The Authority is hereby granted all powers necessary or appropriate to carryout and effectuate its purposes including, but not limited to, the followingpowers to:
1. Have perpetual existence as a public body corporate and as a politicalsubdivision of the Commonwealth;
2. Adopt, amend, and repeal bylaws, rules and regulations not inconsistentwith this chapter, to regulate its affairs and to carry into effect thepowers and the purposes of the Authority and for the conduct of its business.All regulations of the Authority shall be promulgated in accordance with theAdministrative Process Act (§ 2.2-4000 et seq.);
3. Sue and be sued in its name;
4. Have an official seal and alter it at will;
5. Establish, administer, manage, including the creation of reserves, andmake expenditures from the Fund for the sole purpose of providing loans toindividuals with disabilities for the acquisition of assistive technology,other equipment, or other authorized purposes;
6. Administer the Fund established by this chapter and contract with theState Treasurer and other state or community-based entities or groups workingwith persons with disabilities for such assistance in administering the loanprogram as the Board may require;
7. Maintain an office at such place or places within the Commonwealth as itmay designate;
8. Make and execute contracts and all other instruments necessary andconvenient for the performance of its duties and the exercise of its powersunder this chapter upon such terms and conditions as it deems appropriate,including contracts with appropriate state or community-based entities orgroups dealing with disabled persons;
9. Employ office personnel, advisers, consultants, professionals and agentsas may be necessary in its judgment, and to fix their compensation. The Boardshall appoint an executive director who is subordinate to the Board, and theBoard shall ensure that the executive director complies with all Board,regulatory, and statutory directives. Legal services in civil matters shallbe rendered and performed by the Attorney General in accordance with Chapter5 (§ 2.2-500 et seq.) of Title 2.2, and special counsel may only be employedwith approval and appointment by the Attorney General or as may otherwise beauthorized by § 2.2-510;
10. Procure insurance against any loss in connection with its property andother assets, including, but not limited to, loans in such amounts and fromsuch insurers as it may deem advisable;
11. Receive, hold, accept, and administer from any source gifts, grants, aidor contributions of money, property, labor or other things of value to beheld, used and applied to carry out the purposes of this chapter (subject,however, to any conditions upon which grants or contributions are made)including, but not limited to, gifts, grants, bequests of money or devisesfrom any source, including the federal government or any of its agencies orinstrumentalities for the purposes of this chapter. Unless otherwiserestricted by the terms of the gift or bequest, the Board is authorized tosell, exchange, or otherwise dispose of such money, securities, or otherproperty given or bequeathed to it in furtherance of its purposes;
12. Borrow money to carry out the purposes of this chapter and to executeevidences of such indebtedness and to secure the same and to issue negotiablerevenue bonds payable solely from funds pledged for that purpose and toprovide for the payment of the same and for the rights of the holdersthereof, provided that, any moneys borrowed, whether through the use of bondsor other indebtedness, may be secured or paid solely from funds receivedpursuant to subdivision 11 or funds received from the fees and chargesimposed by the Authority pursuant to subdivision 14;
13. Use any fund or funds of the Authority for any and all expenses to bepaid by the Authority including, by way of example, but not by limitation,any and all expenses for administrative, legal, and other services;
14. Collect fees and charges, as the Authority determines to be reasonable,in connection with its loans, insurance, guarantees, commitments andservicing thereof;
15. Take any action necessary or convenient for the exercise of the powersgranted by this chapter or reasonably implied from them; and
16. Maintain the confidentiality of financial, medical, rehabilitative andother personal information submitted to or maintained by the Authorityconcerning applicants for or recipients of loan funds. Such information shallnot be subject to the mandatory disclosure provisions of § 2.2-3704 or thepublic meeting requirements of § 2.2-3711 of the Virginia Freedom ofInformation Act.
(1995, c. 812; 2002, c. 19; 2004, c. 728; 2006, cc. 344, 380.)
The Authority is hereby granted all powers necessary or appropriate to carryout and effectuate its purposes including, but not limited to, the followingpowers to:
1. Have perpetual existence as a public body corporate and as a politicalsubdivision of the Commonwealth;
2. Adopt, amend, and repeal bylaws, rules and regulations not inconsistentwith this chapter, to regulate its affairs and to carry into effect thepowers and the purposes of the Authority and for the conduct of its business.All regulations of the Authority shall be promulgated in accordance with theAdministrative Process Act (§ 2.2-4000 et seq.);
3. Sue and be sued in its name;
4. Have an official seal and alter it at will;
5. Establish, administer, manage, including the creation of reserves, andmake expenditures from the Fund for the sole purpose of providing loans toindividuals with disabilities for the acquisition of assistive technology,other equipment, or other authorized purposes;
6. Administer the Fund established by this chapter and contract with theState Treasurer and other state or community-based entities or groups workingwith persons with disabilities for such assistance in administering the loanprogram as the Board may require;
7. Maintain an office at such place or places within the Commonwealth as itmay designate;
8. Make and execute contracts and all other instruments necessary andconvenient for the performance of its duties and the exercise of its powersunder this chapter upon such terms and conditions as it deems appropriate,including contracts with appropriate state or community-based entities orgroups dealing with disabled persons;
9. Employ office personnel, advisers, consultants, professionals and agentsas may be necessary in its judgment, and to fix their compensation. The Boardshall appoint an executive director who is subordinate to the Board, and theBoard shall ensure that the executive director complies with all Board,regulatory, and statutory directives. Legal services in civil matters shallbe rendered and performed by the Attorney General in accordance with Chapter5 (§ 2.2-500 et seq.) of Title 2.2, and special counsel may only be employedwith approval and appointment by the Attorney General or as may otherwise beauthorized by § 2.2-510;
10. Procure insurance against any loss in connection with its property andother assets, including, but not limited to, loans in such amounts and fromsuch insurers as it may deem advisable;
11. Receive, hold, accept, and administer from any source gifts, grants, aidor contributions of money, property, labor or other things of value to beheld, used and applied to carry out the purposes of this chapter (subject,however, to any conditions upon which grants or contributions are made)including, but not limited to, gifts, grants, bequests of money or devisesfrom any source, including the federal government or any of its agencies orinstrumentalities for the purposes of this chapter. Unless otherwiserestricted by the terms of the gift or bequest, the Board is authorized tosell, exchange, or otherwise dispose of such money, securities, or otherproperty given or bequeathed to it in furtherance of its purposes;
12. Borrow money to carry out the purposes of this chapter and to executeevidences of such indebtedness and to secure the same and to issue negotiablerevenue bonds payable solely from funds pledged for that purpose and toprovide for the payment of the same and for the rights of the holdersthereof, provided that, any moneys borrowed, whether through the use of bondsor other indebtedness, may be secured or paid solely from funds receivedpursuant to subdivision 11 or funds received from the fees and chargesimposed by the Authority pursuant to subdivision 14;
13. Use any fund or funds of the Authority for any and all expenses to bepaid by the Authority including, by way of example, but not by limitation,any and all expenses for administrative, legal, and other services;
14. Collect fees and charges, as the Authority determines to be reasonable,in connection with its loans, insurance, guarantees, commitments andservicing thereof;
15. Take any action necessary or convenient for the exercise of the powersgranted by this chapter or reasonably implied from them; and
16. Maintain the confidentiality of financial, medical, rehabilitative andother personal information submitted to or maintained by the Authorityconcerning applicants for or recipients of loan funds. Such information shallnot be subject to the mandatory disclosure provisions of § 2.2-3704 or thepublic meeting requirements of § 2.2-3711 of the Virginia Freedom ofInformation Act.
(1995, c. 812; 2002, c. 19; 2004, c. 728; 2006, cc. 344, 380.)
The Authority is hereby granted all powers necessary or appropriate to carryout and effectuate its purposes including, but not limited to, the followingpowers to:
1. Have perpetual existence as a public body corporate and as a politicalsubdivision of the Commonwealth;
2. Adopt, amend, and repeal bylaws, rules and regulations not inconsistentwith this chapter, to regulate its affairs and to carry into effect thepowers and the purposes of the Authority and for the conduct of its business.All regulations of the Authority shall be promulgated in accordance with theAdministrative Process Act (§ 2.2-4000 et seq.);
3. Sue and be sued in its name;
4. Have an official seal and alter it at will;
5. Establish, administer, manage, including the creation of reserves, andmake expenditures from the Fund for the sole purpose of providing loans toindividuals with disabilities for the acquisition of assistive technology,other equipment, or other authorized purposes;
6. Administer the Fund established by this chapter and contract with theState Treasurer and other state or community-based entities or groups workingwith persons with disabilities for such assistance in administering the loanprogram as the Board may require;
7. Maintain an office at such place or places within the Commonwealth as itmay designate;
8. Make and execute contracts and all other instruments necessary andconvenient for the performance of its duties and the exercise of its powersunder this chapter upon such terms and conditions as it deems appropriate,including contracts with appropriate state or community-based entities orgroups dealing with disabled persons;
9. Employ office personnel, advisers, consultants, professionals and agentsas may be necessary in its judgment, and to fix their compensation. The Boardshall appoint an executive director who is subordinate to the Board, and theBoard shall ensure that the executive director complies with all Board,regulatory, and statutory directives. Legal services in civil matters shallbe rendered and performed by the Attorney General in accordance with Chapter5 (§ 2.2-500 et seq.) of Title 2.2, and special counsel may only be employedwith approval and appointment by the Attorney General or as may otherwise beauthorized by § 2.2-510;
10. Procure insurance against any loss in connection with its property andother assets, including, but not limited to, loans in such amounts and fromsuch insurers as it may deem advisable;
11. Receive, hold, accept, and administer from any source gifts, grants, aidor contributions of money, property, labor or other things of value to beheld, used and applied to carry out the purposes of this chapter (subject,however, to any conditions upon which grants or contributions are made)including, but not limited to, gifts, grants, bequests of money or devisesfrom any source, including the federal government or any of its agencies orinstrumentalities for the purposes of this chapter. Unless otherwiserestricted by the terms of the gift or bequest, the Board is authorized tosell, exchange, or otherwise dispose of such money, securities, or otherproperty given or bequeathed to it in furtherance of its purposes;
12. Borrow money to carry out the purposes of this chapter and to executeevidences of such indebtedness and to secure the same and to issue negotiablerevenue bonds payable solely from funds pledged for that purpose and toprovide for the payment of the same and for the rights of the holdersthereof, provided that, any moneys borrowed, whether through the use of bondsor other indebtedness, may be secured or paid solely from funds receivedpursuant to subdivision 11 or funds received from the fees and chargesimposed by the Authority pursuant to subdivision 14;
13. Use any fund or funds of the Authority for any and all expenses to bepaid by the Authority including, by way of example, but not by limitation,any and all expenses for administrative, legal, and other services;
14. Collect fees and charges, as the Authority determines to be reasonable,in connection with its loans, insurance, guarantees, commitments andservicing thereof;
15. Take any action necessary or convenient for the exercise of the powersgranted by this chapter or reasonably implied from them; and
16. Maintain the confidentiality of financial, medical, rehabilitative andother personal information submitted to or maintained by the Authorityconcerning applicants for or recipients of loan funds. Such information shallnot be subject to the mandatory disclosure provisions of § 2.2-3704 or thepublic meeting requirements of § 2.2-3711 of the Virginia Freedom ofInformation Act.
(1995, c. 812; 2002, c. 19; 2004, c. 728; 2006, cc. 344, 380.)
