The Authority is hereby granted all powers necessary or appropriate to carryout the purposes of this act, including the following, to:
1. Adopt bylaws for the regulation of its affairs and the conduct of itsbusiness;
2. Sue and be sued in its own name;
3. Have perpetual succession;
4. Adopt a corporate seal and alter the same at its pleasure;
5. Maintain offices at such places as it may designate;
6. Acquire, establish, construct, enlarge, improve, maintain, equip, operate,and regulate public access sites that are owned or managed by the authoritywithin the territorial limits of the participating political subdivisions;
7. Construct, install, maintain, and operate facilities for managing accesssites;
8. Determine fees, rates, and charges for the use of its facilities;
9. Apply for and accept gifts, or grants of money or gifts, grants or loansof other property, or other financial assistance from the United States ofAmerica and agencies and instrumentalities thereof, the Commonwealth ofVirginia, or any other person or entity, for or in aid of the construction,acquisition, ownership, operation, maintenance, or repair of the publicaccess sites or for the payment of principal of any indebtedness of theAuthority, interest thereon or other cost incident thereto, and to this endthe Authority shall have the power to render such services, comply with suchconditions, and execute such agreements, and legal instruments, as may benecessary, convenient, or desirable or imposed as a condition to suchfinancial aid;
10. Appoint, employ, or engage such officers, employees, architects,engineers, attorneys, accountants, financial advisors, investment bankers,and other advisors, consultants, and agents as may be necessary orappropriate, and to fix their duties and compensation;
11. Contract with any participating political subdivision for suchsubdivision to provide legal services, engineering services, and depositoryand investment services contemplated by § 15.2-6638 hereof, accountingservices, including the annual independent audit required by § 15.2-6635hereof, procurement of goods and services, and to act as fiscal agent for theAuthority;
12. Establish personnel rules;
13. Own, purchase, lease, obtain options upon, acquire by gift, grant, orbequest or otherwise acquire any property, real or personal, or any interesttherein, and in connection therewith to assume or take subject to anyindebtedness secured by such property;
14. Make, assume, and enter into all contracts, leases, and arrangementsnecessary or incidental to the exercise of its powers, including contractsfor the management or operation of all or any part of its facilities;
15. Borrow money, as hereinafter provided, and to borrow money for thepurpose of meeting casual deficits in its revenues;
16. Adopt, amend, and repeal rules and regulations for the use, maintenance,and operation of its facilities and governing the conduct of persons andorganizations using its facilities and to enforce such rules and regulationsand all other rules, regulations, ordinances, and statutes relating to itsfacilities, all as hereinafter provided;
17. Purchase and maintain insurance or provide indemnification on behalf ofany person who is or was a director, officer, employee or agent of theAuthority against any liability asserted against him or incurred by him inany such capacity or arising out of his status as such;
18. Do all things necessary or convenient to the purposes of this act. Tothat end, the Authority may acquire, own, or convey property; enter intocontracts; seek financial assistance and incur debt; and adopt rules andregulations; and
19. Whenever it shall appear to the Authority, or to a simple majority ofparticipating political subdivisions, that the need for the Authority nolonger exists, the Authority, or in the proper case, any such subdivision,may petition the circuit court of a participating political subdivision forthe dissolution of the Authority. If the court shall determine that the needfor the Authority as set forth in this act no longer exists and that alldebts and pecuniary obligations of the Authority have been fully paid orprovided for, it may enter an order dissolving the Authority.
Upon dissolution, the court shall order any real or tangible personalproperty contributed to the Authority by a participating politicalsubdivision, together with any improvements thereon, returned to suchparticipating political subdivisions. The remaining assets of the Authorityshall be distributed to the participating political subdivisions inproportion to their respective contributions theretofore made to theAuthority.
Each participating political subdivision and all holders of the Authority'sbonds shall be made parties to any such proceeding and shall be given noticeas provided by law. Any party defendant may reply to such petition at anytime within six months after the filing of the petition. From the finaljudgment of the court, an appeal shall lie to the Supreme Court of Virginia.
The Authority is hereby granted all powers necessary or appropriate to carryout the purposes of this act, including the following, to:
1. Adopt bylaws for the regulation of its affairs and the conduct of itsbusiness;
2. Sue and be sued in its own name;
3. Have perpetual succession;
4. Adopt a corporate seal and alter the same at its pleasure;
5. Maintain offices at such places as it may designate;
6. Acquire, establish, construct, enlarge, improve, maintain, equip, operate,and regulate public access sites that are owned or managed by the authoritywithin the territorial limits of the participating political subdivisions;
7. Construct, install, maintain, and operate facilities for managing accesssites;
8. Determine fees, rates, and charges for the use of its facilities;
9. Apply for and accept gifts, or grants of money or gifts, grants or loansof other property, or other financial assistance from the United States ofAmerica and agencies and instrumentalities thereof, the Commonwealth ofVirginia, or any other person or entity, for or in aid of the construction,acquisition, ownership, operation, maintenance, or repair of the publicaccess sites or for the payment of principal of any indebtedness of theAuthority, interest thereon or other cost incident thereto, and to this endthe Authority shall have the power to render such services, comply with suchconditions, and execute such agreements, and legal instruments, as may benecessary, convenient, or desirable or imposed as a condition to suchfinancial aid;
10. Appoint, employ, or engage such officers, employees, architects,engineers, attorneys, accountants, financial advisors, investment bankers,and other advisors, consultants, and agents as may be necessary orappropriate, and to fix their duties and compensation;
11. Contract with any participating political subdivision for suchsubdivision to provide legal services, engineering services, and depositoryand investment services contemplated by § 15.2-6638 hereof, accountingservices, including the annual independent audit required by § 15.2-6635hereof, procurement of goods and services, and to act as fiscal agent for theAuthority;
12. Establish personnel rules;
13. Own, purchase, lease, obtain options upon, acquire by gift, grant, orbequest or otherwise acquire any property, real or personal, or any interesttherein, and in connection therewith to assume or take subject to anyindebtedness secured by such property;
14. Make, assume, and enter into all contracts, leases, and arrangementsnecessary or incidental to the exercise of its powers, including contractsfor the management or operation of all or any part of its facilities;
15. Borrow money, as hereinafter provided, and to borrow money for thepurpose of meeting casual deficits in its revenues;
16. Adopt, amend, and repeal rules and regulations for the use, maintenance,and operation of its facilities and governing the conduct of persons andorganizations using its facilities and to enforce such rules and regulationsand all other rules, regulations, ordinances, and statutes relating to itsfacilities, all as hereinafter provided;
17. Purchase and maintain insurance or provide indemnification on behalf ofany person who is or was a director, officer, employee or agent of theAuthority against any liability asserted against him or incurred by him inany such capacity or arising out of his status as such;
18. Do all things necessary or convenient to the purposes of this act. Tothat end, the Authority may acquire, own, or convey property; enter intocontracts; seek financial assistance and incur debt; and adopt rules andregulations; and
19. Whenever it shall appear to the Authority, or to a simple majority ofparticipating political subdivisions, that the need for the Authority nolonger exists, the Authority, or in the proper case, any such subdivision,may petition the circuit court of a participating political subdivision forthe dissolution of the Authority. If the court shall determine that the needfor the Authority as set forth in this act no longer exists and that alldebts and pecuniary obligations of the Authority have been fully paid orprovided for, it may enter an order dissolving the Authority.
Upon dissolution, the court shall order any real or tangible personalproperty contributed to the Authority by a participating politicalsubdivision, together with any improvements thereon, returned to suchparticipating political subdivisions. The remaining assets of the Authorityshall be distributed to the participating political subdivisions inproportion to their respective contributions theretofore made to theAuthority.
Each participating political subdivision and all holders of the Authority'sbonds shall be made parties to any such proceeding and shall be given noticeas provided by law. Any party defendant may reply to such petition at anytime within six months after the filing of the petition. From the finaljudgment of the court, an appeal shall lie to the Supreme Court of Virginia.
The Authority is hereby granted all powers necessary or appropriate to carryout the purposes of this act, including the following, to:
1. Adopt bylaws for the regulation of its affairs and the conduct of itsbusiness;
2. Sue and be sued in its own name;
3. Have perpetual succession;
4. Adopt a corporate seal and alter the same at its pleasure;
5. Maintain offices at such places as it may designate;
6. Acquire, establish, construct, enlarge, improve, maintain, equip, operate,and regulate public access sites that are owned or managed by the authoritywithin the territorial limits of the participating political subdivisions;
7. Construct, install, maintain, and operate facilities for managing accesssites;
8. Determine fees, rates, and charges for the use of its facilities;
9. Apply for and accept gifts, or grants of money or gifts, grants or loansof other property, or other financial assistance from the United States ofAmerica and agencies and instrumentalities thereof, the Commonwealth ofVirginia, or any other person or entity, for or in aid of the construction,acquisition, ownership, operation, maintenance, or repair of the publicaccess sites or for the payment of principal of any indebtedness of theAuthority, interest thereon or other cost incident thereto, and to this endthe Authority shall have the power to render such services, comply with suchconditions, and execute such agreements, and legal instruments, as may benecessary, convenient, or desirable or imposed as a condition to suchfinancial aid;
10. Appoint, employ, or engage such officers, employees, architects,engineers, attorneys, accountants, financial advisors, investment bankers,and other advisors, consultants, and agents as may be necessary orappropriate, and to fix their duties and compensation;
11. Contract with any participating political subdivision for suchsubdivision to provide legal services, engineering services, and depositoryand investment services contemplated by § 15.2-6638 hereof, accountingservices, including the annual independent audit required by § 15.2-6635hereof, procurement of goods and services, and to act as fiscal agent for theAuthority;
12. Establish personnel rules;
13. Own, purchase, lease, obtain options upon, acquire by gift, grant, orbequest or otherwise acquire any property, real or personal, or any interesttherein, and in connection therewith to assume or take subject to anyindebtedness secured by such property;
14. Make, assume, and enter into all contracts, leases, and arrangementsnecessary or incidental to the exercise of its powers, including contractsfor the management or operation of all or any part of its facilities;
15. Borrow money, as hereinafter provided, and to borrow money for thepurpose of meeting casual deficits in its revenues;
16. Adopt, amend, and repeal rules and regulations for the use, maintenance,and operation of its facilities and governing the conduct of persons andorganizations using its facilities and to enforce such rules and regulationsand all other rules, regulations, ordinances, and statutes relating to itsfacilities, all as hereinafter provided;
17. Purchase and maintain insurance or provide indemnification on behalf ofany person who is or was a director, officer, employee or agent of theAuthority against any liability asserted against him or incurred by him inany such capacity or arising out of his status as such;
18. Do all things necessary or convenient to the purposes of this act. Tothat end, the Authority may acquire, own, or convey property; enter intocontracts; seek financial assistance and incur debt; and adopt rules andregulations; and
19. Whenever it shall appear to the Authority, or to a simple majority ofparticipating political subdivisions, that the need for the Authority nolonger exists, the Authority, or in the proper case, any such subdivision,may petition the circuit court of a participating political subdivision forthe dissolution of the Authority. If the court shall determine that the needfor the Authority as set forth in this act no longer exists and that alldebts and pecuniary obligations of the Authority have been fully paid orprovided for, it may enter an order dissolving the Authority.
Upon dissolution, the court shall order any real or tangible personalproperty contributed to the Authority by a participating politicalsubdivision, together with any improvements thereon, returned to suchparticipating political subdivisions. The remaining assets of the Authorityshall be distributed to the participating political subdivisions inproportion to their respective contributions theretofore made to theAuthority.
Each participating political subdivision and all holders of the Authority'sbonds shall be made parties to any such proceeding and shall be given noticeas provided by law. Any party defendant may reply to such petition at anytime within six months after the filing of the petition. From the finaljudgment of the court, an appeal shall lie to the Supreme Court of Virginia.
