62.1-132.18 - Acquisition of property. - Virginia Statutes

§ 62.1-132.18. Acquisition of property.

A. The Authority is authorized to acquire, construct, maintain, equip, andoperate marine terminals, port facilities, wharves, docks, ships, piers,quays, elevators, compressors, refrigeration storage plants, warehouses, andother structures necessary for the convenient use of the same in the aid ofcommerce. The Authority is further authorized to undertake or makearrangements for the dredging of approaches to each facility and theconstruction of shipping facilities and transportation facilities incidentthereto. The Authority shall have the power to issue revenue bonds for suchacquisitions and purposes.

B. When such facilities or equipment is acquired from any politicalsubdivision of the Commonwealth, the Authority is authorized to give writtenassurances, including agreements to reconvey properties to such politicalsubdivision, for the installment payments for any terminals, facility, orequipment thus acquired.

(1981, c. 589.)