§ 5-6. Powers.

The authority shall have the following powers together with all powers incidental thereto or necessary for the performance of those hereinafter stated:

A. 

To sue and be sued and to prosecute and defend, at law or in equity, in any court having jurisdiction of the subject matter and of the parties.

B. 

To adopt and use a corporate seal and to alter the same at pleasure.

C. 

To contract and be contracted with.

D. 

To acquire, whether by purchase, exchange, gift, lease or otherwise, and to improve, maintain, equip and furnish one or more authority facilities, including all real and personal properties which the Board of Directors of the authority may deem necessary in connection therewith and regardless of whether or not any such facilities shall then be existence.

E. 

To lease to others any or all of its facilities and to charge and collect rent therefor and to terminate any such lease upon the failure of the lessee to comply with any of the obligations thereof, and to include in any such lease, if desired, a provision that the lessee thereof shall have options to renew such lease or to purchase any or all of the leased facilities, or that upon payment of all of the indebtedness of the authority it may lease or convey any or all of its facilities to the lessee thereof with or without consideration.

F. 

To sell, exchange, donate and convey any or all of its facilities or properties whenever its Board of Directors shall find any such action to be in furtherance of the purposes for which the authority was organized.

G. 

To issue its bonds for the purpose of carrying out any of its powers, including specifically, but without intending to limit any power conferred by this section or this Article, the issuance of bonds to provide long-term financing of any pollution control facility, whether any such facility was construed prior to or after the enactment hereof or the receipt of a commitment from an authority to undertake financing pursuant hereto, unless the major part of the proceeds of such bonds will be used to redeem any prior long-term financing of such facility other than financings pursuant to this Article or any similar law.

H. 

As security for the payment of the principal of and interest on any bonds so issued and any agreements made in connection therewith, to mortgage and pledge any or all of its facilities or any part or parts thereof, whether then owned or thereafter acquired, and to pledge the revenues therefrom or from any part thereof.

I. 

To employ and pay compensation to such employees and agents, including attorneys, as the Board of Directors shall deem necessary in carrying on the business of the authority.

J. 

To exercise all powers expressly given the authority by the Board of Supervisors of Shenandoah County and to establish bylaws and make all rules and regulations, not inconsistent with the provisions of this Article, deemed expedient for the management of the authority's affairs.

K. 

To appoint an industrial advisory committee to advise the authority, consisting of such number of persons as it may deem advisable; however, such persons shall not receive any compensation for their services, but may be reimbursed for necessary traveling and other expenses incurred while on the business of the authority.

L. 

To borrow money and to accept contributions, grants and other financial assistance from the United States of America and agencies or instrumentalities thereof, the commonwealth or any political subdivision, agency or public instrumentality of the commonwealth, for or in aid of the construction, acquisition, ownership, maintenance or repair of the authority facilities or for the payment of principal of any bond of the authority, interest thereon or other cost incident thereto, and to this end the authority shall have the power to comply with such conditions and to execute such agreements, trust indentures and other legal instruments as may be necessary, convenient or desirable and to agree to such terms and conditions as may be imposed. The authority shall not have power to operate any facility as a business other than as lessor; provided, however, that the authority shall have the power to apply for, establish, operate and maintain a foreign-trade zone in accordance with the provisions of Chapter 14, § 62.1-159 et seq., of Title 62.1 of the Code of Virginia, as amended. Any meeting held by the Board of Directors at which formal action is taken shall be open to the public.