22.1-171 - Powers of Authority enumerated. - Virginia Statutes

§ 22.1-171. Powers of Authority enumerated.

A. In order to enable the Authority to carry out the purposes for which it isestablished, the Authority is vested with the powers of a body corporateincluding the power to sue and be sued, to make contracts, to adopt and use acommon seal and to alter the same and is authorized and empowered:

1. To collect, or to authorize the trustee under any trust indenture securingany bonds of the Authority to collect, as the same shall become due, theprincipal of and the interest on all obligations transferred to the Authorityfrom the Literary Fund;

2. To collect, or to authorize the trustee under any trust indenture securingany bonds of the Authority to collect, as the same shall become due, theprincipal of and the interest on all local school bonds purchased by theAuthority;

3. To pay the compensation of the chief executive officer of the Authorityand all such employees, agents, financial advisers and attorneys as may beemployed by the Authority either from moneys received by the Authority underthe provisions of this chapter or from appropriations made by the GeneralAssembly for such purpose;

4. To issue bonds of the Authority as authorized by this chapter and torefund any of such bonds;

5. To adopt or alter or repeal any bylaws, rules or regulations as theAuthority may deem necessary or expedient; and

6. To do any and all other acts and things necessary, appropriate orincidental in carrying out the purposes of this chapter.

B. The Authority is further authorized and empowered to issue notes and otherobligations for any of its purposes in such form as may be authorized byresolution of the Authority. The issuance of such notes or other obligationsshall be governed by the provisions of this chapter insofar as the same maybe applicable.

C. The Board of Commissioners shall submit an annual report to the Governorand General Assembly on or before November 1 of each year. Such report shallcontain, at a minimum, the annual financial statements of the Authority forthe year ending the preceding June 30.

(Code 1950, § 22-29.11; 1962, c. 194; 1972, c. 745; 1980, c. 559; 1984, c.734; 1985, c. 146; 2004, c. 650.)