Code of Virginia § 23.1-1203. Powers of Authority generally.
524 words·~2 min read·
/va/title-23-1/chapter-12/23-1-1203·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
To enable the Authority to carry out the purposes for which it is established, the Authority may:
1. Sue and be sued;
2. Make contracts;
3. Adopt, use, and alter a common seal;
4. Have perpetual succession as a public body corporate;
5. Adopt bylaws and regulations for the conduct of its affairs;
6. Maintain an office at such place as it may designate;
7. Collect, or authorize the trustee under any trust indenture securing any bonds of the Authority to collect,
(i)the principal of and the interest on all obligations transferred to the Authority by the General Assembly and
(ii)other assets or moneys transferred to the Authority by the General Assembly or eligible institutions, including lease payments and other sources of revenue, as such principal, interest, and other assets or moneys become due;
8. Conduct a program of purchasing equipment for eligible institutions as authorized by this article;
9. Collect, or authorize the trustee under any trust indenture securing any bonds of the Authority to collect,
(i)payments due under leases or agreements of sale of equipment or leases or other obligations of real property by the Authority to eligible institutions as such payments become due and
(ii)the principal of and the interest on all bonds of eligible institutions purchased by the Authority;
10. Repossess and sell, or authorize the trustee under any trust indenture securing any bonds of the Authority to repossess and sell, any equipment upon any default under the lease or agreement for the sale of such equipment;
11. Repossess and re-lease, or authorize the trustee under any trust indenture securing any bonds of the Authority to repossess and re-lease, any project upon any default under the lease of such project;
12. Assist eligible institutions in applying for grants from, or entering into other agreements with, the federal or state government, foundations, or other entities that are designed to provide
(i)guarantees of or funds for payments under leases or contracts of sale or
(ii)other benefits;
13. Enter into agreements with the federal or state government, foundations, or other entities that are designed to provide
(i)guarantees of or funds for payments under leases or contracts of sale or
(ii)other benefits;
14. Select, appoint, and employ financial experts, corporate depositories, trustees, paying agents, attorneys, accountants, consulting engineers, construction experts, and other individuals to perform such other services as may be necessary in the judgment of the Authority and pay their compensation and reasonable expenses either from moneys received by the Authority under the provisions of this article or from appropriations made by the General Assembly for such purposes;
15. Issue bonds of the Authority as authorized by this article and refund any such bonds;
16. Receive and accept any grants, aid, or contributions of money, property, labor, or other things of value from any source or reject any such grants, aid, or contributions; and
17. Perform any other act necessary, appropriate, incidental, or convenient to carrying out the powers expressly granted in this article.
1964, c. 607, § 23-30.31; 1966, c. 685; 1986, c. 597; 1996, cc. 672 , 689 ; 2016, c. 588 .