2.2-2285 - Powers of the Authority.
§ 2.2-2285. Powers of the Authority.
The Authority is granted all powers necessary or appropriate to carry out andeffectuate its purposes including, but not limited to, the following powersto:
1. Have perpetual existence as a public body corporate and as a politicalsubdivision of the Commonwealth;
2. Adopt, amend, and repeal bylaws, rules and regulations not inconsistentwith this article, to regulate its affairs and to carry into effect thepowers and the purposes of the Authority and for the conduct of its business;
3. Sue and be sued in its name including but not limited to bringing actionspursuant to Article 6 (§ 15.2-2650 et seq.) of Chapter 26 of Title 15.2 todetermine the validity of any issuance or proposed issuance of its bondsunder this article and the legality and validity of all proceedingspreviously taken or proposed in a resolution of the Authority to be taken forthe authorization, issuance, sale and delivery of such bonds and for thepayment of the principal thereof and interest thereon;
4. Have an official seal and alter it at will;
5. Maintain an office at such place within the Commonwealth as it maydesignate;
6. Make and execute contracts and all other instruments necessary andconvenient for the performance of its duties and the exercise of its powersunder this article upon such terms and conditions it deems appropriate;
7. Employ office personnel, advisers, consultants, professionals and agentsas may be necessary in its judgment, and to fix their compensation;
8. Procure insurance against any loss in connection with its property andother assets, including but not limited to loans in such amounts and fromsuch insurers as it deems advisable;
9. Borrow money and issue bonds as provided by this article;
10. Procure insurance or guarantees from any public or private entities,including any department, agency or instrumentality of the United States ofAmerica, or, subject to the provisions of and to the extent moneys areavailable in the fund created by § 2.2-2290, insure or guarantee the paymentof any bonds issued by the Authority, including the power to pay premiums onany such insurance or guarantees or other instruments of indebtedness;
11. Receive and accept from any source aid or contributions of money,property, labor or other things of value to be held, used and applied tocarry out the purposes of this article (subject, however, to any conditionsupon which grants or contributions are made) including, but not limited togifts or grants from any department, agency or instrumentality of the UnitedStates;
12. Enter into agreements with any department, agency or instrumentality ofthe United States or of the Commonwealth and with lenders and enter intoloans with contracting parties for the purpose of planning, regulating andproviding for the financing or assisting in the financing of any eligiblebusiness or any project thereof;
13. Enter into contracts or agreements with lenders for the servicing and/orprocessing of loans;
14. Provide technical assistance to local industrial development authoritiesand to profit and nonprofit entities in the development or operation by, orassistance to, persons engaged in small business enterprises and distributedata and information concerning the encouragement and improvement of smallbusiness enterprises in the Commonwealth;
15. To the extent permitted in the proceedings pursuant to which the bonds ofthe Authority are issued, consent to any modification with respect to therate of interest, time for, and payment of, any installment of principal orinterest, or any other term of any contract, loan, sales contract, lease,indenture or agreement of any kind to which the Authority is a party;
16. To the extent permitted in the proceedings pursuant to which the bonds ofthe Authority are issued, enter into contracts with any lender containingprovisions authorizing the lender to reduce the charges or fees, exclusive ofloan payments, to persons unable to pay the regular schedule thereof when, byreason of other income or payment by any department, agency orinstrumentality of the United States or the Commonwealth, the reduction canbe made without jeopardizing the economic stability of the eligible businessbeing financed;
17. Allocate any of its property to the insurance or guarantee fundestablished by § 2.2-2290 or to any other fund of the Authority, suchproperty consisting of:
a. Moneys appropriated by the Commonwealth;
b. Premiums, fees and any other amounts received by the Authority withrespect to financial assistance provided by the Authority;
c. Proceeds as designated by the Authority from the loan or other dispositionof property held or acquired by the Authority;
d. Income from investments that were made by the Authority or on the behalfof the Authority from moneys in one or more of its funds; or
e. Any other moneys made available to the Authority consistent with thisarticle;
18. Use any fund of the Authority for any and all expenses to be paid by theAuthority including, but not limited to: (i) any and all expenses foradministrative, legal, actuarial, and other services; (ii) all costs,charges, fees and expenses of the Authority relating to the authorizing,preparing, printing, selling, issuing, and insuring of bonds and the fundingof reserves; and (iii) all expenses and costs relating to the guaranteeing,insuring or procurement of guarantees, insurance or other instrumentsproviding credit or the enhancement of credit for the bonds;
19. Collect fees and charges the Authority determines to be reasonable inconnection with its loans, insurance, guarantees, commitments and servicingthereof;
20. Sell, at public or private sale, with or without public bidding, anyobligation held by the Authority;
21. Invest any funds not needed for immediate disbursement, including anyfunds held in reserve, in any obligations or securities that may be legallypurchased by political subdivisions in the Commonwealth or as may beotherwise permitted by § 2.2-2305;
22. Administer the Private Activity Bonds program in Chapter 50 (§ 15.2-5000et seq.) of Title 15.2 jointly with the Director of the Department of Housingand Community Development and the Virginia Housing Development Authority;
23. Create and establish such funds and accounts as may be necessary ordesirable for its purposes;
24. Enter into agreements the purpose of which is to authorize lenders thathave been designated as preferred lenders to undertake loan decisioning andprocessing functions and responsibilities with respect to certain Authorityguaranteed loans without obtaining prior Authority approval. Under suchagreements, the Authority will provide each preferred lender credit authorityequal to an amount determined by the Authority, or an amount equal to thefunds available for such guarantees, whichever is less, for the perioddesignated in the allocation. The preferred lender's allocation of creditauthority shall be increased only by written permission of the Authority andshall not be restored automatically by the receipt of payments on Authorityloans; and
25. Take any action necessary or convenient for the exercise of the powersgranted by this article or reasonably implied from them.
(1984, c. 749, §§ 9-205, 9-228; 1995, c. 128; 2001, c. 844; 2003, c. 339;2005, c. 624; 2008, cc. 445, 744.)