The Authority is granted all powers necessary or convenient for the carryingout of its statutory purposes, including, but not limited to, the power to:
1. Sue and be sued, implead and be impleaded, complain and defend in allcourts;
2. Adopt, use, and alter at will a common seal;
3. Acquire any project and property, real, personal or mixed, tangible orintangible, or any interest therein, by purchase, gift or devise and to sell,lease (whether as lessor or lessee), transfer, convey or dispose of anyproject or property, real, personal or mixed, tangible or intangible or anyinterest therein, at any time acquired or held by the Authority on such termsand conditions as may be determined by the Board;
5. Adopt bylaws for the management and regulation of its affairs;
6. Fix, alter, charge and collect rates, rentals, fees, and other charges forthe use of projects of, the sale of products of, or services rendered by theAuthority at rates to be determined by it for the purpose of providing forthe payment of the expenses of the Authority; the planning, development,construction, improvement, rehabilitation, repair, furnishing, maintenance,and operation of its projects and properties; the payment of the costsaccomplishing its purposes set forth in § 2.2-2202; the payment of theprincipal of and interest on its obligations; and the creation of reservesfor such purposes, for other purposes of the Authority and to pay the cost ofmaintaining, repairing and operating any project and fulfilling the terms andprovisions of any agreements made with the purchasers or holders of any suchobligations;
7. Borrow money, make and issue bonds including bonds as the Authority maydetermine to issue for the purpose of accomplishing the purposes set forth in§ 2.2-2202 or for refunding bonds previously issued by the Authority, whethersuch outstanding bonds have matured or are then subject to redemption, or anycombination of such purposes; secure the payment of all bonds, or any partthereof, by pledge, assignment or deed of trust of all or any of itsrevenues, rentals, and receipts or of any project or property, real, personalor mixed, tangible or intangible, or any rights and interest therein; makesuch agreements with the purchasers or holders of such bonds or with othersin connection with any such bonds, whether issued or to be issued, as theAuthority shall deem advisable; and in general to provide for the securityfor said bonds and the rights of holders thereof;
8. Make and enter into all contracts and agreements necessary or incidentalto the performance of its duties, the furtherance of its purposes and theexecution of its powers under this article, including interstate compacts andagreements with any person or federal agency;
9. Employ, in its discretion, consultants, attorneys, architects, engineers,accountants, financial experts, investment bankers, superintendents, managersand such other employees and agents as may be necessary, and to fix theircompensation to be payable from funds made available to the Authority;
10. Receive and accept from any federal or private agency, foundation,corporation, association or person grants, donations of money, real orpersonal property for the benefit of the Authority, and to receive and acceptfrom the Commonwealth or any state, and any municipality, county or otherpolitical subdivision thereof and from any other source, aid or contributionsof either money, property, or other things of value, to be held, used andapplied for the purposes for which such grants and contributions may be made;
11. Render advice and assistance, and to provide services, to institutions ofhigher education including, but not limited to, Old Dominion University, andto other persons providing services or facilities for scientific andtechnological research or graduate education, provided that credit toward adegree, certificate or diploma shall be granted only if such education isprovided in conjunction with an institution of higher education authorized tooperate in Virginia;
12. Develop, undertake and provide programs, alone or in conjunction with anyperson or federal agency, for scientific and technological research,technology management, continuing education and in-service training; however,credit towards a degree, certificate or diploma shall be granted only if sucheducation is provided in conjunction with an institution of higher educationauthorized to operate in Virginia; foster the utilization of scientific andtechnological research, information discoveries and data and obtain patents,copyrights and trademarks thereon; coordinate the scientific andtechnological research efforts of public institutions and private industryand collect and maintain data on the development and utilization ofscientific and technological research capabilities;
13. Pledge or otherwise encumber all or any of the revenues or receipts ofthe Authority as security for all or any of the obligations of the Authority;
14. Appoint an industry advisory board to advise the Authority on issuesrelated to the performance of its duties, the furtherance of its purposes andthe execution of its powers under this article. The Authority shall have fulldiscretion in determining the number and qualifications of members itappoints to the industry advisory board, and whether such members shall becompensated from the funds made available to the Authority; and
15. Do all acts and things necessary or convenient to carry out the powersgranted to it by law.
(1995, c. 758, § 9-266.5; 1996, c. 111; 2001, c. 844.)
The Authority is granted all powers necessary or convenient for the carryingout of its statutory purposes, including, but not limited to, the power to:
1. Sue and be sued, implead and be impleaded, complain and defend in allcourts;
2. Adopt, use, and alter at will a common seal;
3. Acquire any project and property, real, personal or mixed, tangible orintangible, or any interest therein, by purchase, gift or devise and to sell,lease (whether as lessor or lessee), transfer, convey or dispose of anyproject or property, real, personal or mixed, tangible or intangible or anyinterest therein, at any time acquired or held by the Authority on such termsand conditions as may be determined by the Board;
5. Adopt bylaws for the management and regulation of its affairs;
6. Fix, alter, charge and collect rates, rentals, fees, and other charges forthe use of projects of, the sale of products of, or services rendered by theAuthority at rates to be determined by it for the purpose of providing forthe payment of the expenses of the Authority; the planning, development,construction, improvement, rehabilitation, repair, furnishing, maintenance,and operation of its projects and properties; the payment of the costsaccomplishing its purposes set forth in § 2.2-2202; the payment of theprincipal of and interest on its obligations; and the creation of reservesfor such purposes, for other purposes of the Authority and to pay the cost ofmaintaining, repairing and operating any project and fulfilling the terms andprovisions of any agreements made with the purchasers or holders of any suchobligations;
7. Borrow money, make and issue bonds including bonds as the Authority maydetermine to issue for the purpose of accomplishing the purposes set forth in§ 2.2-2202 or for refunding bonds previously issued by the Authority, whethersuch outstanding bonds have matured or are then subject to redemption, or anycombination of such purposes; secure the payment of all bonds, or any partthereof, by pledge, assignment or deed of trust of all or any of itsrevenues, rentals, and receipts or of any project or property, real, personalor mixed, tangible or intangible, or any rights and interest therein; makesuch agreements with the purchasers or holders of such bonds or with othersin connection with any such bonds, whether issued or to be issued, as theAuthority shall deem advisable; and in general to provide for the securityfor said bonds and the rights of holders thereof;
8. Make and enter into all contracts and agreements necessary or incidentalto the performance of its duties, the furtherance of its purposes and theexecution of its powers under this article, including interstate compacts andagreements with any person or federal agency;
9. Employ, in its discretion, consultants, attorneys, architects, engineers,accountants, financial experts, investment bankers, superintendents, managersand such other employees and agents as may be necessary, and to fix theircompensation to be payable from funds made available to the Authority;
10. Receive and accept from any federal or private agency, foundation,corporation, association or person grants, donations of money, real orpersonal property for the benefit of the Authority, and to receive and acceptfrom the Commonwealth or any state, and any municipality, county or otherpolitical subdivision thereof and from any other source, aid or contributionsof either money, property, or other things of value, to be held, used andapplied for the purposes for which such grants and contributions may be made;
11. Render advice and assistance, and to provide services, to institutions ofhigher education including, but not limited to, Old Dominion University, andto other persons providing services or facilities for scientific andtechnological research or graduate education, provided that credit toward adegree, certificate or diploma shall be granted only if such education isprovided in conjunction with an institution of higher education authorized tooperate in Virginia;
12. Develop, undertake and provide programs, alone or in conjunction with anyperson or federal agency, for scientific and technological research,technology management, continuing education and in-service training; however,credit towards a degree, certificate or diploma shall be granted only if sucheducation is provided in conjunction with an institution of higher educationauthorized to operate in Virginia; foster the utilization of scientific andtechnological research, information discoveries and data and obtain patents,copyrights and trademarks thereon; coordinate the scientific andtechnological research efforts of public institutions and private industryand collect and maintain data on the development and utilization ofscientific and technological research capabilities;
13. Pledge or otherwise encumber all or any of the revenues or receipts ofthe Authority as security for all or any of the obligations of the Authority;
14. Appoint an industry advisory board to advise the Authority on issuesrelated to the performance of its duties, the furtherance of its purposes andthe execution of its powers under this article. The Authority shall have fulldiscretion in determining the number and qualifications of members itappoints to the industry advisory board, and whether such members shall becompensated from the funds made available to the Authority; and
15. Do all acts and things necessary or convenient to carry out the powersgranted to it by law.
(1995, c. 758, § 9-266.5; 1996, c. 111; 2001, c. 844.)
The Authority is granted all powers necessary or convenient for the carryingout of its statutory purposes, including, but not limited to, the power to:
1. Sue and be sued, implead and be impleaded, complain and defend in allcourts;
2. Adopt, use, and alter at will a common seal;
3. Acquire any project and property, real, personal or mixed, tangible orintangible, or any interest therein, by purchase, gift or devise and to sell,lease (whether as lessor or lessee), transfer, convey or dispose of anyproject or property, real, personal or mixed, tangible or intangible or anyinterest therein, at any time acquired or held by the Authority on such termsand conditions as may be determined by the Board;
5. Adopt bylaws for the management and regulation of its affairs;
6. Fix, alter, charge and collect rates, rentals, fees, and other charges forthe use of projects of, the sale of products of, or services rendered by theAuthority at rates to be determined by it for the purpose of providing forthe payment of the expenses of the Authority; the planning, development,construction, improvement, rehabilitation, repair, furnishing, maintenance,and operation of its projects and properties; the payment of the costsaccomplishing its purposes set forth in § 2.2-2202; the payment of theprincipal of and interest on its obligations; and the creation of reservesfor such purposes, for other purposes of the Authority and to pay the cost ofmaintaining, repairing and operating any project and fulfilling the terms andprovisions of any agreements made with the purchasers or holders of any suchobligations;
7. Borrow money, make and issue bonds including bonds as the Authority maydetermine to issue for the purpose of accomplishing the purposes set forth in§ 2.2-2202 or for refunding bonds previously issued by the Authority, whethersuch outstanding bonds have matured or are then subject to redemption, or anycombination of such purposes; secure the payment of all bonds, or any partthereof, by pledge, assignment or deed of trust of all or any of itsrevenues, rentals, and receipts or of any project or property, real, personalor mixed, tangible or intangible, or any rights and interest therein; makesuch agreements with the purchasers or holders of such bonds or with othersin connection with any such bonds, whether issued or to be issued, as theAuthority shall deem advisable; and in general to provide for the securityfor said bonds and the rights of holders thereof;
8. Make and enter into all contracts and agreements necessary or incidentalto the performance of its duties, the furtherance of its purposes and theexecution of its powers under this article, including interstate compacts andagreements with any person or federal agency;
9. Employ, in its discretion, consultants, attorneys, architects, engineers,accountants, financial experts, investment bankers, superintendents, managersand such other employees and agents as may be necessary, and to fix theircompensation to be payable from funds made available to the Authority;
10. Receive and accept from any federal or private agency, foundation,corporation, association or person grants, donations of money, real orpersonal property for the benefit of the Authority, and to receive and acceptfrom the Commonwealth or any state, and any municipality, county or otherpolitical subdivision thereof and from any other source, aid or contributionsof either money, property, or other things of value, to be held, used andapplied for the purposes for which such grants and contributions may be made;
11. Render advice and assistance, and to provide services, to institutions ofhigher education including, but not limited to, Old Dominion University, andto other persons providing services or facilities for scientific andtechnological research or graduate education, provided that credit toward adegree, certificate or diploma shall be granted only if such education isprovided in conjunction with an institution of higher education authorized tooperate in Virginia;
12. Develop, undertake and provide programs, alone or in conjunction with anyperson or federal agency, for scientific and technological research,technology management, continuing education and in-service training; however,credit towards a degree, certificate or diploma shall be granted only if sucheducation is provided in conjunction with an institution of higher educationauthorized to operate in Virginia; foster the utilization of scientific andtechnological research, information discoveries and data and obtain patents,copyrights and trademarks thereon; coordinate the scientific andtechnological research efforts of public institutions and private industryand collect and maintain data on the development and utilization ofscientific and technological research capabilities;
13. Pledge or otherwise encumber all or any of the revenues or receipts ofthe Authority as security for all or any of the obligations of the Authority;
14. Appoint an industry advisory board to advise the Authority on issuesrelated to the performance of its duties, the furtherance of its purposes andthe execution of its powers under this article. The Authority shall have fulldiscretion in determining the number and qualifications of members itappoints to the industry advisory board, and whether such members shall becompensated from the funds made available to the Authority; and
15. Do all acts and things necessary or convenient to carry out the powersgranted to it by law.
(1995, c. 758, § 9-266.5; 1996, c. 111; 2001, c. 844.)
