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, purchase, hold, use, lease or otherwise dispose of any property,real, personal or mixed, tangible or intangible, or any interest thereinnecessary or desirable for carrying out the purposes of the Authority, and tolease as lessee, any property, real, personal or mixed, tangible orintangible, or any interest therein, at such annual rental and on such termsand conditions as may be determined by the Board and to lease as lessor toany person, any property, real, personal or mixed, tangible or intangible, orany interest therein, at any time acquired by the Authority, whether whollyor partially completed, at such annual rental and on such terms andconditions as may be determined by the Board and to sell, transfer or conveyany 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, provided that the terms ofany conveyance or lease of real property shall be subject to the priorwritten approval of the Governor;
4. Fix, alter, charge and collect rates, rentals, fees, and other charges forthe use of property 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;
5. 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 agreements with anyperson or federal agency;
6. Employ, at its discretion, consultants, researchers, architects,engineers, accountants, financial experts, investment bankers,superintendents, managers and such other employees and agents as may benecessary, and to fix their compensation to be payable from funds madeavailable to the Authority. The Authority may hire employees within andwithout the Commonwealth and the United States without regard to whether suchemployees are citizens of the Commonwealth. Legal services for the Authorityshall be provided by the Attorney General in accordance with Chapter 5 (§2.2-500 et seq.) of this title;
7. Receive and accept from any federal or private agency, foundation,corporation, association or person, grants or other aid to be expended inaccomplishing the objectives of the Authority, and receive and accept fromthe Commonwealth or any state, and any municipality, county or otherpolitical subdivision thereof or from any other source, aid or contributionsof either money, property, or other things of value, to be held, used, andapplied only for the purposes for which such grants and contributions may bemade. All federal moneys accepted under this section shall be accepted andexpended by the Authority upon such terms and conditions as are prescribed bythe United States and as are consistent with state law; and all state moneysaccepted under this section shall be expended by the Authority upon suchterms and conditions as are prescribed by the Commonwealth;
8. Render advice and assistance and to provide services to state agencies,local and regional economic development entities, private firms, and otherpersons providing services or facilities for economic development in Virginia;
9. Develop, undertake, and provide programs, alone or in conjunction with anyperson, for economic research, industrial development research, and all otherresearch that might lead to improvements in economic development in Virginia;
10. Adopt, alter, and repeal bylaws, rules, and regulations governing themanner in which its business shall be transacted and the manner in which thepowers of the Authority shall be exercised and its duties performed; and
11. Do all acts and things necessary or convenient to carry out the powersgranted to it by law, and perform any act or carry out any function notinconsistent with state law that may be useful in carrying out the provisionsof this article.
(1995, c. 638, §§ 2.1-548.33, 2.1-548.34, 2.1-548.35; 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, purchase, hold, use, lease or otherwise dispose of any property,real, personal or mixed, tangible or intangible, or any interest thereinnecessary or desirable for carrying out the purposes of the Authority, and tolease as lessee, any property, real, personal or mixed, tangible orintangible, or any interest therein, at such annual rental and on such termsand conditions as may be determined by the Board and to lease as lessor toany person, any property, real, personal or mixed, tangible or intangible, orany interest therein, at any time acquired by the Authority, whether whollyor partially completed, at such annual rental and on such terms andconditions as may be determined by the Board and to sell, transfer or conveyany 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, provided that the terms ofany conveyance or lease of real property shall be subject to the priorwritten approval of the Governor;
4. Fix, alter, charge and collect rates, rentals, fees, and other charges forthe use of property 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;
5. 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 agreements with anyperson or federal agency;
6. Employ, at its discretion, consultants, researchers, architects,engineers, accountants, financial experts, investment bankers,superintendents, managers and such other employees and agents as may benecessary, and to fix their compensation to be payable from funds madeavailable to the Authority. The Authority may hire employees within andwithout the Commonwealth and the United States without regard to whether suchemployees are citizens of the Commonwealth. Legal services for the Authorityshall be provided by the Attorney General in accordance with Chapter 5 (§2.2-500 et seq.) of this title;
7. Receive and accept from any federal or private agency, foundation,corporation, association or person, grants or other aid to be expended inaccomplishing the objectives of the Authority, and receive and accept fromthe Commonwealth or any state, and any municipality, county or otherpolitical subdivision thereof or from any other source, aid or contributionsof either money, property, or other things of value, to be held, used, andapplied only for the purposes for which such grants and contributions may bemade. All federal moneys accepted under this section shall be accepted andexpended by the Authority upon such terms and conditions as are prescribed bythe United States and as are consistent with state law; and all state moneysaccepted under this section shall be expended by the Authority upon suchterms and conditions as are prescribed by the Commonwealth;
8. Render advice and assistance and to provide services to state agencies,local and regional economic development entities, private firms, and otherpersons providing services or facilities for economic development in Virginia;
9. Develop, undertake, and provide programs, alone or in conjunction with anyperson, for economic research, industrial development research, and all otherresearch that might lead to improvements in economic development in Virginia;
10. Adopt, alter, and repeal bylaws, rules, and regulations governing themanner in which its business shall be transacted and the manner in which thepowers of the Authority shall be exercised and its duties performed; and
11. Do all acts and things necessary or convenient to carry out the powersgranted to it by law, and perform any act or carry out any function notinconsistent with state law that may be useful in carrying out the provisionsof this article.
(1995, c. 638, §§ 2.1-548.33, 2.1-548.34, 2.1-548.35; 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, purchase, hold, use, lease or otherwise dispose of any property,real, personal or mixed, tangible or intangible, or any interest thereinnecessary or desirable for carrying out the purposes of the Authority, and tolease as lessee, any property, real, personal or mixed, tangible orintangible, or any interest therein, at such annual rental and on such termsand conditions as may be determined by the Board and to lease as lessor toany person, any property, real, personal or mixed, tangible or intangible, orany interest therein, at any time acquired by the Authority, whether whollyor partially completed, at such annual rental and on such terms andconditions as may be determined by the Board and to sell, transfer or conveyany 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, provided that the terms ofany conveyance or lease of real property shall be subject to the priorwritten approval of the Governor;
4. Fix, alter, charge and collect rates, rentals, fees, and other charges forthe use of property 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;
5. 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 agreements with anyperson or federal agency;
6. Employ, at its discretion, consultants, researchers, architects,engineers, accountants, financial experts, investment bankers,superintendents, managers and such other employees and agents as may benecessary, and to fix their compensation to be payable from funds madeavailable to the Authority. The Authority may hire employees within andwithout the Commonwealth and the United States without regard to whether suchemployees are citizens of the Commonwealth. Legal services for the Authorityshall be provided by the Attorney General in accordance with Chapter 5 (§2.2-500 et seq.) of this title;
7. Receive and accept from any federal or private agency, foundation,corporation, association or person, grants or other aid to be expended inaccomplishing the objectives of the Authority, and receive and accept fromthe Commonwealth or any state, and any municipality, county or otherpolitical subdivision thereof or from any other source, aid or contributionsof either money, property, or other things of value, to be held, used, andapplied only for the purposes for which such grants and contributions may bemade. All federal moneys accepted under this section shall be accepted andexpended by the Authority upon such terms and conditions as are prescribed bythe United States and as are consistent with state law; and all state moneysaccepted under this section shall be expended by the Authority upon suchterms and conditions as are prescribed by the Commonwealth;
8. Render advice and assistance and to provide services to state agencies,local and regional economic development entities, private firms, and otherpersons providing services or facilities for economic development in Virginia;
9. Develop, undertake, and provide programs, alone or in conjunction with anyperson, for economic research, industrial development research, and all otherresearch that might lead to improvements in economic development in Virginia;
10. Adopt, alter, and repeal bylaws, rules, and regulations governing themanner in which its business shall be transacted and the manner in which thepowers of the Authority shall be exercised and its duties performed; and
11. Do all acts and things necessary or convenient to carry out the powersgranted to it by law, and perform any act or carry out any function notinconsistent with state law that may be useful in carrying out the provisionsof this article.
(1995, c. 638, §§ 2.1-548.33, 2.1-548.34, 2.1-548.35; 2001, c. 844.)
