§ 23-300. Virginia Universities Clean Energy Development and EconomicStimulus Foundation created; purpose; structure.
A. There is hereby created the Virginia Universities Clean Energy Developmentand Economic Stimulus Foundation (Foundation) established as a body corporateand political subdivision of the Commonwealth which, with the cooperation andassistance of the universities, shall identify, obtain, disburse, andadminister funding for the following purposes: (i) research and developmentof alternative fuels, clean energy production, and related technologies; (ii)support of economic development projects in economically disadvantaged areas;and (iii) provision of assistance in the commercialization of alternativefuels and clean energy technologies developed with funds administered by theFoundation.
B. The Foundation shall have, and is vested with, all of the politic andcorporate powers as are set forth in this chapter. The Foundation shall haveonly those powers and duties as enumerated in this chapter.
C. The Foundation shall operate as a not-for-profit corporate entity and allfunding made available to the Foundation shall be used solely for thepurposes set forth in this chapter and shall be provided from such sources asspecified in this chapter. No public funds shall be used for the work of theFoundation, which shall not be construed as an agency of the Commonwealth.
D. The Foundation shall be exempt from the provisions of the Virginia PublicProcurement Act (§ 2.2-4300 et seq.).
E. The exercise of the powers granted by this chapter shall be in allrespects for the benefit of the citizens of the Commonwealth and for thepromotion of their welfare, convenience, and prosperity.
F. The Foundation shall be performing an essential governmental function inthe exercise of the powers conferred upon it by this chapter, and theproperty of the Foundation and its income and operations shall be exempt fromtaxation or assessments upon any property acquired or used by the Foundationunder the provisions of this chapter.
§ 23-300. Virginia Universities Clean Energy Development and EconomicStimulus Foundation created; purpose; structure.
A. There is hereby created the Virginia Universities Clean Energy Developmentand Economic Stimulus Foundation (Foundation) established as a body corporateand political subdivision of the Commonwealth which, with the cooperation andassistance of the universities, shall identify, obtain, disburse, andadminister funding for the following purposes: (i) research and developmentof alternative fuels, clean energy production, and related technologies; (ii)support of economic development projects in economically disadvantaged areas;and (iii) provision of assistance in the commercialization of alternativefuels and clean energy technologies developed with funds administered by theFoundation.
B. The Foundation shall have, and is vested with, all of the politic andcorporate powers as are set forth in this chapter. The Foundation shall haveonly those powers and duties as enumerated in this chapter.
C. The Foundation shall operate as a not-for-profit corporate entity and allfunding made available to the Foundation shall be used solely for thepurposes set forth in this chapter and shall be provided from such sources asspecified in this chapter. No public funds shall be used for the work of theFoundation, which shall not be construed as an agency of the Commonwealth.
D. The Foundation shall be exempt from the provisions of the Virginia PublicProcurement Act (§ 2.2-4300 et seq.).
E. The exercise of the powers granted by this chapter shall be in allrespects for the benefit of the citizens of the Commonwealth and for thepromotion of their welfare, convenience, and prosperity.
F. The Foundation shall be performing an essential governmental function inthe exercise of the powers conferred upon it by this chapter, and theproperty of the Foundation and its income and operations shall be exempt fromtaxation or assessments upon any property acquired or used by the Foundationunder the provisions of this chapter.
§ 23-300. Virginia Universities Clean Energy Development and EconomicStimulus Foundation created; purpose; structure.
A. There is hereby created the Virginia Universities Clean Energy Developmentand Economic Stimulus Foundation (Foundation) established as a body corporateand political subdivision of the Commonwealth which, with the cooperation andassistance of the universities, shall identify, obtain, disburse, andadminister funding for the following purposes: (i) research and developmentof alternative fuels, clean energy production, and related technologies; (ii)support of economic development projects in economically disadvantaged areas;and (iii) provision of assistance in the commercialization of alternativefuels and clean energy technologies developed with funds administered by theFoundation.
B. The Foundation shall have, and is vested with, all of the politic andcorporate powers as are set forth in this chapter. The Foundation shall haveonly those powers and duties as enumerated in this chapter.
C. The Foundation shall operate as a not-for-profit corporate entity and allfunding made available to the Foundation shall be used solely for thepurposes set forth in this chapter and shall be provided from such sources asspecified in this chapter. No public funds shall be used for the work of theFoundation, which shall not be construed as an agency of the Commonwealth.
D. The Foundation shall be exempt from the provisions of the Virginia PublicProcurement Act (§ 2.2-4300 et seq.).
E. The exercise of the powers granted by this chapter shall be in allrespects for the benefit of the citizens of the Commonwealth and for thepromotion of their welfare, convenience, and prosperity.
F. The Foundation shall be performing an essential governmental function inthe exercise of the powers conferred upon it by this chapter, and theproperty of the Foundation and its income and operations shall be exempt fromtaxation or assessments upon any property acquired or used by the Foundationunder the provisions of this chapter.
