15.2-5431.11 - Powers of authority.
§ 15.2-5431.11. Powers of authority.
Each authority is an instrumentality exercising public and essentialgovernmental functions to provide for the public health and welfare, and eachauthority may:
1. Exist for a term of 50 years as a corporation, and for such further periodor periods as may from time to time be provided by appropriate resolutions ofthe political subdivision creating the authority; however, the term of anauthority shall not be extended beyond a date 50 years from the date of theadoption of such resolutions;
2. Adopt, amend or repeal bylaws, rules and regulations, not inconsistentwith this chapter or the general laws of the Commonwealth, for the regulationof its affairs and the conduct of its business and to carry into effect itspowers and purposes;
3. Adopt an official seal and alter the same at pleasure;
4. Maintain an office at such place or places as it may designate;
5. Sue and be sued;
6. Acquire, construct, reconstruct, improve, enlarge, operate or extend anyproject;
7. Issue revenue bonds of the authority, such bonds to be payable solely fromrevenues to pay all or a part of the cost of a project;
8. Borrow at such rates of interest as authorized by the general law forauthorities and as the authority may determine and issue its notes, bonds orother obligations therefor. The political subdivision creating the authoritymay lend, advance or give money to such authority;
9. Fix, charge and collect rates, fees and charges for the use of or for theservices furnished by or for the benefit from any project operated by theauthority. Such rates, fees, rents and charges shall be charged to andcollected from any person contracting for the services or the lessee ortenant who uses or occupies any real estate that is served by or benefitsfrom any such project. Connection and service fees established by anauthority shall be fair and reasonable. Such fees shall be reviewed by theauthority periodically and shall be adjusted, if necessary, to assure thatthey continue to be fair and reasonable; and
10. Contract with any person, political subdivision, federal agency, or anypublic authority or unit, on such terms as the authority deems proper, forthe purpose of acting as a billing and collecting agent for service fees,rents or charges imposed by an authority.
(2003, c. 643.)