Virginia Code 15.2-6311: Authorities may borrow money, accept contributions, etc
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In addition to the powers conferred upon an authority by other provisions of this chapter, an authority is empowered to borrow money or accept contributions, grants or other financial assistance from the federal government; the Commonwealth; any locality or political subdivision; or any agency or instrumentality thereof; or from any source, public or private, for or in aid of any project of the authority, and to these ends, to comply with such conditions and enter into such mortgages, trust indentures, leases or agreements as may be necessary, convenient or desirable.
Terms Used In Virginia Code 15.2-6311
- Authority: means any political subdivision created by this chapter. See Virginia Code 15.2-6301
- Federal government: includes the United States of America, or any department, agency or instrumentality, corporate or otherwise, of the United States of America. See Virginia Code 15.2-6301
- Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
- Project: means any specific enterprise undertaken by an authority, including the facilities as hereinafter defined, and all other property, real or personal or any interest therein, necessary or appropriate for the operation of such property. See Virginia Code 15.2-6301
Code 1950, § 15-949; 1954, c. 645; 1962, c. 623, § 15.1-1332; 1996, c. 740; 1997, c. 587.