23-231.16 - Powers and duties of Board of Trustees.
§ 23-231.16. Powers and duties of Board of Trustees.
A. The Board of Trustees shall have, in addition to such other powers, allthe corporate powers given to corporations by the provisions of Title 13.1,except in those cases where, by the express terms of its provisions, this lawis confined to corporations created under that title. The Board shall havethe power to issue bonds upon the advice of bond counsel and a financialinstitution with expertise in bonds and investments. Bonds issued under theprovisions of this section shall not be deemed to constitute a debt or apledge of the faith and credit of the Commonwealth or of any politicalsubdivision thereof other than the Authority. The Board may accept, execute,and administer any trust in which it may have an interest under the terms ofany instrument creating the trust.
B. The Board shall have the authority to lease property or to hold anyproperty for which it may acquire the title and to dispose of such propertyin a manner which will benefit the Authority. The Board may also enter intoagreements with public and private institutions of higher education in theCommonwealth to provide adult education, continuing education, undergraduatelevel education, and graduate level instructional programs. The Board mayenter into agreements with local school boards and other entities to providesuch programs as it deems necessary and appropriate to carry out the purposesof the Authority.
C. The Board may establish, with such funds as are appropriated for thispurpose or made available to it, the Roanoke Higher Education Center.
D. Notwithstanding any provision of law to the contrary, any real estate andtangible personal property held or acquired by the Board shall be exempt fromany prohibition of the use of noncash assistance as matching funds.
(1997, c. 813; 1998, cc. 45, 55, 360.)