The authority shall have the following powers together with all powersincidental thereto or necessary for the performance of those hereinafterstated:
1. To sue and be sued and to prosecute and defend, at law or in equity, inany court having jurisdiction of the subject matter and of the parties;
2. To adopt and use a corporate seal and to alter the same at pleasure;
3. To enter into contracts; however, any written contract of the authorityshall contain provisions addressing the issue of whether attorney's feesshall be recoverable by the prevailing party in the event the contract issubject to litigation;
4. To acquire, whether by purchase, exchange, gift, lease or otherwise, andto improve, maintain, equip and furnish one or more authority facilitiesincluding all real and personal properties which the board of directors ofthe authority may deem necessary in connection therewith and regardless ofwhether any such facilities shall then be in existence;
5. To lease to others any or all of its facilities and to charge and collectrent therefor and to terminate any such lease upon the failure of the lesseeto comply with any of the obligations thereof; and to include in any suchlease, if desired, a provision that the lessee thereof shall have options torenew such lease or to purchase any or all of the leased facilities, or thatupon payment of all of the indebtedness of the authority it may lease orconvey any or all of its facilities to the lessee thereof with or withoutconsideration;
6. To sell, exchange, donate, and convey any or all of its facilities orproperties whenever its board of directors shall find any such action to bein furtherance of the purposes for which the authority was organized;
7. To issue its bonds for the purpose of carrying out any of its powersincluding specifically, but without intending to limit any power conferred bythis section or this chapter, the issuance of bonds to provide long-termfinancing of any pollution control facility, whether any such facility wasconstructed prior to or after the enactment hereof or the receipt of acommitment from an authority to undertake financing pursuant hereto, unlessthe major part of the proceeds of such bonds will be used to redeem any priorlong-term financing of such facility other than financings pursuant to thischapter or any similar law;
8. As security for the payment of the principal of and interest on any bondsso issued and any agreements made in connection therewith, to mortgage andpledge any or all of its facilities or any part or parts thereof, whetherthen owned or thereafter acquired, and to pledge the revenues therefrom orfrom any part thereof or from any loans made by the authority;
9. To employ and pay compensation to such employees and agents, includingattorneys, and real estate brokers whether engaged by the authority orotherwise, as the board of directors shall deem necessary in carrying on thebusiness of the authority;
10. To exercise all powers expressly given the authority by the governingbody of the locality which established the authority and to establish bylawsand make all rules and regulations, not inconsistent with the provisions ofthis chapter, deemed expedient for the management of the authority's affairs;
11. To appoint an industrial advisory committee or similar committee orcommittees to advise the authority, consisting of such number of persons asit may deem advisable. Such persons may be compensated such amount perregular, special, or committee meeting as may be approved by the appointingauthority, not to exceed $50 per meeting day, and may be reimbursed fornecessary traveling and other expenses incurred while on the business of theauthority;
12. To borrow money and to accept contributions, grants and other financialassistance from the United States of America and agencies orinstrumentalities thereof, the Commonwealth, or any political subdivision,agency, or public instrumentality of the Commonwealth, for or in aid of theconstruction, acquisition, ownership, maintenance or repair of the authorityfacilities, for the payment of principal of any bond of the authority,interest thereon, or other cost incident thereto, or in order to make loansin furtherance of the purposes of this chapter of such money, contributions,grants, and other financial assistance, and to this end the authority shallhave the power to comply with such conditions and to execute such agreements,trust indentures, and other legal instruments as may be necessary, convenientor desirable and to agree to such terms and conditions as may be imposed; and
13. To make loans or grants to any person, partnership, association,corporation, business, or governmental entity in furtherance of the purposesof this chapter including for the purposes of promoting economic development,provided that such loans or grants shall be made only from revenues of theauthority which have not been pledged or assigned for the payment of any ofthe authority's bonds, and to enter into such contracts, instruments, andagreements as may be expedient to provide for such loans and any securitytherefor. An authority may also be permitted to forgive loans or otherobligations if it is deemed to further economic development. The word"revenues" as used in this subdivision includes contributions, grants andother financial assistance, as set out in subdivision 12.
The authority shall not have power to operate any facility as a businessother than as lessor and shall not have the power to operate any single ormulti-family housing facilities. However, the authority shall have the powerto apply for, establish, operate and maintain a foreign-trade zone inaccordance with the provisions of Chapter 14 (§ 62.1-159 et seq.) of Title62.1. Any meeting held by the board of directors at which formal action istaken shall be open to the public.
If a locality has created an industrial development authority pursuant tothis chapter or any other provision of law, no other such authority, notcreated by such locality, shall finance facilities, except pollution controlfacilities, within the boundaries of such locality, unless the governing bodyof such locality in which the facilities are located or are proposed to belocated, concurs with the inducement resolution adopted by the authority, andshows such concurrence in a duly adopted resolution. Notwithstanding theforegoing, nothing contained herein shall be deemed to invalidate orotherwise impair any existing financing by an authority or the financing ofany facilities for which application has been made to an authority prior toJuly 1, 1981.
(1966, c. 651, § 15.1-1378; 1970, c. 598; 1972, c. 783; 1973, c. 528; 1981,c. 3; 1991, c. 6; 1993, c. 896; 1994, c. 317; 1997, cc. 587, 758, 763; 1998,c. 728; 2005, c. 575.)
The authority shall have the following powers together with all powersincidental thereto or necessary for the performance of those hereinafterstated:
1. To sue and be sued and to prosecute and defend, at law or in equity, inany court having jurisdiction of the subject matter and of the parties;
2. To adopt and use a corporate seal and to alter the same at pleasure;
3. To enter into contracts; however, any written contract of the authorityshall contain provisions addressing the issue of whether attorney's feesshall be recoverable by the prevailing party in the event the contract issubject to litigation;
4. To acquire, whether by purchase, exchange, gift, lease or otherwise, andto improve, maintain, equip and furnish one or more authority facilitiesincluding all real and personal properties which the board of directors ofthe authority may deem necessary in connection therewith and regardless ofwhether any such facilities shall then be in existence;
5. To lease to others any or all of its facilities and to charge and collectrent therefor and to terminate any such lease upon the failure of the lesseeto comply with any of the obligations thereof; and to include in any suchlease, if desired, a provision that the lessee thereof shall have options torenew such lease or to purchase any or all of the leased facilities, or thatupon payment of all of the indebtedness of the authority it may lease orconvey any or all of its facilities to the lessee thereof with or withoutconsideration;
6. To sell, exchange, donate, and convey any or all of its facilities orproperties whenever its board of directors shall find any such action to bein furtherance of the purposes for which the authority was organized;
7. To issue its bonds for the purpose of carrying out any of its powersincluding specifically, but without intending to limit any power conferred bythis section or this chapter, the issuance of bonds to provide long-termfinancing of any pollution control facility, whether any such facility wasconstructed prior to or after the enactment hereof or the receipt of acommitment from an authority to undertake financing pursuant hereto, unlessthe major part of the proceeds of such bonds will be used to redeem any priorlong-term financing of such facility other than financings pursuant to thischapter or any similar law;
8. As security for the payment of the principal of and interest on any bondsso issued and any agreements made in connection therewith, to mortgage andpledge any or all of its facilities or any part or parts thereof, whetherthen owned or thereafter acquired, and to pledge the revenues therefrom orfrom any part thereof or from any loans made by the authority;
9. To employ and pay compensation to such employees and agents, includingattorneys, and real estate brokers whether engaged by the authority orotherwise, as the board of directors shall deem necessary in carrying on thebusiness of the authority;
10. To exercise all powers expressly given the authority by the governingbody of the locality which established the authority and to establish bylawsand make all rules and regulations, not inconsistent with the provisions ofthis chapter, deemed expedient for the management of the authority's affairs;
11. To appoint an industrial advisory committee or similar committee orcommittees to advise the authority, consisting of such number of persons asit may deem advisable. Such persons may be compensated such amount perregular, special, or committee meeting as may be approved by the appointingauthority, not to exceed $50 per meeting day, and may be reimbursed fornecessary traveling and other expenses incurred while on the business of theauthority;
12. To borrow money and to accept contributions, grants and other financialassistance from the United States of America and agencies orinstrumentalities thereof, the Commonwealth, or any political subdivision,agency, or public instrumentality of the Commonwealth, for or in aid of theconstruction, acquisition, ownership, maintenance or repair of the authorityfacilities, for the payment of principal of any bond of the authority,interest thereon, or other cost incident thereto, or in order to make loansin furtherance of the purposes of this chapter of such money, contributions,grants, and other financial assistance, and to this end the authority shallhave the power to comply with such conditions and to execute such agreements,trust indentures, and other legal instruments as may be necessary, convenientor desirable and to agree to such terms and conditions as may be imposed; and
13. To make loans or grants to any person, partnership, association,corporation, business, or governmental entity in furtherance of the purposesof this chapter including for the purposes of promoting economic development,provided that such loans or grants shall be made only from revenues of theauthority which have not been pledged or assigned for the payment of any ofthe authority's bonds, and to enter into such contracts, instruments, andagreements as may be expedient to provide for such loans and any securitytherefor. An authority may also be permitted to forgive loans or otherobligations if it is deemed to further economic development. The word"revenues" as used in this subdivision includes contributions, grants andother financial assistance, as set out in subdivision 12.
The authority shall not have power to operate any facility as a businessother than as lessor and shall not have the power to operate any single ormulti-family housing facilities. However, the authority shall have the powerto apply for, establish, operate and maintain a foreign-trade zone inaccordance with the provisions of Chapter 14 (§ 62.1-159 et seq.) of Title62.1. Any meeting held by the board of directors at which formal action istaken shall be open to the public.
If a locality has created an industrial development authority pursuant tothis chapter or any other provision of law, no other such authority, notcreated by such locality, shall finance facilities, except pollution controlfacilities, within the boundaries of such locality, unless the governing bodyof such locality in which the facilities are located or are proposed to belocated, concurs with the inducement resolution adopted by the authority, andshows such concurrence in a duly adopted resolution. Notwithstanding theforegoing, nothing contained herein shall be deemed to invalidate orotherwise impair any existing financing by an authority or the financing ofany facilities for which application has been made to an authority prior toJuly 1, 1981.
(1966, c. 651, § 15.1-1378; 1970, c. 598; 1972, c. 783; 1973, c. 528; 1981,c. 3; 1991, c. 6; 1993, c. 896; 1994, c. 317; 1997, cc. 587, 758, 763; 1998,c. 728; 2005, c. 575.)
The authority shall have the following powers together with all powersincidental thereto or necessary for the performance of those hereinafterstated:
1. To sue and be sued and to prosecute and defend, at law or in equity, inany court having jurisdiction of the subject matter and of the parties;
2. To adopt and use a corporate seal and to alter the same at pleasure;
3. To enter into contracts; however, any written contract of the authorityshall contain provisions addressing the issue of whether attorney's feesshall be recoverable by the prevailing party in the event the contract issubject to litigation;
4. To acquire, whether by purchase, exchange, gift, lease or otherwise, andto improve, maintain, equip and furnish one or more authority facilitiesincluding all real and personal properties which the board of directors ofthe authority may deem necessary in connection therewith and regardless ofwhether any such facilities shall then be in existence;
5. To lease to others any or all of its facilities and to charge and collectrent therefor and to terminate any such lease upon the failure of the lesseeto comply with any of the obligations thereof; and to include in any suchlease, if desired, a provision that the lessee thereof shall have options torenew such lease or to purchase any or all of the leased facilities, or thatupon payment of all of the indebtedness of the authority it may lease orconvey any or all of its facilities to the lessee thereof with or withoutconsideration;
6. To sell, exchange, donate, and convey any or all of its facilities orproperties whenever its board of directors shall find any such action to bein furtherance of the purposes for which the authority was organized;
7. To issue its bonds for the purpose of carrying out any of its powersincluding specifically, but without intending to limit any power conferred bythis section or this chapter, the issuance of bonds to provide long-termfinancing of any pollution control facility, whether any such facility wasconstructed prior to or after the enactment hereof or the receipt of acommitment from an authority to undertake financing pursuant hereto, unlessthe major part of the proceeds of such bonds will be used to redeem any priorlong-term financing of such facility other than financings pursuant to thischapter or any similar law;
8. As security for the payment of the principal of and interest on any bondsso issued and any agreements made in connection therewith, to mortgage andpledge any or all of its facilities or any part or parts thereof, whetherthen owned or thereafter acquired, and to pledge the revenues therefrom orfrom any part thereof or from any loans made by the authority;
9. To employ and pay compensation to such employees and agents, includingattorneys, and real estate brokers whether engaged by the authority orotherwise, as the board of directors shall deem necessary in carrying on thebusiness of the authority;
10. To exercise all powers expressly given the authority by the governingbody of the locality which established the authority and to establish bylawsand make all rules and regulations, not inconsistent with the provisions ofthis chapter, deemed expedient for the management of the authority's affairs;
11. To appoint an industrial advisory committee or similar committee orcommittees to advise the authority, consisting of such number of persons asit may deem advisable. Such persons may be compensated such amount perregular, special, or committee meeting as may be approved by the appointingauthority, not to exceed $50 per meeting day, and may be reimbursed fornecessary traveling and other expenses incurred while on the business of theauthority;
12. To borrow money and to accept contributions, grants and other financialassistance from the United States of America and agencies orinstrumentalities thereof, the Commonwealth, or any political subdivision,agency, or public instrumentality of the Commonwealth, for or in aid of theconstruction, acquisition, ownership, maintenance or repair of the authorityfacilities, for the payment of principal of any bond of the authority,interest thereon, or other cost incident thereto, or in order to make loansin furtherance of the purposes of this chapter of such money, contributions,grants, and other financial assistance, and to this end the authority shallhave the power to comply with such conditions and to execute such agreements,trust indentures, and other legal instruments as may be necessary, convenientor desirable and to agree to such terms and conditions as may be imposed; and
13. To make loans or grants to any person, partnership, association,corporation, business, or governmental entity in furtherance of the purposesof this chapter including for the purposes of promoting economic development,provided that such loans or grants shall be made only from revenues of theauthority which have not been pledged or assigned for the payment of any ofthe authority's bonds, and to enter into such contracts, instruments, andagreements as may be expedient to provide for such loans and any securitytherefor. An authority may also be permitted to forgive loans or otherobligations if it is deemed to further economic development. The word"revenues" as used in this subdivision includes contributions, grants andother financial assistance, as set out in subdivision 12.
The authority shall not have power to operate any facility as a businessother than as lessor and shall not have the power to operate any single ormulti-family housing facilities. However, the authority shall have the powerto apply for, establish, operate and maintain a foreign-trade zone inaccordance with the provisions of Chapter 14 (§ 62.1-159 et seq.) of Title62.1. Any meeting held by the board of directors at which formal action istaken shall be open to the public.
If a locality has created an industrial development authority pursuant tothis chapter or any other provision of law, no other such authority, notcreated by such locality, shall finance facilities, except pollution controlfacilities, within the boundaries of such locality, unless the governing bodyof such locality in which the facilities are located or are proposed to belocated, concurs with the inducement resolution adopted by the authority, andshows such concurrence in a duly adopted resolution. Notwithstanding theforegoing, nothing contained herein shall be deemed to invalidate orotherwise impair any existing financing by an authority or the financing ofany facilities for which application has been made to an authority prior toJuly 1, 1981.
(1966, c. 651, § 15.1-1378; 1970, c. 598; 1972, c. 783; 1973, c. 528; 1981,c. 3; 1991, c. 6; 1993, c. 896; 1994, c. 317; 1997, cc. 587, 758, 763; 1998,c. 728; 2005, c. 575.)
