62.1-132.19 - Acquisition and lease of property. - Virginia Statutes

§ 62.1-132.19. Acquisition and lease of property.

A. The Authority is empowered to rent, lease, buy, own, acquire, construct,reconstruct, and dispose of harbors, seaports, port facilities, and suchproperty, whether real or personal, as it may find necessary or convenientand issue revenue bonds therefor without pledging the faith and credit of theCommonwealth.

B. The Authority may lease to another such part or all of its real orpersonal property for such period and upon such terms and conditions as theAuthority may determine.

C. The Authority shall neither expend funds nor incur any indebtedness forany improvement, repair, maintenance, or addition to any real or personalproperty owned by anyone other than the Authority, the Commonwealth, or apolitical subdivision of the Commonwealth, unless either (i) the use of suchproperty is guaranteed to the Authority or the Commonwealth by a leaseextending beyond the useful life of the improvement, repair, maintenance,addition, or new facility, or (ii) such expenditure or indebtedness isapproved in writing by the Governor.

(1981, c. 589.)