The Authority is granted all powers necessary or appropriate to carry out andto effectuate its purposes, including the following:
1. To have perpetual succession as a public body corporate and as a politicalsubdivision of the Commonwealth;
2. To adopt, amend and repeal bylaws, and rules and regulations, notinconsistent with this chapter for the administration and regulation of itsaffairs and to carry into effect the powers and purposes of the Authority andthe conduct of its business;
3. To sue and be sued in its own name;
4. To have an official seal and alter it at will although the failure toaffix this seal shall not affect the validity of any instrument executed onbehalf of the Authority;
5. To maintain an office at any place within the Commonwealth which itdesignates;
6. To make and execute contracts and all other instruments and agreementsnecessary or convenient for the performance of its duties and the exercise ofits powers and functions under this chapter;
7. To sell, convey, mortgage, pledge, lease, exchange, transfer and otherwisedispose of all or any part of its properties and assets;
8. To employ officers, employees, agents, advisers and consultants, includingwithout limitations, attorneys, financial advisers, engineers and othertechnical advisers and public accountants and, the provisions of any otherlaw to the contrary notwithstanding, to determine their duties andcompensation without the approval of any other agency or instrumentality;
9. To procure insurance, in amounts and from insurers of its choice, orprovide self-insurance, against any loss, cost, or expense in connection withits property, assets or activities, including insurance or self-insuranceagainst liability for its acts or the acts of its directors, employees oragents and for the indemnification of the members of its Board of Directorsand its employees and agents;
10. To procure credit enhancements from any public or private entities,including any department, agency or instrumentality of the United States ofAmerica or the Commonwealth, for the payment of any bonds issued by theAuthority, including the power to pay premiums or fees on any such creditenhancements;
11. To receive and accept from any source aid, grants and contributions ofmoney, property, labor or other things of value to be held, used and appliedto carry out the purposes of this chapter subject to the conditions uponwhich the aid, grants or contributions are made;
12. To enter into agreements with any department, agency or instrumentalityof the United States of America or, the Commonwealth, the District ofColumbia or any adjoining state for the purpose of planning, regulating andproviding for the financing of any projects;
13. To collect, or to authorize the trustee under any trust indenturesecuring any bonds or any other fiduciary to collect, amounts due under anylocal obligations owned or credit enhanced by the Authority, including takingthe action required by § 15.2-2659 or § 62.1-216.1 to obtain payment of anysums in default;
14. To enter into contracts or agreements for the servicing and processing oflocal obligations owned by the Authority;
15. To invest or reinvest its funds as provided in this chapter or permittedby applicable law;
16. Unless restricted under any agreement with holders of bonds, to consentto any modification with respect to the rate of interest, time and payment ofany installment of principal or interest, or any other term of any localobligations owned by the Authority;
17. To establish and revise, amend and repeal, and to charge and collect,fees and charges in connection with any activities or services of theAuthority;
18. To do any act necessary or convenient to the exercise of the powersgranted or reasonably implied by this chapter; and
19. To pledge as security for the payment of any or all bonds of theAuthority, all or any part of the Capital Reserve Fund or other reserve fundor account transferred to a trustee for such purpose from the WaterFacilities Revolving Fund pursuant to § 62.1-231, from the Water SupplyRevolving Fund pursuant to § 62.1-240, from the Virginia Solid Waste orRecycling Revolving Fund pursuant to § 62.1-241.9, from the Virginia AirportsRevolving Fund pursuant to § 5.1-30.6, or from the Dam Safety, FloodPrevention and Protection Assistance Fund pursuant to § 10.1-603.17.
(1984, c. 699; 1985, c. 67; 1986, c. 415; 1987, cc. 117, 133, 324; 1994, c.684; 1998, c. 399; 1999, c. 897; 2003, c. 561; 2006, cc. 648, 765.)
The Authority is granted all powers necessary or appropriate to carry out andto effectuate its purposes, including the following:
1. To have perpetual succession as a public body corporate and as a politicalsubdivision of the Commonwealth;
2. To adopt, amend and repeal bylaws, and rules and regulations, notinconsistent with this chapter for the administration and regulation of itsaffairs and to carry into effect the powers and purposes of the Authority andthe conduct of its business;
3. To sue and be sued in its own name;
4. To have an official seal and alter it at will although the failure toaffix this seal shall not affect the validity of any instrument executed onbehalf of the Authority;
5. To maintain an office at any place within the Commonwealth which itdesignates;
6. To make and execute contracts and all other instruments and agreementsnecessary or convenient for the performance of its duties and the exercise ofits powers and functions under this chapter;
7. To sell, convey, mortgage, pledge, lease, exchange, transfer and otherwisedispose of all or any part of its properties and assets;
8. To employ officers, employees, agents, advisers and consultants, includingwithout limitations, attorneys, financial advisers, engineers and othertechnical advisers and public accountants and, the provisions of any otherlaw to the contrary notwithstanding, to determine their duties andcompensation without the approval of any other agency or instrumentality;
9. To procure insurance, in amounts and from insurers of its choice, orprovide self-insurance, against any loss, cost, or expense in connection withits property, assets or activities, including insurance or self-insuranceagainst liability for its acts or the acts of its directors, employees oragents and for the indemnification of the members of its Board of Directorsand its employees and agents;
10. To procure credit enhancements from any public or private entities,including any department, agency or instrumentality of the United States ofAmerica or the Commonwealth, for the payment of any bonds issued by theAuthority, including the power to pay premiums or fees on any such creditenhancements;
11. To receive and accept from any source aid, grants and contributions ofmoney, property, labor or other things of value to be held, used and appliedto carry out the purposes of this chapter subject to the conditions uponwhich the aid, grants or contributions are made;
12. To enter into agreements with any department, agency or instrumentalityof the United States of America or, the Commonwealth, the District ofColumbia or any adjoining state for the purpose of planning, regulating andproviding for the financing of any projects;
13. To collect, or to authorize the trustee under any trust indenturesecuring any bonds or any other fiduciary to collect, amounts due under anylocal obligations owned or credit enhanced by the Authority, including takingthe action required by § 15.2-2659 or § 62.1-216.1 to obtain payment of anysums in default;
14. To enter into contracts or agreements for the servicing and processing oflocal obligations owned by the Authority;
15. To invest or reinvest its funds as provided in this chapter or permittedby applicable law;
16. Unless restricted under any agreement with holders of bonds, to consentto any modification with respect to the rate of interest, time and payment ofany installment of principal or interest, or any other term of any localobligations owned by the Authority;
17. To establish and revise, amend and repeal, and to charge and collect,fees and charges in connection with any activities or services of theAuthority;
18. To do any act necessary or convenient to the exercise of the powersgranted or reasonably implied by this chapter; and
19. To pledge as security for the payment of any or all bonds of theAuthority, all or any part of the Capital Reserve Fund or other reserve fundor account transferred to a trustee for such purpose from the WaterFacilities Revolving Fund pursuant to § 62.1-231, from the Water SupplyRevolving Fund pursuant to § 62.1-240, from the Virginia Solid Waste orRecycling Revolving Fund pursuant to § 62.1-241.9, from the Virginia AirportsRevolving Fund pursuant to § 5.1-30.6, or from the Dam Safety, FloodPrevention and Protection Assistance Fund pursuant to § 10.1-603.17.
(1984, c. 699; 1985, c. 67; 1986, c. 415; 1987, cc. 117, 133, 324; 1994, c.684; 1998, c. 399; 1999, c. 897; 2003, c. 561; 2006, cc. 648, 765.)
The Authority is granted all powers necessary or appropriate to carry out andto effectuate its purposes, including the following:
1. To have perpetual succession as a public body corporate and as a politicalsubdivision of the Commonwealth;
2. To adopt, amend and repeal bylaws, and rules and regulations, notinconsistent with this chapter for the administration and regulation of itsaffairs and to carry into effect the powers and purposes of the Authority andthe conduct of its business;
3. To sue and be sued in its own name;
4. To have an official seal and alter it at will although the failure toaffix this seal shall not affect the validity of any instrument executed onbehalf of the Authority;
5. To maintain an office at any place within the Commonwealth which itdesignates;
6. To make and execute contracts and all other instruments and agreementsnecessary or convenient for the performance of its duties and the exercise ofits powers and functions under this chapter;
7. To sell, convey, mortgage, pledge, lease, exchange, transfer and otherwisedispose of all or any part of its properties and assets;
8. To employ officers, employees, agents, advisers and consultants, includingwithout limitations, attorneys, financial advisers, engineers and othertechnical advisers and public accountants and, the provisions of any otherlaw to the contrary notwithstanding, to determine their duties andcompensation without the approval of any other agency or instrumentality;
9. To procure insurance, in amounts and from insurers of its choice, orprovide self-insurance, against any loss, cost, or expense in connection withits property, assets or activities, including insurance or self-insuranceagainst liability for its acts or the acts of its directors, employees oragents and for the indemnification of the members of its Board of Directorsand its employees and agents;
10. To procure credit enhancements from any public or private entities,including any department, agency or instrumentality of the United States ofAmerica or the Commonwealth, for the payment of any bonds issued by theAuthority, including the power to pay premiums or fees on any such creditenhancements;
11. To receive and accept from any source aid, grants and contributions ofmoney, property, labor or other things of value to be held, used and appliedto carry out the purposes of this chapter subject to the conditions uponwhich the aid, grants or contributions are made;
12. To enter into agreements with any department, agency or instrumentalityof the United States of America or, the Commonwealth, the District ofColumbia or any adjoining state for the purpose of planning, regulating andproviding for the financing of any projects;
13. To collect, or to authorize the trustee under any trust indenturesecuring any bonds or any other fiduciary to collect, amounts due under anylocal obligations owned or credit enhanced by the Authority, including takingthe action required by § 15.2-2659 or § 62.1-216.1 to obtain payment of anysums in default;
14. To enter into contracts or agreements for the servicing and processing oflocal obligations owned by the Authority;
15. To invest or reinvest its funds as provided in this chapter or permittedby applicable law;
16. Unless restricted under any agreement with holders of bonds, to consentto any modification with respect to the rate of interest, time and payment ofany installment of principal or interest, or any other term of any localobligations owned by the Authority;
17. To establish and revise, amend and repeal, and to charge and collect,fees and charges in connection with any activities or services of theAuthority;
18. To do any act necessary or convenient to the exercise of the powersgranted or reasonably implied by this chapter; and
19. To pledge as security for the payment of any or all bonds of theAuthority, all or any part of the Capital Reserve Fund or other reserve fundor account transferred to a trustee for such purpose from the WaterFacilities Revolving Fund pursuant to § 62.1-231, from the Water SupplyRevolving Fund pursuant to § 62.1-240, from the Virginia Solid Waste orRecycling Revolving Fund pursuant to § 62.1-241.9, from the Virginia AirportsRevolving Fund pursuant to § 5.1-30.6, or from the Dam Safety, FloodPrevention and Protection Assistance Fund pursuant to § 10.1-603.17.
(1984, c. 699; 1985, c. 67; 1986, c. 415; 1987, cc. 117, 133, 324; 1994, c.684; 1998, c. 399; 1999, c. 897; 2003, c. 561; 2006, cc. 648, 765.)
