing of the authority facilities in operation. Anyobligation or expense incurred by the Commonwealth or any agency thereof,with the approval of the authority, for studies, surveys, borings,preparation of plans and specifications or other work or materials inconnection with the construction of the authority facilities may be regardedas a part of the cost of the authority facilities and may be reimbursed tothe Commonwealth or any agency thereof out of the proceeds of the bondsissued for such authority facilities as hereinafter authorized.
"Enterprise" means any industry for manufacturing, processing, assembling,storing, warehousing, distributing, or selling any products of agriculture,mining, or industry and for research and development or scientificlaboratories, including, but not limited to, the practice of medicine and allother activities related thereto or for such other businesses or activitiesas will be in the furtherance of the public purposes of this chapter.
"Loans" means any loans made by the authority in furtherance of thepurposes of this chapter from the proceeds of the issuance and sale of theauthority's bonds and from any of its revenues or other moneys available toit as provided herein.
"Revenues" means any or all fees, rates, rentals and receipts collected by,payable to or otherwise derived by the authority from, and all other moneysand income of whatsoever kind or character collected by, payable to orotherwise derived by the authority in connection with the ownership, leasingor sale of the authority facilities or in connection with any loans made bythe authority under this chapter.
"Taxable authority facilities" means any private or commercial golf course,country club, massage parlor, tennis club, skating facility (including rollerskating, skateboard and ice skating), racquet sports facility, suntanfacility, race track, or facility the primary purpose of which is one of thefollowing: (i) retail food and beverage services (excluding grocery stores),(ii) automobile sales and service, (iii) recreation or entertainment, or (iv)banks, savings and loan institutions or mortgage loan companies. Theforegoing sentence notwithstanding, no facility financed as an enterprisezone facility using tax-exempt "enterprise zone facility bonds" (as suchterm is used in § 1394 of the Internal Revenue Code) shall constitute ataxable authority facility.
"Trust indenture" means any trust agreement or mortgage under which bondsauthorized pursuant to this chapter may be secured.
(1966, c. 651, § 15.1-1374; 1968, c. 687; 1970, c. 725; 1972, c. 783; 1973,c. 528; 1977, cc. 238, 619, 673; 1978, c. 526; 1980, c. 372; 1983, c. 514;1984, c. 700; 1986, c. 473; 1988, c. 211; 1990, cc. 312, 469; 1991, c. 6;1994, c. 737; 1997, cc. 587, 758, 763; 1999, c. 379; 2005, c. 928; 2006, c.324.)