53.1-95.7 - Powers of authority.
§ 53.1-95.7. Powers of authority.
Each authority created hereunder shall be deemed to be an instrumentalityexercising public and essential governmental functions to provide for thepublic safety and welfare, and each such authority is hereby authorized andempowered:
1. To have a seal and alter the same at pleasure;
2. To acquire by gift, purchase, lease, or otherwise, and to hold, to sell,at public or private sale, or exchange, lease, mortgage, pledge, subordinateinterest in, or otherwise dispose of real and personal property of every kindand character for its purposes;
3. To appoint, select, and employ officers, agents, and employees, includinga superintendent of the regional correctional facility and necessary jailofficers and employees therefor, and also including engineering andconstruction experts, fiscal agents and attorneys, and to fix theirrespective compensations;
4. To make contracts and leases and to execute all instruments necessary orconvenient, including contracts for construction and financing of projectsand leases of projects or contracts with respect to the use of projects whichit causes to be erected or acquired, and to dispose by conveyance of itstitle in fee simple of real and personal property of every kind andcharacter, and any and all political subdivisions, departments, institutions,or agencies of the Commonwealth are hereby authorized to enter intocontracts, leases, or agreements with the authority upon such terms and forsuch purposes as they deem advisable;
5. To construct, erect, acquire, own, repair, remodel, maintain, add to,extend, improve, equip, furnish, operate, and manage projects, the cost ofany such project to be paid in whole or in part from the proceeds or otherfunds made available to the authority;
6. To accept loans and grants of money or materials or property of any kindfrom the United States of America or any agency or instrumentality thereof,upon such terms and conditions as the United States of America or such agencyor instrumentality may impose;
7. To accept loans and grants of money or materials or property of any kindfrom the Commonwealth of Virginia or any agency or instrumentality orpolitical subdivision thereof, upon such terms and conditions as theCommonwealth of Virginia or such agency or instrumentality or politicalsubdivision may impose;
8. To borrow money for any of its corporate purposes and to execute evidencesof such indebtedness and to secure the same and to issue negotiable revenuebonds payable solely from funds pledged for that purpose and to provide forthe payment of the same and for the rights of the holders thereof. Any cityor county participating in the authority may lend, advance, or give money ormaterials or property of any kind to the authority;
9. To exercise any power usually possessed by private corporations performingsimilar functions, which is not in conflict with the Constitution and laws ofthe Commonwealth;
10. An authority created pursuant to this article and any trustee actingunder any trust indenture are specifically authorized from time to time tosell, lease, grant, exchange, or otherwise dispose of any surplus property,both real and personal, or interest therein not required in the normaloperation of and usable in the furtherance of the purpose for which theauthority was created, except as such right and power may be limited asprovided in § 53.1-95.8 hereof;
11. To sue and be sued in its own name, plead and be impleaded;
12. To adopt, amend, or repeal bylaws, rules, and regulations, notinconsistent with this article or the general laws of the Commonwealth, forthe regulation of its affairs and the conduct of its business and to carryinto effect its powers and purposes;
13. To do all things necessary or convenient to carry out the powersexpressly given in this article.
(1990, c. 837; 1994, c. 270.)