2.2-2263 - Powers and duties of Authority; limitations.
§ 2.2-2263. Powers and duties of Authority; limitations.
A. The Authority is granted all powers necessary or convenient for carryingout its purposes, including, but not limited to, the following powers to:
1. Have perpetual existence as a corporation.
2. Sue and be sued, implead and be impleaded, complain and defend in allcourts.
3. Adopt, use, and alter at will a corporate seal.
4. Acquire, purchase, hold and use any property, real, personal or mixed,tangible or intangible, or any interest therein necessary or desirable forcarrying out the purposes of the Authority; lease as lessee, with theapproval of the Governor, any property, real, personal or mixed, or anyinterest therein for a term not exceeding 99 years at a nominal rental or atsuch annual rental as may be determined; with the approval of the Governor,lease as lessor to the Commonwealth and any city, county, town or otherpolitical subdivision, or any agency, department, or public body of theCommonwealth, or land grant college, any project at any time constructed bythe Authority and any property, real, personal or mixed, tangible orintangible, or any interest therein, at any time acquired by the Authority,whether wholly or partially completed; with the approval of the Governor,sell, transfer and convey to the Commonwealth, any project at any timeconstructed by the Authority; and, with the approval of the Governor, sell,transfer and convey any property, real, personal or mixed, tangible orintangible, or any interest therein, at any time acquired by the Authority.
5. Acquire by purchase, lease, or otherwise, and construct, improve, furnish,maintain, repair, and operate projects.
6. Adopt bylaws for the management and regulation of its affairs.
7. Fix, alter, charge, and collect rates, rentals, and other charges for theuse of the facilities of, or for the services rendered by, the Authority, orprojects thereof, at reasonable rates to be determined by it for the purposeof providing for the payment of the expenses of the Authority, theconstruction, improvement, repair, furnishing, maintenance, and operation ofits facilities and properties, the payment of the principal of and intereston its bonds, and to fulfill the terms and provisions of any agreements madewith the purchasers or holders of any such bonds.
8. Borrow money; make and issue bonds of the Authority and such bonds as theAuthority may determine to issue for the purpose of refunding obligationspreviously issued by the Authority; secure the payment of all bonds, or anypart thereof, by pledge or deed of trust of all or any of its revenues,rentals, and receipts; make such agreements with the purchasers or holders ofsuch bonds or with others in connection with any such bonds, whether issuedor to be issued, as the Authority deems advisable; and in general, providefor the security for the bonds and the rights of holders thereof.
The Authority shall submit an annual report to the Governor and GeneralAssembly on or before November 1 of each year containing, at a minimum, theannual financial statements of the Authority for the year ending thepreceding June 30.
9. Make contracts of every name and nature, and to execute all instrumentsnecessary or convenient to carry out its business.
10. Borrow money and accept grants from, and enter into contracts, leases orother transactions with, any federal agency.
11. Have the power of eminent domain.
12. Pledge or otherwise encumber all or any of the revenues or receipts ofthe Authority as security for all or any of the bonds of the Authority.
13. Do all acts and things necessary or convenient to carry out the powersgranted to it by law.
14. Acquire, by assignment from the Commonwealth or the Virginia RetirementSystem, all contracts, including those that are not completed, which involveconstructing, improving, furnishing, maintaining, and operating thestructures, facilities, or undertakings similar to those designated herein asprojects.
15. Enter into contractual agreements with localities or governmentalentities undertaking a capital project that benefits the Commonwealth forwhich the financing or refinancing of reimbursements of all or any portion ofthe Commonwealth's share of the costs of such project will be made pursuantto other applicable provisions of Virginia law.
16. Provide for the financing or assist in the financing by any of theCommonwealth's agencies, authorities, boards, departments, instrumentalities,institutions, or regional or local authorities or governments of land,buildings, infrastructure, and improvements for the benefit of an MEI projectincentive package endorsed by the MEI Project Approval Commission createdpursuant to § 30-309.
B. The Authority shall not undertake or finance or refinance any projects orMEI projects that are not specifically included in a bill or resolutionpassed by a majority of those elected to each house of the General Assembly,authorizing such projects or MEI projects or the reimbursement of all or anyportion of the Commonwealth's share of the costs of such projects or MEIprojects and, as to any project relating to a public institution of highereducation in Virginia, not specifically designated by the board of visitorsof that institution as a project to be undertaken by the Authority.
C. Except as otherwise provided by law, when projects are to be constructed,improved, furnished, maintained, repaired or operated for the use of anydepartment of the Commonwealth, no plans or specifications therefor shall bepresented for quotations or bids until the plans and specifications have beensubmitted to and approved by the Department of General Services and any otherdepartment of the Commonwealth having any jurisdiction over the projects, sothat the project will conform to standards established by such departments.
(1981, c. 569, § 2.1-234.13; 1984, c. 734; 1985, c. 146; 1987, cc. 11, 616;1988, cc. 23, 731, 761, 830; 1990, cc. 815, 876; 1991, c. 656; 1992, c. 878;1993, Sp. Sess., c. 1; 1994, c. 823; 1995, c. 841; 1996, c. 835; 1998, cc.498, 504; 2000, cc. 67, 279; 2001, c. 844; 2002, cc. 501, 542; 2004, c. 650;2009, cc. 246, 311.)