15.2-5604 - Powers of authority generally.
§ 15.2-5604. Powers of authority generally.
Each authority created hereunder shall be a political subdivision of theCommonwealth Virginia and shall be an instrumentality exercising public andessential governmental functions to provide for the public health andwelfare. Each authority is authorized and empowered:
1. To have existence for such term of years as specified by the participatinglocalities;
2. To contract and be contracted with; to sue and be sued; to make and fromtime to time amend and repeal bylaws, rules and regulations not inconsistentwith general law to carry out its purposes; and to adopt a corporate seal andalter the same at its pleasure;
3. To acquire, purchase, lease as lessee, construct, reconstruct, improve,extend, operate and maintain projects within or outside any of theparticipating localities; and to acquire by gift or purchase lands or rightsin land in connection therewith and to sell, lease as lessor, transfer ordispose of any property or interest therein acquired by it, at any time;
4. To lease all or any part of any project upon any such terms or conditionsand for such term of years as it may deem advisable to carry out theprovisions of this chapter;
5. To regulate the uses of all lands and facilities under control of theauthority;
6. To fix and revise from time to time and to charge and collect fees, rentsand other charges for the use of any project or facilities thereof owned orcontrolled, and to establish and revise from time to time regulations inrespect of the use, operation and occupancy of any such project or facilitiesthereof;
7. To enter into contracts with any participating locality, the Commonwealth,or any other political subdivision, agency or instrumentality thereof, anyfederal agency or with any person providing for or relating to any project,including contracts for the management or operation of all or any part of aproject;
8. To accept grants and gifts from any participating locality, theCommonwealth or any other political subdivision, agency or instrumentalitythereof, any federal agency and from any person;
9. To issue bonds and refunding bonds of the authority, such bonds to bepayable solely from funds of the authority; and from such other sources ofpayment as are authorized by § 15.2-5607;
10. To make and enter into all contracts and agreements necessary orincidental to the performance of its duties and the execution of its powersunder this chapter, including a trust agreement or trust agreements securingany bonds or refunding bonds issued hereunder; and
11. To do all acts and things necessary or convenient to carry out the powersgranted by this chapter.
(Code 1950, § 15-714.17; 1962, c. 393, § 5, § 15.1-1275; 1973, c. 238; 1986,c. 442; 1997, c. 587.)