Code of Virginia - Title 15.2 Counties, Cities And Towns - Chapter 54 Electric Authorities Act

15.2-5400 Short title
This chapter shall be known and may be cited as the "Electric Authorities Act." (1979, c. 416, § 15.1-1603; 1997, c. 587.) ...

15.2-5401 Intent of General Assembly
It is the intent of the General Assembly by the passage of this chapter to authorize the creation of electric authorities by localities of this ...

15.2-5402 Definitions
Wherever used in this chapter, unless a different meaning clearly appears in the context: "Authority" means a political subdivision and a body politic and corporate ...

15.2-5403 Creation of electric authority; referendum
The governing body of a governmental unit may by ordinance, or the governing bodies of two or more governmental units may by concurrent ordinances or ...

15.2-5404 Articles of incorporation
Each ordinance or agreement providing for the creation of an authority shall include articles of incorporation which shall set forth: 1. The name of the ...

15.2-5405 Certificate of incorporation or charter; addition and withdrawal of members; board of directors; in...
A. After adoption or approval of the ordinances or agreement providing for the creation of an authority, the articles of incorporation of the authority shall ...

15.2-5405.1 Applicability of personnel and procurement procedures to certain authorities
The provisions of the Virginia Personnel Act (§ 2.2-2900 et seq.) and the Virginia Public Procurement Act (§ 2.2-4300 et seq.) shall apply to an ...

15.2-5406 Rights, powers and duties of authority
An authority shall have all of the rights and powers necessary and convenient to carry out and effectuate the purposes and provisions of this chapter, ...

15.2-5406.1 Retail distribution of electric energy limited to certain authorities
Notwithstanding any other provision in this chapter to the contrary, an authority is not authorized to distribute electric energy for retail sale unless the authority ...

15.2-5406.2 Tort claims against certain authorities
An authority created by a governmental unit exempt from the referendum requirement of § 15.2-5403 shall be subject to tort liability only to the extent ...

15.2-5407 Membership in more than one authority
Nothing herein contained shall prohibit any governmental unit from being a member of more than one authority for the purpose of obtaining an adequate electric ...

15.2-5408 Sale of power and energy, including capacity and output to member governmental units by authority; ...
Any member governmental unit of an authority may contract to buy from the authority power and energy required for its present or future requirements, including ...

15.2-5409 Sale of capacity and output to nonmembers; limitations
An authority may sell or exchange the capacity or output of a project not then required by any of its member governmental units for such ...

15.2-5410 Contents of agreement as to joint ownership of project; designation of party to agreement as agent ...
Any agreement between an authority and a unit with respect to the joint ownership of a project shall provide that each party to the agreement ...

15.2-5411 Contracts for planning, acquisition, construction, etc., of projects
An authority may contract for the planning, acquisition, construction, reconstruction, operation, maintenance, repair, extension, and improvement of a project or may contract with one or ...

15.2-5412 Issuance of bonds by authority
An authority may issue from time to time its bonds in such principal amounts as the authority shall deem necessary to provide sufficient funds to ...

15.2-5413 Interim receipts and temporary bonds; lost, stolen and destroyed bonds
Prior to the preparation of definitive bonds, the authority may issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when ...

15.2-5414 Bonds not debts of Commonwealth or member governmental unit
Bonds issued under the provisions of this chapter shall not be deemed to constitute a pledge of the faith and credit of the Commonwealth or ...

15.2-5415 Security for bonds; trust agreement; bond resolution
In the discretion of any authority, any revenue bonds issued under the provisions of this chapter may be secured by a trust agreement by and ...

15.2-5416 Rents, rates, fees and other charges
The authority is hereby authorized to fix, charge and collect rents, rates, fees and other charges for the purchase of output or capacity of, or ...

15.2-5417 Moneys received deemed trust funds
Notwithstanding any other provisions of law to the contrary, all moneys received pursuant to the authority of this chapter, whether as proceeds from the sale ...

15.2-5418 Bondholders' and trustees' remedies
Any holder of bonds issued under the provisions of this chapter or any of the coupons appertaining thereto, and the trustee under any trust agreement, ...

15.2-5419 Refunding bonds
An authority created hereunder is hereby authorized to provide by resolution for the issuance of revenue refunding bonds of the authority for the purpose of ...

15.2-5420 Status of bonds under Uniform Commercial Code
Notwithstanding any of the provisions of this chapter or any recitals in any bonds issued under this chapter, all such bonds shall be deemed to ...

15.2-5421 Bonds as legal investments and lawful security
The bonds issued pursuant to this chapter shall be and are hereby declared to be legal and authorized investments for banks, savings institutions, trust companies, ...

15.2-5422 Bonds exempt from taxation
Bonds, their transfer and the income therefrom, including any profit made on the sale thereof, shall at all times be exempt from all taxation by ...

15.2-5423 Payments in lieu of property taxes; license tax
A project owned by an authority shall be exempt from property taxes. However, an authority, other than an authority created by a governmental unit exempt ...

15.2-5423.1 Exemption from taxation for certain authorities
An authority created by a governmental unit exempt from the referendum requirement of § 15.2-5403 is hereby declared to be performing a public function on ...

15.2-5424 Transfer, etc., of property of political subdivisions upon request of authority
The governing body of any political subdivision, notwithstanding any contrary provision of law, is hereby authorized to transfer jurisdiction over, to permit the use of, ...

15.2-5425 Eminent domain
An authority created under the provisions of this chapter is hereby vested with the power of eminent domain and the same authority to exercise the ...

15.2-5426 Annual reports
Each authority, promptly following the close of the calendar year, shall submit an annual report of its activities for the preceding year to the governing ...

15.2-5427 Liability of members or officers
No member of any authority or officer of any governing body of any member governmental unit creating such authority, or person or persons acting in ...

15.2-5428 Dissolution of authority
Whenever the board of directors of an authority and its member governmental units determines that the purposes for which it was created have been substantially ...

15.2-5429 Legislative consent to application of laws of other states
Legislative consent is hereby given (i) to the application of the laws of other states with respect to taxation, payments in lieu of taxes, and ...

15.2-5430 Provisions of chapter cumulative; construction
Neither this chapter nor anything herein contained shall be construed as a restriction or limitation upon any powers which an authority or governmental unit acting ...

15.2-5431 Severability; provisions of chapter controlling over other statutes and charters
The powers granted and the duties imposed in this chapter shall be construed to be independent and severable. If any one or more sections, subsections, ...