23-50.16:11 - Acquisition and disposition of property; acceptance of grants and loans - Virginia Statutes

§ 23-50.16:11. Acquisition and disposition of property; acceptance of grantsand loans.

A. Except as to those hospital facilities or any parts thereof that areleased to the Authority by the University, the control and disposition ofwhich shall be determined by such lease instruments, the Authority may:

1. Own, hold, improve, use and otherwise deal with real or personal property,tangible or intangible, or any right, easement, estate or interest therein,acquired by purchase, exchange, gift, assignment, transfer, foreclosure,lease, bequest, devise, operation of law or other means on such terms andconditions and in such manner as it may deem proper;

2. Sell, assign, lease, encumber, mortgage or otherwise dispose of anyproject or any other real or personal property, tangible or intangible, orany right, easement, estate or interest therein, or any deed of trust ormortgage lien interest owned by it, under its control or custody or in itspossession. The Authority may release or relinquish any right, title, claim,lien, interest, easement or demand however acquired, including any equity orright of redemption in property foreclosed by it; and

3. Do any of the foregoing by public or private sale, with or without publicbidding, notwithstanding the provisions of any other law.

B. The Authority may accept loans, grants, contributions or other assistancefrom the federal government, the Commonwealth or any political subdivisionthereof, or from any other public or private source to carry out any of thepurposes of this chapter. The Authority may enter into any agreement orcontract regarding or relating to the acceptance, use or repayment of anysuch loan, grant, contribution or assistance and may enter into such otheragreements with any such entity in furtherance of the purposes of thischapter.

Counties, cities and towns are hereby authorized to lend or donate money orother property to the Authority for any of its purposes. The local governmentmaking the grant or loan may restrict the use of such grants or loans to aspecific project, within or without that locality.

(1996, cc. 905, 1046.)