15.2-6308 - Powers of authorities generally.
§ 15.2-6308. Powers of authorities generally.
An authority shall have the following powers:
1. To sue and be sued; to adopt and use a common seal and to alter the sameas may be deemed expedient; to have perpetual succession; to make and executecontracts and other instruments necessary or convenient to the exercise ofthe powers of the authority; and to make and from time to time amend andrepeal bylaws, rules and regulations, not inconsistent with law, to carryinto effect the powers and purposes of the authority.
2. To foster and stimulate the industrial, social and other economicdevelopment of its area of operation, including without limitationdevelopment for industrial, employment, housing, commercial, recreational,educational and other public purposes; to prepare and carry out plans andprojects to accomplish such objectives; to provide for the construction,reconstruction, improvement, alteration, maintenance, removal, equipping orrepair of any buildings, structures or land of any kind; to sell, lease orrent to others or to develop, operate or manage with others in a jointventure or other partnering arrangement, on such terms as it deems proper andwhich are consistent with the provisions of § 15.2-6317, any lands,dwellings, houses, accommodations, structures, buildings, facilities, orappurtenances embraced within its area of operations; to establish, collectand revise the rents charged and terms and conditions of occupancy thereof;to terminate any such lease or rental obligation upon the failure of thelessee or renter to comply with any of the obligations thereof; to arrange orcontract for the furnishing by any person or agency, public or private, ofworks, services, privileges or facilities in connection with any activity inwhich the authority may engage; to acquire, own, hold, and improve real orpersonal property; to purchase, lease, obtain options upon, acquire by gift,grant, bequest, devise, easement, dedication or otherwise any real orpersonal property or any interest therein, which purchase, lease, oracquisition may be made for less than fair market value; to sell, lease,exchange, transfer, assign, or pledge any real or personal property or anyinterest therein, which sale, lease, or other transfer or assignment may bemade for less than fair market value; to dedicate, make a gift of, or leasefor a nominal amount, any real or personal property or any interest thereinto the Commonwealth, or the localities or agencies, public or private, withinthe area of operation or adjacent to such authority, jointly or severally,for public use or benefit, such as, but not limited to, game preserves,playgrounds, park and recreational areas and facilities, hospitals, clinics,schools and airports; to acquire, lease, maintain, alter, operate, improve,expand, sell or otherwise dispose of on-site utility and infrastructuresystems or sell any excess service capacity for off-site use; to acquire,lease, construct, maintain and operate and dispose of tracks, spurs,crossings, terminals, warehouses and terminal facilities of every kind anddescription necessary or useful in the transportation and storage of goods,wares and merchandise; and to insure or provide for the insurance of any realor personal property or operation of the authority against any risks orhazards.
3. To invest any funds held in reserves or sinking funds, or any funds notrequired for immediate disbursements, in property or security in whichfiduciaries may legally invest funds subject to their control; to purchaseits bonds at a price not more than the principal amount thereof and accruedinterest, all bonds so purchased to be cancelled.
4. To undertake and carry out examinations, investigations, studies andanalyses of the business, industrial, agricultural, utility, transportationand other economic development needs, requirements and potentialities of itsarea of operation, or off-site needs, requirements and potentialities whichdirectly affect the successful industrial and economic development of itsarea of operation, and the manner in which such needs and requirements andpotentialities are being met, or should be met, in order to accomplish thepurposes for which it is created; to make use of the facts determined in suchresearch and analyses in its own operation; and to make the results of suchstudies and analyses available to public bodies and to private individuals,groups and businesses, except as such information may be exempted pursuant tothe Virginia Freedom of Information Act (§ 2.2-3700 et seq.).
5. In the discharge of its enumerated powers, to cooperate with the federalgovernment, the Commonwealth and the localities within its area of operationor adjacent to such authority.
6. To appoint an authority advisory committee to advise it, consisting ofsuch number of persons as it may deem proper. Such persons so appointed shallbe residents of the locality in which the authority is located. They shallnot receive any compensation for their services but may be reimbursed fortheir necessary traveling and other expenses incurred while on business ofthe authority.
7. To exercise all or any part or combination of powers herein granted.
8. To do any and all other acts and things that may be reasonably necessaryand convenient to carry out its purposes and powers.
No provision of law with respect to the acquisition, operation or dispositionof property by other political subdivisions or public bodies shall beapplicable to an authority unless specifically stated therein. In anylocality where planning, zoning or development regulations may apply, theauthority shall comply with and is subject to those regulations to the sameextent as a private commercial or industrial enterprise.
(Code 1950, § 15-946; 1954, c. 645; 1962, c. 623, § 15.1-1329; 1996, c. 740;1997, c. 587; 2005, cc. 869, 887.)