2.2-2221 - Powers of the Authority.
§ 2.2-2221. Powers of the Authority.
The Authority is granted all powers necessary or convenient for the carryingout of its statutory purposes, including, but not limited to, the followingrights and powers to:
1. Sue and be sued, implead and be impleaded, complain and defend in allcourts.
2. Adopt, use, and alter at will a corporate seal.
3. Acquire, purchase, hold, use, lease or otherwise dispose of any projectand property, real, personal or mixed, tangible or intangible, or anyinterest therein necessary or desirable for carrying out the purposes of theAuthority, and, without limitation of the foregoing, to lease as lessee, anyproject and any property, real, personal or mixed, or any interest therein,at such annual rental and on such terms and conditions as may be determinedby the Board and to lease as lessor to any person, any project and anyproperty, real, personal or mixed, tangible or intangible, or any interesttherein, at any time acquired by the Authority, whether wholly or partiallycompleted, at such annual rental and on such terms and conditions as may bedetermined by the Board, and to sell, transfer or convey any property, real,personal or mixed, tangible or intangible or any interest therein, at anytime acquired or held by the Authority on such terms and conditions as may bedetermined by the board of the Authority.
4. Plan, develop, undertake, carry out, construct, improve, rehabilitate,repair, furnish, maintain, and operate projects.
5. Adopt bylaws for the management and regulation of its affairs.
6. Establish and maintain satellite offices within the Commonwealth.
7. Fix, alter, charge, and collect rates, rentals, and other charges for theuse of projects of, or for the sale of products of or for the servicesrendered by, the Authority, at rates to be determined by it for the purposeof providing for the payment of the expenses of the Authority, the planning,development, construction, improvement, rehabilitation, repair, furnishing,maintenance, and operation of its projects and properties, the payment of thecosts accomplishing its purposes set forth in § 2.2-2219, the payment of theprincipal of and interest on its obligations, and to fulfill the terms andprovisions of any agreements made with the purchasers or holders of any suchobligations.
8. Borrow money, make and issue bonds including bonds as the Authority maydetermine to issue for the purpose of accomplishing the purposes set forth in§ 2.2-2219 or of refunding bonds previously issued by the Authority, and tosecure the payment of all bonds, or any part thereof, by pledge or deed oftrust of all or any of its revenues, rentals, and receipts or of any projector property, real, personal or mixed, tangible or intangible, or any interesttherein, and to make agreements with the purchasers or holders of such bondsor with others in connection with any such bonds, whether issued or to beissued, as the Authority deems advisable, and in general to provide for thesecurity for the bonds and the rights of holders thereof.
9. Make and enter into all contracts and agreements necessary or incidentalto the performance of its duties, the furtherance of its purposes and theexecution of its powers under this article, including agreements with anyperson or federal agency.
10. Employ, in its discretion, consultants, attorneys, architects, engineers,accountants, financial experts, investment bankers, superintendents, managersand such other employees and agents as may be necessary, and to fix theircompensation to be payable from funds made available to the Authority.
11. Receive and accept from any federal or private agency, foundation,corporation, association or person grants to be expended in accomplishing theobjectives of the Authority, and to receive and accept from the Commonwealthor any state, and any municipality, county or other political subdivisionthereof and from any other source, aid or contributions of either money,property, or other things of value, to be held, used and applied only for thepurposes for which such grants and contributions may be made.
12. Render advice and assistance, and to provide services, to institutions ofhigher education and to other persons providing services or facilities forscientific and technological research or graduate education, provided thatcredit towards a degree, certificate or diploma shall be granted only if sucheducation is provided in conjunction with an institution of higher educationauthorized to operate in Virginia.
13. Develop, undertake and provide programs, alone or in conjunction with anyperson or federal agency, for scientific and technological research,technology management, continuing education and in-service training, providedthat credit towards a degree, certificate or diploma shall be granted only ifsuch education is provided in conjunction with an institution of highereducation authorized to operate in Virginia; to foster the utilization ofscientific and technological research information, discoveries and data andto obtain patents, copyrights and trademarks thereon; to coordinate thescientific and technological research efforts of public institutions andprivate industry and to collect and maintain data on the development andutilization of scientific and technological research capabilities. Theuniversities set forth in § 2.2-2220 shall be the principal leadinguniversities in the research institutes.
14. Pledge or otherwise encumber all or any of the revenues or receipts ofthe Authority as security for all or any of the obligations of the Authority.
15. Receive, administer, and market any interest in patents, copyrights andmaterials that were potentially patentable or copyrightable developed by orfor state agencies, public institutions of higher education and politicalsubdivisions of the Commonwealth. The Authority shall return to the agency,institution or political subdivision any revenue in excess of itsadministrative and marketing costs. When general funds are used to developthe patent or copyright or material that was potentially patentable orcopyrightable, any state agency, except a public institution of highereducation in Virginia, shall return any revenues it receives from theAuthority to the general fund unless the Governor authorizes a percentage ofthe net royalties to be shared with the developer of the patented,copyrighted, or potentially patentable or copyrightable property.
16. Develop a comprehensive research and development strategic roadmap forthe Commonwealth to identify research areas worthy of institutional focus.Such a roadmap shall incorporate the strategic plan for each researchuniversity in the Commonwealth, identify common themes, and makerecommendations for alignment of research and development and economic growthin the Commonwealth. In developing the strategic roadmap, the Authority shallsolicit feedback from both public and private institutions of highereducation in the Commonwealth, as well as the private sector. The Authorityshall review and update the roadmap at least once every three years. TheAuthority shall submit the roadmap, and any subsequent updates, to theGovernor and the chairmen of the Senate Finance Committee, the HouseAppropriations Committee, the Senate Committee on General Laws andTechnology, the House Committee on Science and Technology, and the JointCommission on Technology and Science.
17. Foster innovative partnerships and relationships among the Commonwealth,the Commonwealth's state institutions of higher education, the privatesector, federal labs, and not-for-profit organizations to improve researchand development commercialization efforts.
18. Receive and review annual reports from state institutions of highereducation regarding the progress of projects funded through the CommonwealthResearch Initiative or the Commonwealth Research and Commercialization Fund.The Authority shall develop guidelines, methodologies, and criteria for thereports. The Authority shall aggregate the reports and submit an annualomnibus report on the status of research and development initiatives in theCommonwealth to the Governor and the chairmen of the Senate FinanceCommittee, the House Appropriations Committee, the Senate Committee onGeneral Laws and Technology, the House Committee on Science and Technology,and the Joint Commission on Technology and Science.
19. Develop guidelines for the award of funds from the Commonwealth Researchand Commercialization Fund pursuant to § 2.2-2233.1.
20. Do all acts and things necessary or convenient to carry out the powersgranted to it by law.
(1984, c. 782, § 9-254; 1985, c. 502; 2001, c. 844; 2009, cc. 325, 810; 2010,c. 630.)