15.2-6405 - Powers of the authority.
§ 15.2-6405. Powers of the authority.
Each authority is vested with the powers of a body corporate, including thepower to sue and be sued in its own name, plead and be impleaded, and adoptand use a common seal and alter the same as may be deemed expedient. Inaddition to the powers set forth elsewhere in this chapter, an authority may:
1. Adopt bylaws, rules and regulations to carry out the provisions of thischapter;
2. Employ, either as regular employees or as independent contractors,consultants, engineers, architects, accountants, attorneys, financialexperts, construction experts and personnel, superintendents, managers andother professional personnel, personnel, and agents as may be necessary inthe judgment of the authority, and fix their compensation;
3. Determine the locations of, develop, establish, construct, erect, repair,remodel, add to, extend, improve, equip, operate, regulate, and maintainfacilities to the extent necessary or convenient to accomplish the purposesof the authority;
4. Acquire, own, hold, lease, use, sell, encumber, transfer, or dispose of,in its own name, any real or personal property or interests therein;
5. Invest and reinvest funds of the authority;
6. Enter into contracts of any kind, and execute all instruments necessary orconvenient with respect to its carrying out the powers in this chapter toaccomplish the purposes of the authority;
7. Expend such funds as may be available to it for the purpose of developingfacilities, including but not limited to (i) purchasing real estate; (ii)grading sites; (iii) improving, replacing, and extending water, sewer,natural gas, electrical, and other utility lines; (iv) constructing,rehabilitating, and expanding buildings; (v) constructing parking facilities;(vi) constructing access roads, streets, and rail lines; (vii) purchasing orleasing machinery and tools; and (viii) making any other improvements deemednecessary by the authority to meet its objectives;
8. Fix and revise from time to time and charge and collect rates, rents,fees, or other charges for the use of facilities or for services rendered inconnection with the facilities;
9. Borrow money from any source for any valid purpose, including workingcapital for its operations, reserve funds, or interest; mortgage, pledge, orotherwise encumber the property or funds of the authority; and contract withor engage the services of any person in connection with any financing,including financial institutions, issuers of letters of credit, or insurers;
10. Issue bonds under this chapter;
11. Accept funds and property from the Commonwealth, persons, counties,cities, and towns and use the same for any of the purposes for which theauthority is created;
12. Apply for and accept grants or loans of money or other property from anyfederal agency for any of the purposes authorized in this chapter and expendor use the same in accordance with the directions and requirements attachedthereto or imposed thereon by any such federal agency;
13. Make loans or grants to, and enter into cooperative arrangements with,any person, partnership, association, corporation, business or governmentalentity in furtherance of the purposes of this chapter, for the purposes ofpromoting economic and workforce development, provided that such loans orgrants shall be made only from revenues of the authority that have not beenpledged or assigned for the payment of any of the authority's bonds, and toenter into such contracts, instruments, and agreements as may be expedient toprovide for such loans, and any security therefor. The word "revenues" asused in this subdivision includes grants, loans, funds and property, as setout in subdivisions 11 and 12;
14. Enter into agreements with any other political subdivision of theCommonwealth for joint or cooperative action in accordance with § 15.2-1300;and
15. Do all things necessary or convenient to carry out the purposes of thischapter.
(1997, cc. 276, 587, § 15.1-1715; 2002, c. 691; 2003, c. 874.)