It is the intent of the legislature by the passage of this chapter toauthorize the creation of industrial development authorities by thelocalities in the Commonwealth so that such authorities may acquire, own,lease, and dispose of properties and make loans to the end that suchauthorities may be able to promote industry and develop trade by inducingmanufacturing, industrial, governmental, nonprofit and commercial enterprisesand institutions of higher education to locate in or remain in theCommonwealth and further the use of its agricultural products and naturalresources, and to vest such authorities with all powers that may be necessaryto enable them to accomplish such purposes, which powers shall be exercisedfor the benefit of the inhabitants of the Commonwealth, either through theincrease of their commerce, or through the promotion of their safety, health,welfare, convenience or prosperity. Such authority shall not itself beauthorized to operate any such manufacturing, industrial, nonprofit orcommercial enterprise or any facility of an institution of higher education.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities the powerscontained herein with respect to pollution control facilities to the end thatsuch authorities may protect and promote the health of the inhabitants of theCommonwealth and the conservation, protection and improvement of its naturalresources by exercising such powers for the control or abatement of land,sewer, water, air, noise and general environmental pollution derived from theoperation of any industrial or medical facility and to vest such authoritieswith all powers that may be necessary to enable them to accomplish suchpurpose, which powers shall be exercised for the benefit of the inhabitantsof the Commonwealth, either through the increase of their commerce, orthrough the promotion of their safety, health, welfare, convenience orprosperity.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities the powerscontained herein with respect to medical facilities and facilities for theresidence or care of the aged to the end that such authorities may protectand promote the health and welfare of the inhabitants of the Commonwealth byassisting in the acquisition, construction, equipping, expansion, enlargementand improvement of medical facilities and facilities for the residence orcare of the aged in order to provide modern and efficient medical services tothe inhabitants of the Commonwealth and care of the aged of the Commonwealthin accordance with their special needs and also by assisting in therefinancing of medical facilities and facilities for the residence or care ofthe aged owned and operated by organizations which are exempt from taxationpursuant to § 501 (c) (3) of the Internal Revenue Code of 1954, as amended,in order to reduce the costs to residents of the Commonwealth of utilizingsuch facilities and to vest such authorities with all powers that may benecessary to enable them to accomplish such purposes, which powers shall beexercised for the benefit of the inhabitants of the Commonwealth and for thepromotion of their health and welfare. It is not intended hereby that anysuch authority shall itself be authorized to operate any such medicalfacility or facility for the residence or care of the aged.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities the powerscontained herein with respect to facilities for use by organizations (otherthan institutions organized and operated exclusively for religious oreducational purposes) which are described in § 501 (c) (3) of the InternalRevenue Code of 1954, as amended, and which are exempt from federal incometaxation pursuant to § 501 (a) of the Internal Revenue Code of 1954, asamended, to the end that such authorities may protect or promote the safety,health, welfare, convenience, and prosperity of the inhabitants of theCommonwealth by assisting in the acquisition, construction, equipping,expansion, enlargement, improvement, financing, and refinancing of suchfacilities of the aforesaid entities and organizations in order to provideoperations, recreational, activity centers, and other facilities for the useof the inhabitants of the Commonwealth and to vest such authorities with allpowers that may be necessary to enable them to accomplish such purposes,which powers shall be exercised for the benefit of the inhabitants of theCommonwealth and for the promotion of their safety, health, welfare,convenience or prosperity. It is not intended hereby that any such authorityshall itself be authorized to operate any such facility.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities the powerscontained herein with respect to facilities for private, accredited andnonprofit institutions of collegiate education in the Commonwealth whoseprimary purpose is to provide collegiate or graduate education and not toprovide religious training or theological education to the end that suchauthorities may protect and promote the health and welfare of the inhabitantsof the Commonwealth by assisting in the acquisition, construction, equipping,expansion, enlargement, and improvement of facilities of aforesaidinstitutions in order to provide improved educational facilities for the useof the inhabitants of the Commonwealth and to vest such authorities with allpowers that may be necessary to enable them to accomplish such purposes,which powers shall be exercised for the benefit of the inhabitants of theCommonwealth and for the promotion of their health, welfare, convenience orprosperity. It is not intended hereby that any such authority shall itself beauthorized to operate any such educational facility.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant industrial development authorities the powers containedherein with respect to facilities for a locality, the Commonwealth and itsagencies, and governmental and nonprofit organizations and to vest suchauthorities with all powers that may be necessary to enable them toaccomplish such purposes, which powers shall be exercised for the benefit ofthe inhabitants of the Commonwealth and for the promotion of their health,welfare, convenience or prosperity.
It is further the intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities the powerscontained herein with respect to facilities for museums and historicaleducation, demonstration and interpretation, together with any and allbuildings, structures or other facilities necessary or desirable inconnection with the foregoing, for use by nonprofit organizations in order topromote tourism and economic development in the Commonwealth, to promote theknowledge of and appreciation by the citizens of the Commonwealth of thehistorical and cultural development and heritage of the Commonwealth and theUnited States and to promote thereby their health, welfare, convenience andprosperity. It is not intended hereby that any such authority shall itself beauthorized to operate any such facility.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities the powerscontained herein with respect to facilities devoted to the staging of equineevents and activities (other than racing) for use by governmental ornonprofit, nonreligious organizations and operated by such governmental ornonprofit, nonreligious organizations in order to promote the equine industryand equine-related activities (other than racing) which are integral to theCommonwealth's economy and heritage and to promote thereby the safety,health, welfare, convenience, and prosperity of the inhabitants of theCommonwealth.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities the powerscontained herein with respect to acquiring, developing, owning and operatingan industrial park and any utilities that are intended primarily to serve thepark and to issue bonds for such purposes. The bonds may be secured byrevenues generated by the industrial park or the utilities being financed orby any other funds of the authority.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities created by one ormore municipalities whose housing authorities have not been activated asprovided by §§ 36-4 and 36-4.1, in addition to the powers previously orhereafter granted in this chapter, the powers contained herein with respectto facilities used primarily for single or multi-family residences in orderto promote safe and affordable housing in the Commonwealth and to benefitthereby the safety, health, welfare and prosperity of the inhabitants of theCommonwealth. It is not intended hereby that any such authority shall itselfbe authorized to operate any such facility or exercise any powers of eminentdomain set forth in § 36-27.
In any instance in this chapter where an industrial development authority mayissue bonds through its authority to finance, the authority may alsorefinance such bonds.
This chapter shall be liberally construed in conformity with these intentions.
(1966, c. 651, § 15.1-1375; 1972, c. 783; 1975, c. 489; 1977, c. 619; 1978,cc. 276, 526; 1984, c. 700; 1985, c. 317, § 15.1-1392; 1986, c. 473; 1988, c.211; 1990, c. 312; 1991, c. 6; 1997, cc. 587, 758, 763; 2002, cc. 680, 725;2005, c. 928.)
It is the intent of the legislature by the passage of this chapter toauthorize the creation of industrial development authorities by thelocalities in the Commonwealth so that such authorities may acquire, own,lease, and dispose of properties and make loans to the end that suchauthorities may be able to promote industry and develop trade by inducingmanufacturing, industrial, governmental, nonprofit and commercial enterprisesand institutions of higher education to locate in or remain in theCommonwealth and further the use of its agricultural products and naturalresources, and to vest such authorities with all powers that may be necessaryto enable them to accomplish such purposes, which powers shall be exercisedfor the benefit of the inhabitants of the Commonwealth, either through theincrease of their commerce, or through the promotion of their safety, health,welfare, convenience or prosperity. Such authority shall not itself beauthorized to operate any such manufacturing, industrial, nonprofit orcommercial enterprise or any facility of an institution of higher education.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities the powerscontained herein with respect to pollution control facilities to the end thatsuch authorities may protect and promote the health of the inhabitants of theCommonwealth and the conservation, protection and improvement of its naturalresources by exercising such powers for the control or abatement of land,sewer, water, air, noise and general environmental pollution derived from theoperation of any industrial or medical facility and to vest such authoritieswith all powers that may be necessary to enable them to accomplish suchpurpose, which powers shall be exercised for the benefit of the inhabitantsof the Commonwealth, either through the increase of their commerce, orthrough the promotion of their safety, health, welfare, convenience orprosperity.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities the powerscontained herein with respect to medical facilities and facilities for theresidence or care of the aged to the end that such authorities may protectand promote the health and welfare of the inhabitants of the Commonwealth byassisting in the acquisition, construction, equipping, expansion, enlargementand improvement of medical facilities and facilities for the residence orcare of the aged in order to provide modern and efficient medical services tothe inhabitants of the Commonwealth and care of the aged of the Commonwealthin accordance with their special needs and also by assisting in therefinancing of medical facilities and facilities for the residence or care ofthe aged owned and operated by organizations which are exempt from taxationpursuant to § 501 (c) (3) of the Internal Revenue Code of 1954, as amended,in order to reduce the costs to residents of the Commonwealth of utilizingsuch facilities and to vest such authorities with all powers that may benecessary to enable them to accomplish such purposes, which powers shall beexercised for the benefit of the inhabitants of the Commonwealth and for thepromotion of their health and welfare. It is not intended hereby that anysuch authority shall itself be authorized to operate any such medicalfacility or facility for the residence or care of the aged.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities the powerscontained herein with respect to facilities for use by organizations (otherthan institutions organized and operated exclusively for religious oreducational purposes) which are described in § 501 (c) (3) of the InternalRevenue Code of 1954, as amended, and which are exempt from federal incometaxation pursuant to § 501 (a) of the Internal Revenue Code of 1954, asamended, to the end that such authorities may protect or promote the safety,health, welfare, convenience, and prosperity of the inhabitants of theCommonwealth by assisting in the acquisition, construction, equipping,expansion, enlargement, improvement, financing, and refinancing of suchfacilities of the aforesaid entities and organizations in order to provideoperations, recreational, activity centers, and other facilities for the useof the inhabitants of the Commonwealth and to vest such authorities with allpowers that may be necessary to enable them to accomplish such purposes,which powers shall be exercised for the benefit of the inhabitants of theCommonwealth and for the promotion of their safety, health, welfare,convenience or prosperity. It is not intended hereby that any such authorityshall itself be authorized to operate any such facility.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities the powerscontained herein with respect to facilities for private, accredited andnonprofit institutions of collegiate education in the Commonwealth whoseprimary purpose is to provide collegiate or graduate education and not toprovide religious training or theological education to the end that suchauthorities may protect and promote the health and welfare of the inhabitantsof the Commonwealth by assisting in the acquisition, construction, equipping,expansion, enlargement, and improvement of facilities of aforesaidinstitutions in order to provide improved educational facilities for the useof the inhabitants of the Commonwealth and to vest such authorities with allpowers that may be necessary to enable them to accomplish such purposes,which powers shall be exercised for the benefit of the inhabitants of theCommonwealth and for the promotion of their health, welfare, convenience orprosperity. It is not intended hereby that any such authority shall itself beauthorized to operate any such educational facility.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant industrial development authorities the powers containedherein with respect to facilities for a locality, the Commonwealth and itsagencies, and governmental and nonprofit organizations and to vest suchauthorities with all powers that may be necessary to enable them toaccomplish such purposes, which powers shall be exercised for the benefit ofthe inhabitants of the Commonwealth and for the promotion of their health,welfare, convenience or prosperity.
It is further the intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities the powerscontained herein with respect to facilities for museums and historicaleducation, demonstration and interpretation, together with any and allbuildings, structures or other facilities necessary or desirable inconnection with the foregoing, for use by nonprofit organizations in order topromote tourism and economic development in the Commonwealth, to promote theknowledge of and appreciation by the citizens of the Commonwealth of thehistorical and cultural development and heritage of the Commonwealth and theUnited States and to promote thereby their health, welfare, convenience andprosperity. It is not intended hereby that any such authority shall itself beauthorized to operate any such facility.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities the powerscontained herein with respect to facilities devoted to the staging of equineevents and activities (other than racing) for use by governmental ornonprofit, nonreligious organizations and operated by such governmental ornonprofit, nonreligious organizations in order to promote the equine industryand equine-related activities (other than racing) which are integral to theCommonwealth's economy and heritage and to promote thereby the safety,health, welfare, convenience, and prosperity of the inhabitants of theCommonwealth.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities the powerscontained herein with respect to acquiring, developing, owning and operatingan industrial park and any utilities that are intended primarily to serve thepark and to issue bonds for such purposes. The bonds may be secured byrevenues generated by the industrial park or the utilities being financed orby any other funds of the authority.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities created by one ormore municipalities whose housing authorities have not been activated asprovided by §§ 36-4 and 36-4.1, in addition to the powers previously orhereafter granted in this chapter, the powers contained herein with respectto facilities used primarily for single or multi-family residences in orderto promote safe and affordable housing in the Commonwealth and to benefitthereby the safety, health, welfare and prosperity of the inhabitants of theCommonwealth. It is not intended hereby that any such authority shall itselfbe authorized to operate any such facility or exercise any powers of eminentdomain set forth in § 36-27.
In any instance in this chapter where an industrial development authority mayissue bonds through its authority to finance, the authority may alsorefinance such bonds.
This chapter shall be liberally construed in conformity with these intentions.
(1966, c. 651, § 15.1-1375; 1972, c. 783; 1975, c. 489; 1977, c. 619; 1978,cc. 276, 526; 1984, c. 700; 1985, c. 317, § 15.1-1392; 1986, c. 473; 1988, c.211; 1990, c. 312; 1991, c. 6; 1997, cc. 587, 758, 763; 2002, cc. 680, 725;2005, c. 928.)
It is the intent of the legislature by the passage of this chapter toauthorize the creation of industrial development authorities by thelocalities in the Commonwealth so that such authorities may acquire, own,lease, and dispose of properties and make loans to the end that suchauthorities may be able to promote industry and develop trade by inducingmanufacturing, industrial, governmental, nonprofit and commercial enterprisesand institutions of higher education to locate in or remain in theCommonwealth and further the use of its agricultural products and naturalresources, and to vest such authorities with all powers that may be necessaryto enable them to accomplish such purposes, which powers shall be exercisedfor the benefit of the inhabitants of the Commonwealth, either through theincrease of their commerce, or through the promotion of their safety, health,welfare, convenience or prosperity. Such authority shall not itself beauthorized to operate any such manufacturing, industrial, nonprofit orcommercial enterprise or any facility of an institution of higher education.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities the powerscontained herein with respect to pollution control facilities to the end thatsuch authorities may protect and promote the health of the inhabitants of theCommonwealth and the conservation, protection and improvement of its naturalresources by exercising such powers for the control or abatement of land,sewer, water, air, noise and general environmental pollution derived from theoperation of any industrial or medical facility and to vest such authoritieswith all powers that may be necessary to enable them to accomplish suchpurpose, which powers shall be exercised for the benefit of the inhabitantsof the Commonwealth, either through the increase of their commerce, orthrough the promotion of their safety, health, welfare, convenience orprosperity.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities the powerscontained herein with respect to medical facilities and facilities for theresidence or care of the aged to the end that such authorities may protectand promote the health and welfare of the inhabitants of the Commonwealth byassisting in the acquisition, construction, equipping, expansion, enlargementand improvement of medical facilities and facilities for the residence orcare of the aged in order to provide modern and efficient medical services tothe inhabitants of the Commonwealth and care of the aged of the Commonwealthin accordance with their special needs and also by assisting in therefinancing of medical facilities and facilities for the residence or care ofthe aged owned and operated by organizations which are exempt from taxationpursuant to § 501 (c) (3) of the Internal Revenue Code of 1954, as amended,in order to reduce the costs to residents of the Commonwealth of utilizingsuch facilities and to vest such authorities with all powers that may benecessary to enable them to accomplish such purposes, which powers shall beexercised for the benefit of the inhabitants of the Commonwealth and for thepromotion of their health and welfare. It is not intended hereby that anysuch authority shall itself be authorized to operate any such medicalfacility or facility for the residence or care of the aged.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities the powerscontained herein with respect to facilities for use by organizations (otherthan institutions organized and operated exclusively for religious oreducational purposes) which are described in § 501 (c) (3) of the InternalRevenue Code of 1954, as amended, and which are exempt from federal incometaxation pursuant to § 501 (a) of the Internal Revenue Code of 1954, asamended, to the end that such authorities may protect or promote the safety,health, welfare, convenience, and prosperity of the inhabitants of theCommonwealth by assisting in the acquisition, construction, equipping,expansion, enlargement, improvement, financing, and refinancing of suchfacilities of the aforesaid entities and organizations in order to provideoperations, recreational, activity centers, and other facilities for the useof the inhabitants of the Commonwealth and to vest such authorities with allpowers that may be necessary to enable them to accomplish such purposes,which powers shall be exercised for the benefit of the inhabitants of theCommonwealth and for the promotion of their safety, health, welfare,convenience or prosperity. It is not intended hereby that any such authorityshall itself be authorized to operate any such facility.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities the powerscontained herein with respect to facilities for private, accredited andnonprofit institutions of collegiate education in the Commonwealth whoseprimary purpose is to provide collegiate or graduate education and not toprovide religious training or theological education to the end that suchauthorities may protect and promote the health and welfare of the inhabitantsof the Commonwealth by assisting in the acquisition, construction, equipping,expansion, enlargement, and improvement of facilities of aforesaidinstitutions in order to provide improved educational facilities for the useof the inhabitants of the Commonwealth and to vest such authorities with allpowers that may be necessary to enable them to accomplish such purposes,which powers shall be exercised for the benefit of the inhabitants of theCommonwealth and for the promotion of their health, welfare, convenience orprosperity. It is not intended hereby that any such authority shall itself beauthorized to operate any such educational facility.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant industrial development authorities the powers containedherein with respect to facilities for a locality, the Commonwealth and itsagencies, and governmental and nonprofit organizations and to vest suchauthorities with all powers that may be necessary to enable them toaccomplish such purposes, which powers shall be exercised for the benefit ofthe inhabitants of the Commonwealth and for the promotion of their health,welfare, convenience or prosperity.
It is further the intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities the powerscontained herein with respect to facilities for museums and historicaleducation, demonstration and interpretation, together with any and allbuildings, structures or other facilities necessary or desirable inconnection with the foregoing, for use by nonprofit organizations in order topromote tourism and economic development in the Commonwealth, to promote theknowledge of and appreciation by the citizens of the Commonwealth of thehistorical and cultural development and heritage of the Commonwealth and theUnited States and to promote thereby their health, welfare, convenience andprosperity. It is not intended hereby that any such authority shall itself beauthorized to operate any such facility.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities the powerscontained herein with respect to facilities devoted to the staging of equineevents and activities (other than racing) for use by governmental ornonprofit, nonreligious organizations and operated by such governmental ornonprofit, nonreligious organizations in order to promote the equine industryand equine-related activities (other than racing) which are integral to theCommonwealth's economy and heritage and to promote thereby the safety,health, welfare, convenience, and prosperity of the inhabitants of theCommonwealth.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities the powerscontained herein with respect to acquiring, developing, owning and operatingan industrial park and any utilities that are intended primarily to serve thepark and to issue bonds for such purposes. The bonds may be secured byrevenues generated by the industrial park or the utilities being financed orby any other funds of the authority.
It is the further intent of the legislature and shall be the policy of theCommonwealth to grant to industrial development authorities created by one ormore municipalities whose housing authorities have not been activated asprovided by §§ 36-4 and 36-4.1, in addition to the powers previously orhereafter granted in this chapter, the powers contained herein with respectto facilities used primarily for single or multi-family residences in orderto promote safe and affordable housing in the Commonwealth and to benefitthereby the safety, health, welfare and prosperity of the inhabitants of theCommonwealth. It is not intended hereby that any such authority shall itselfbe authorized to operate any such facility or exercise any powers of eminentdomain set forth in § 36-27.
In any instance in this chapter where an industrial development authority mayissue bonds through its authority to finance, the authority may alsorefinance such bonds.
This chapter shall be liberally construed in conformity with these intentions.
(1966, c. 651, § 15.1-1375; 1972, c. 783; 1975, c. 489; 1977, c. 619; 1978,cc. 276, 526; 1984, c. 700; 1985, c. 317, § 15.1-1392; 1986, c. 473; 1988, c.211; 1990, c. 312; 1991, c. 6; 1997, cc. 587, 758, 763; 2002, cc. 680, 725;2005, c. 928.)
