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2006 SESSION
060908504Be it enacted by the General Assembly of Virginia:
1. That §§ 10.1-603.16 through 10.1-603.20, 10.1-603.23, 10.1-606.1, 38.2-401.1, 58.1-2501, 58.1-2508, and 62.1-203 of the Code of Virginia are amended and reenacted, and that the Code of Virginia is amended by adding sections numbered 10.1-603.18.1, 10.1-603.18.2, 10.1-603.22:1 through 10.1-603.22:4 as follows:
§ 10.1-603.16. Definitions.
As used in this article unless the context requires a different meaning:
"Authority" means the Virginia Resources Authority created in Chapter 21 (§ 62.1-197 et seq.) of Title 62.1.
"Board" means the Board of Directors of the Virginia Resources Authority.
"Cost," as applied to any project financed under the provisions of this article, means the total of all costs incurred by the local government or private entity as reasonable and necessary for carrying out all works and undertakings necessary or incident to the accomplishment of any project. It includes, without limitation, all necessary developmental, planning and feasibility studies, surveys, plans and specifications; hydrologic and hydraulic studies and analyses; architectural, engineering, financial, legal or other special services; mapping; the cost of acquisition of flood-prone land and any buildings and improvements thereon, including the discharge of any obligations of the sellers of such land, buildings or improvements; site preparation and development, including demolition or removal of existing structures; construction and reconstruction; labor; materials, machinery and equipment; the reasonable costs of financing incurred by the local government or private entity in the course of the development of the project; carrying charges incurred before placing the project in service; necessary expenses incurred in connection with placing the project in service; the funding of accounts and reserves that the Authority may require; and the cost of other items that the Authority determines to be reasonable and necessary.
"Dam owner" means the owner of the land on which a dam is situated, the holder of an easement permitting the construction of a dam and any person or entity agreeing to maintain a dam.
"Department" means the Department of Conservation and Recreation.
"Director" means the Director of the Department of Conservation and Recreation.
"Flood prevention or protection" means the construction of dams, levees, flood walls, channel improvements or diversions, local flood proofing, evacuation of flood-prone areas or land use controls which reduce or mitigate damage from flooding.
"Flood prevention or protection studies" means hydraulic and hydrologic studies of flood plains with historic and predicted floods, the assessment of flood risk and the development of strategies to prevent or mitigate damage from flooding.
"Fund" or "revolving fund" means the Dam Safety, Flood Prevention and Protection Assistance Fund.
"Local funds" means cash provided for project or study implementation that is not derived from federal or state grants or loans.
"Local public body" means any city, county, town,
water authority, service authority or special taxing district
"Local government" means any county, city, town, municipal
corporation, authority, district, commission, or political subdivision created
by the General Assembly or pursuant to the Constitution or laws of the
Commonwealth, or any combination of any two or more of the foregoing.
"Private entities" means dam owners, whether individuals, partnerships, corporations, or other nongovernmental entities.
"Project" means the development and implementation of activities or measures performed to eliminate, prevent, reduce, or mitigate damages caused by flooding or to identify flood hazards; the design, repair, and safety modifications of a dam or impounding structure, as defined in § 10.1-604, and identified in dam safety reports generated pursuant to § 10.1-607 or 10.1-609; or the mapping and digitization of dam break inundation zones. The term includes, without limitation, the construction, modification or repair of dams, levees, flood walls, channel improvements or diversions; evacuation, relocation, and retrofitting of flood-prone structures; flood warning and response systems; redevelopment, acquisition, and open-space use of flood-prone areas; hydrologic and hydraulic studies of floodplains with historic and predicted floods; remapping of regulated flood hazard areas; the assessment of flood risks; the development of flood hazard mitigation strategies and plans, flood prevention and protection studies, and matching funds for federal funds for these activities. The lands involved with such projects shall be located within the Commonwealth.
§ 10.1-603.17. Dam Safety, Flood Prevention and Protection Assistance Fund established.
The Dam Safety, Flood Prevention and Protection
Assistance Fund is hereby established and set apart as a permanent and
nonreverting fund. The Fund shall consist of any moneys appropriated by the
General Assembly and, funds returned by localities or other
public or private sources in the form of interest and repayment of loan
principal, deposits pursuant to [ § ] §
38.2-401.1 [ and 58.1-2501 ] , all income
from the investment of moneys held in the Fund, and any other sums designated
for deposit in the Fund from any source public or private, including without
limitation any federal grants, and awards or other forms of assistance received
by the Commonwealth that are eligible for deposit in the Fund under federal law.
Any moneys remaining in the Fund at the end of the biennium including any
appropriated funds and all principal interest accrued, interest and payments
shall not revert to the general fund.
§ 10.1-603.18. Administration of the Fund.
The Director shall be responsible for the administration of
the Fund and shall direct the distribution of grants or loans from the Fund.
The Director is authorized to promulgate regulations for the proper
administration of the Fund. Such regulations may include, but are not limited
to, the establishment of amounts, interest rates, repayment terms, consideration
of the fiscal stability of the particular applicant and all other criteria for
awarding of grants or loans The Authority shall administer and manage
the Fund, and establish the interest rates and the repayment terms of such
loans as provided in this article, in accordance with a memorandum of agreement
with the Director. The Director shall, after consultation with all interested
parties, develop a guidance document governing project eligibility and project
priority criteria, and the Director, upon approval from the Virginia Soil and
Water Conservation Board, shall direct the distribution of loans from the Fund
to local governments and private entities and the distribution of grants to
local governments. In order to carry out the administration and management of
the Fund, the Authority may employ officers, employees, agents, advisers and
consultants, including without limitation, attorneys, financial advisors,
engineers, and other technical advisors and public accountants, and determine
their duties and compensation without the approval of any other agency or
instrumentality. The Authority may disburse from the Fund reasonable costs and
expenses incurred in the administration and management of the Fund and may
establish and collect a reasonable fee for its management services. However,
any such fee shall not exceed one-eighth of one percent of any bond par, loan
or grant amount.
§ 10.1-603.18:1. Deposit of money; expenditures; investments.
All money belonging to the Fund shall be deposited in an account or accounts in banks or trust companies organized under the laws of the Commonwealth or in national banking associations located in Virginia or in savings institutions located in Virginia organized under the laws of the Commonwealth or the United States. The money in these accounts shall be paid by check signed by the Executive Director of the Authority or other officers or employees designated by the Board of Directors of the Authority. All deposits of money shall, if required by the Authority, be secured in a manner determined by the Authority to be prudent, and all banks, trust companies, and savings institutions are authorized to give security for the deposits. Money in the Fund shall not be commingled with other money of the Authority. Money in the Fund not needed for immediate use or disbursement may be invested or reinvested by the Authority in obligations or securities that are considered lawful investments for public funds under the laws of the Commonwealth.
§ 10.1-603.18:2. Collection of money due Fund.
The Authority is empowered to collect, or to authorize others to collect on its behalf, amounts due to the Fund under any loan to a local government or private entity, including, if appropriate, taking the action required by § 15.2-2659 or 62.1-216.1 to obtain payment of any amounts in default. Proceedings to recover amounts due to the Fund may be instituted by the Authority in the name of the Fund in the appropriate circuit court.
§ 10.1-603.19. Purposes for which Fund is to be used; Authority to set terms and conditions of loans.
A. The Director is authorized to make grants or loans to any
city, county, town, water authority, service authority or taxing district
local government for the purpose of assisting the local public body
government in the development and implementation of flood prevention or
protection projects, or for flood prevention or protection studies. Grants
or loans from the Fund for flood prevention or protection projects, or for
flood prevention or protection studies may match, but shall not exceed, the
amount of contribution derived from local funds. No grant or loan award for
flood prevention or protection projects, or for flood prevention or protection
studies, individually or in combination for a single project, shall exceed 25
percent of the unencumbered balance of the fund as determined at the beginning
of the fiscal year.
B. The Director is authorized to expend from the Fund up to
$50,000 annually, but no more than 10 percent of the Fund's balance, which
shall be utilized as for cost share with federal agencies in
flood protection studies of statewide or regional significance.
C. The Director is also authorized, in order to protect public
safety and welfare, to make grants or loans to local public bodies
governments owning dams and to make loans to private owners
private entities for the design, repair and the safety modifications of
dams identified in safety reports generated pursuant to § 10.1-607 or 10.1-609,
and to make grants for the mapping and digitization of dam break inundation
zones. The Director shall develop grant and loan guidelines for the funds
awarded under this subsection.
D. The total amount of expenditures for grants in any fiscal year shall not exceed 50% of the total amount collected in interest or income from the investment of moneys in the Fund from the previous fiscal year as determined at the beginning of the fiscal year.
E. Any grants made from the Fund shall require a 50% project match by the local government applicant. Any loans made from the Fund shall require a minimum of a 10% project match by the applicant.
F. Except as otherwise provided in this article, money in the Fund shall be used solely to make loans or grants to local governments, or loans to private entities to finance or refinance the cost of a project. The local government or private entity to which loans or grants are made, the purposes of the loan or grant, the required match for the specific loan or grant, and the amount of each loan or grant, shall be designated in writing by the Director to the Authority. No loan or grant from the Fund shall exceed the total cost of the project to be financed or the outstanding principal amount of the indebtedness to be refinanced plus reasonable financing expenses. Loans may also be from the Fund, at the Director's discretion, to a local government that has developed a low-interest loan program to provide loans or other incentives to facilitate the correction of dam or impounding structure deficiencies, as required by the Department, provided that the moneys are to be used only for the program and that the dams or impounding structures to be repaired or upgraded are owned by private entities.
G. Except as otherwise provided in this article, the Authority shall determine the interest rate and terms and conditions of any loan from the Fund, which may vary between different loans and between local governments and private entities to finance or refinance the cost of a project. Each loan shall be evidenced by appropriate bonds or notes of the local government or by the appropriate debt instrument for private entities payable to the Fund. Private entities shall duly authorize an appropriate debt instrument and execute same by their authorized legal representatives. The bonds or notes shall have been duly authorized by the local government and executed by its authorized legal representatives. The Authority may require in connection with any loan from the Fund such documents, instruments, certificates, legal opinions, covenants, conditions, and other information as it may deem necessary or convenient to further the purpose of the loan. In addition to any other terms or conditions that the Authority may establish, the Authority may require, as a condition to making any loan from the Fund, that the local government or private entity receiving the loan covenant to perform any of the following:
1. Establish and collect rents, rates, fees, and charges to produce revenue sufficient to pay all or a specified portion of (i) the costs of operation, maintenance, replacement, renewal, and repairs of the project; (ii) any outstanding indebtedness incurred for the purposes of the project, including the principal of, premium, if any, and interest on the loan from the Fund; and (iii) any amounts necessary to create and maintain any required reserve, including any rate stabilization fund deemed necessary or appropriate by the Authority to offset the need, in whole or part, for future increases in rents, rates, fees, or charges;
2. With respect to local governments, levy and collect ad valorem taxes on all property within the jurisdiction of the local government subject to local taxation sufficient to pay the principal of and premium, if any, and interest on the loan from the Fund to the local government;
3. Create and maintain a special fund or funds for the payment of the principal of, premium, if any, and interest on the loan from the Fund and any other amounts becoming due under any agreement entered into in connection with the loan, or for the operation, maintenance, repair, or replacement of the project or any portions thereof or other property of the borrower, and deposit into any fund or funds amounts sufficient to make any payments on the loan as they become due and payable;
4. Create and maintain other special funds as required by the Authority;
5. Perform other acts otherwise permitted by applicable law to secure payment of the principal of, premium, if any, and interest on the loan from the Fund and to provide for the remedies of the Fund in the event of any default by the borrower in payment of the loan, including, without limitation, any of the following:
a. The conveyance of, or the granting of liens on or security interests in, real and personal property, together with all rights, title and interest therein;
b. The procurement of insurance, guarantees, letters of credit and other forms of collateral, security, liquidity arrangements or credit supports for the loan from any source, public or private, and the payment therefor of premiums, fees, or other charges;
c. The combination of one or more projects, or the combination of one or more projects with one or more other undertakings, facilities, utilities, or systems, for the purpose of operations and financing, and the pledging of the revenues from such combined projects, undertakings, facilities, utilities and systems to secure the loan from the Fund borrower made in connection with such combination or any part or parts thereof;
d. The maintenance, replacement, renewal, and repair of the project; and
e. The procurement of casualty and liability insurance.
6. Obtain a review of the accounting and internal controls from the Auditor of Public Accounts or his legally authorized representatives, as applicable. The Authority may request additional reviews at any time during the term of the loan. In addition, anyone receiving a report in accordance with § 10.1-603.23 may request an additional review as set forth in this section; and
7. Directly offer, pledge, and consent to the Authority to take action pursuant to § 62.1-216.1 to obtain payment of any amounts in default, as applicable.
All local governments or private entities borrowing money from the Fund are authorized to perform any acts, take any action, adopt any proceedings, and make and carry out any contracts that are contemplated by this article. Such contracts need not be identical among all local governments or private entities, but may be structured as determined by the Authority according to the needs of the contracting local governments or private entities and the Fund.
Subject to the rights, if any, of the registered owners of any of the bonds of the Authority, the Authority may consent to and approve any modification in the terms of any loan to any local government.
§ 10.1-603.20. Condition for making loans or grants.
A. The Director may authorize a loan or grant for flood prevention or protection projects, or for flood prevention or protection studies under the provisions of § 10.1-603.19 only when the following conditions exist:
1. An application for the loan or grant has been submitted by the
an applicant in the manner and form specified by the Director,
setting forth the amount of the loan or grant requested, and the use to which
the loan or grant will be applied. The application shall describe in detail (i)
the area to be studied or protected, including the population and the value of
property to be protected, historic flooding data and hydrologic studies
projecting flood frequency; (ii) the estimated cost-benefit ratio of the
project; (iii) the ability of the locality to provide its share of the cost;
(iv) the administration of local flood plain management regulations; and (v)
other necessary information to establish project or study priority.
2. The local public body government agrees and
furnishes assurance, satisfactory to the Director, that it will satisfactorily
maintain any structure financed, in whole or in part, through the loans or
grants provided under this article.
3. The purpose for which the loan or grant is sought is one
described in § 10.1-603.19.
4. If the requested loan or grant is sought to acquire
land, the Director shall require satisfactory evidence prior to acting on the
request that the local public body government will acquire the
land if the loan or grant is made.
5 4. A local public body government
is eligible to receive a grant once every five years, provided that it has a
flood mitigation plan approved by the Director and has demonstrated
satisfactory evidence of plan implementation. Lacking an approved plan the
local public body government is eligible for a grant once every
ten years.
6 5. [Repealed.]
B. In addition to the condition for making loans
established under this article, the Director may require of a local public body
such covenants and conditions as the Director deems necessary or expedient to
further the purpose of the loan.
C. The Director may consent to and approve any modification
in the terms of any loan to any local public body subject to the regulations
promulgated The Director shall develop guidance criteria for making
loans and grants for dam safety repair projects. Priority shall be given to
making loans for high hazard dams.
§ 10.1-603.22:1. Pledge of loans to secure bonds of Authority.
The Authority is empowered at any time and from time to time to pledge, assign, or transfer from the Fund to banks or trust companies designated by the Authority any or all of the assets of the Fund to be held in trust as security for the payment of the principal of, premium, if any, and interest on any or all of the bonds, as defined in § 62.1-199, issued to finance any project. The interests of the Fund in any assets so transferred shall be subordinate to the rights of the trustee under the pledge, assignment, or transfer. To the extent funds are not available from other sources pledged for such purpose, any of the assets or payments of principal and interest received on the assets pledged, assigned, or transferred or held in trust may be applied by the trustee thereof to the payment of the principal of, premium, if any, and interest on such bonds of the Authority secured thereby, and, if such payments are insufficient for such purpose, the trustee is empowered to sell any or all of such assets and apply the net proceeds from the sale to the payment of the principal of, premium, if any, and interest on such bonds of the Authority. Any assets of the Fund pledged, assigned, or transferred in trust as set forth above and any payments of principal, interest, or earnings received thereon shall remain part of the Fund but shall be subject to the pledge, assignment, or transfer to secure the bonds of the Authority and shall be held by the trustee to which they are pledged, assigned, or transferred until no longer required for such purpose by the terms of the pledge, assignment or transfer.
§ 10.1-603.22:2. Sale of Loans.
The Authority is empowered at any time and from time to time to sell, upon such terms and conditions as the Authority shall deem appropriate, any loan, or interest therein, made pursuant to this article. The net proceeds of sale remaining after the payment of the costs and expenses of the sale shall be designated for deposit to, and become part of, the Fund.
§ 10.1-603.22:3. Powers of the Authority.
The Authority is authorized to do any act necessary or convenient to the exercise of the powers granted in this article or reasonably implied thereby.
§ 10.1-603.22:4. Liberal construction of article.
The provisions of this article shall be liberally construed to the end that its beneficial purposes may be effectuated. Insofar as the provisions of this article are inconsistent with the provisions of any other law, general, special or local, the provisions of this article shall be controlling.
§ 10.1-603.23. Record of application for grants or loans and action taken.
A record of each application for a grant or loan pursuant
to § 10.1-603.19 and the action taken thereon shall be open to public
inspection at the office of the Department and shall be presented to the
Governor and members of the legislature prior to budgetary sessions of the
General Assembly. The Authority shall report annually to the General
Assembly and the Governor on the Fund and the administration of all grants and
loans made from the Fund.
§ 10.1-606.1. Authority for localities to map inundation zones.
A. Any county, city, or town may map inundation zones and is encouraged to incorporate such information into its zoning and subdivision ordinances. Such localities may regulate or limit future development in these areas. However, in no event shall this section be interpreted to supersede or conflict with the authority granted to the Department of Mines, Minerals and Energy for the regulation of mineral extraction activities in the Commonwealth as set out in Title 45.1.
B. The Director may utilize grant funding available from the Dam Safety, Flood Prevention and Protection Assistance Fund and other available sources of funding to assist localities in the development of these maps, provided the localities contribute a local match. The highest priority for awarding funds shall be placed on assisting with the mapping of the highest class of dams.
C. Such maps shall be made available by the locality to the dam owner and the public. All properties identified within the inundation zone shall be incorporated into the dam safety emergency action plan of that dam so as to ensure the proper notification of persons downstream and other affected persons or property owners in the event of a flood hazard or the impending failure of the impounding structure.
§ 38.2-401.1. Dam Safety, Flood Prevention and Protection Assistance Fund assessment.
The Commission shall annually assess against all licensed insurance companies doing business in this Commonwealth by writing any type of flood insurance an assessment in the amount of one percent of the total direct gross premium income for such insurance. Such assessment shall be apportioned, assessed, and paid as prescribed by § 38.2-403. In any year in which a company has no direct gross premium income from flood insurance or in which its direct gross premium income from flood insurance is insufficient to produce at the rate of assessment prescribed by law an amount equal to or in excess of $100, there shall be so apportioned and assessed against such company a contribution of $100. One hundred percent of the total amount collected annually pursuant to this section shall be paid into the Dam Safety, Flood Prevention and Protection Assistance Fund established per § 10.1-603.17. The assessment established by this section shall not apply to premium income for policies written pursuant to the National Flood Insurance Act of 1968 or for policies providing comprehensive motor vehicle insurance coverage.
§ 58.1-2501. Levy of license tax.
A. For the privilege of doing business in the Commonwealth, there is hereby levied on every insurance company defined in § 38.2-100 which issues policies or contracts for any kind of insurance classified and defined in §§ 38.2-102 through 38.2-134 and on every corporation which issues subscription contracts for any kind of plan classified and defined in §§ 38.2-4201 and 38.2-4501, an annual license tax as follows:
1. For any kind of insurance classified and defined in §§
38.2-109 through 38.2-134 or Chapters 44 (§ 38.2-4400 et seq.) and 61 (§
38.2-6100 et seq.) of Title 38.2, except workers' compensation insurance on
which a premium tax is imposed under the provisions of § 65.2-1000, such
company shall pay a tax of two and three-fourths percent of its subscriber fee
income or direct gross premium income on such insurance for each taxable year
through 1988. For taxable year 1989 and each taxable year thereafter, such
company shall pay a tax of two and one-fourth percent of its subscriber fee
income or direct gross premium income on such insurance. [ All tax
revenue generated as a result of flood insurance premiums associated with the
National Flood Insurance Program's flood insurance sales shall be
deposited annually to the Dam Safety, Flood Prevention and Protection
Assistance Fund established pursuant to § 10.1-603.17. ]
2. For policies or contracts for life insurance as defined in § 38.2-102, such company shall pay a tax of two and one-fourth percent of its direct gross premium income on such insurance. However, with respect to premiums paid for additional benefits in the event of death, dismemberment or loss of sight by accident or accidental means, or to provide a special surrender value, special benefit or an annuity in the event of total and permanent disability, the rate of tax shall be two and three-fourths percent for each taxable year beginning January 1, 1987, through December 31, 1988, and two and one-fourth percent for taxable year beginning January 1, 1989, and each taxable year thereafter.
3. For policies or contracts providing industrial sick benefit insurance as defined in § 38.2-3544, such company shall pay a tax of one percent of its direct gross premium income on such insurance. No company, however, doing business on the legal reserve plan, shall be required to pay any licenses, fees or other taxes in excess of those required by this section on such part of its business as is industrial sick benefit insurance as defined in § 38.2-3544; but any such company doing business on the legal reserve plan shall pay on all industrial sick benefit policies or contracts on which the sick benefit portion has been cancelled as provided in § 38.2-3546, or which provide a greater death benefit than $250 or a greater weekly indemnity than $10, and on all other life, accident and sickness insurance, the same license or other taxes as are required by this section.
4. For subscription contracts for any kind of plan classified and defined in § 38.2-4201 or § 38.2-4501, such corporation shall pay a tax of two and one-fourth percent of its direct gross subscriber fee income derived from subscription contracts issued to primary small groups as defined in § 38.2-3431 and three-fourths of one percent of its direct gross subscriber fee income derived from other subscription contracts for taxable year 1997. For each taxable year thereafter, such corporation shall pay a tax of three-fourths of one percent of its direct gross subscriber fee income derived from subscription contracts issued to individuals and from open enrollment contracts as defined in § 38.2-4216.1, and two and one-fourth percent of its direct gross subscriber fee income derived from other subscription contracts. The declaration of estimated tax pursuant to this subsection shall commence on or before April 15, 1988.
B. Notwithstanding any other provisions of this section, any domestic insurance company doing business solely in the Commonwealth which is purely mutual, has no capital stock and is not designed to accumulate profits for the benefit of or pay dividends to its members, and any domestic insurance company doing business solely in the Commonwealth, with a capital stock not exceeding $25,000 and which pays losses with assessments against its policyholders or members, shall pay an annual license tax of one percent of its direct gross premium income.
§ 58.1-2508. Taxes applicable to insurance companies.
A. The real estate and tangible personal property, situated or located in the Commonwealth, of every such company and every fraternal benefit society transacting insurance in the Commonwealth shall be listed and assessed on the land and property books of the commissioner of the revenue in the same manner as other real estate and tangible personal property are assessed, and shall be taxed at the same rates as other like property is taxed.
B. The license tax provided in this chapter, the tax on real estate and tangible personal property provided for in subsection A, the fee assessed by the Commission for the administration of the insurance laws pursuant to Chapter 4 (§ 38.2-400 et seq.) of Title 38.2, the fee assessed by the Commission for the Fire Programs Fund pursuant to § 38.2-401, the fee assessed by the Commission for the Dam Safety, Flood Prevention and Protection Assistance Fund pursuant to § 38.2-401.1, the fee assessed by the Commission to fund the program to reduce losses from motor vehicle thefts pursuant to § 38.2-414, the fee assessed by the Commission to fund the program to reduce losses from insurance fraud pursuant to § 38.2-415, and the retaliatory amounts assessed by the Commission pursuant to § 38.2-1026 shall be in lieu of all fees, licenses, taxes and levies whatsoever, state, county, city or town; however, nothing in this section shall be construed to exempt insurance companies from the tax levied in Chapter 6 (§ 58.1-600 et seq.) of this title. No additional fee or license tax shall be applicable to an agent of an insurance company other than the annual license fee on agents required pursuant to Article 3 (§ 38.2-1819 et seq.) of Chapter 18 of Title 38.2.
§ 62.1-203. Powers of Authority.
The Authority is granted all powers necessary or appropriate to carry out and to effectuate its purposes, including the following:
1. To have perpetual succession as a public body corporate and as a political subdivision of the Commonwealth;
2. To adopt, amend and repeal bylaws, and rules and regulations, not inconsistent with this chapter for the administration and regulation of its affairs and to carry into effect the powers and purposes of the Authority and the conduct of its business;
3. To sue and be sued in its own name;
4. To have an official seal and alter it at will although the failure to affix this seal shall not affect the validity of any instrument executed on behalf of the Authority;
5. To maintain an office at any place within the Commonwealth which it designates;
6. To make and execute contracts and all other instruments and agreements necessary or convenient for the performance of its duties and the exercise of its powers and functions under this chapter;
7. To sell, convey, mortgage, pledge, lease, exchange, transfer and otherwise dispose of all or any part of its properties and assets;
8. To employ officers, employees, agents, advisers and consultants, including without limitations, attorneys, financial advisers, engineers and other technical advisers and public accountants and, the provisions of any other law to the contrary notwithstanding, to determine their duties and compensation without the approval of any other agency or instrumentality;
9. To procure insurance, in amounts and from insurers of its choice, or provide self-insurance, against any loss, cost, or expense in connection with its property, assets or activities, including insurance or self-insurance against liability for its acts or the acts of its directors, employees or agents and for the indemnification of the members of its Board of Directors and its employees and agents;
10. To procure credit enhancements from any public or private entities, including any department, agency or instrumentality of the United States of America or the Commonwealth, for the payment of any bonds issued by the Authority, including the power to pay premiums or fees on any such credit enhancements;
11. To receive and accept from any source aid, grants and contributions of money, property, labor or other things of value to be held, used and applied to carry out the purposes of this chapter subject to the conditions upon which the aid, grants or contributions are made;
12. To enter into agreements with any department, agency or instrumentality of the United States of America or, the Commonwealth, the District of Columbia or any adjoining state for the purpose of planning, regulating and providing for the financing of any projects;
13. To collect, or to authorize the trustee under any trust indenture securing any bonds or any other fiduciary to collect, amounts due under any local obligations owned or credit enhanced by the Authority, including taking the action required by § 15.2-2659 or § 62.1-216.1 to obtain payment of any sums in default;
14. To enter into contracts or agreements for the servicing and processing of local obligations owned by the Authority;
15. To invest or reinvest its funds as provided in this chapter or permitted by applicable law;
16. Unless restricted under any agreement with holders of bonds, to consent to any modification with respect to the rate of interest, time and payment of any installment of principal or interest, or any other term of any local obligations owned by the Authority;
17. To establish and revise, amend and repeal, and to charge and collect, fees and charges in connection with any activities or services of the Authority;
18. To do any act necessary or convenient to the exercise of the powers granted or reasonably implied by this chapter; and
19. To pledge as security for the payment of any or all bonds
of the Authority, all or any part of the Capital Reserve Fund or other
reserve fund or account transferred to a trustee for such purpose from the
Water Facilities Revolving Fund pursuant to § 62.1-231 or, from
the Water Supply Revolving Fund pursuant to § 62.1-240 or, from
the Virginia Solid Waste or Recycling Revolving Fund pursuant to § 62.1-241.9 or,
from the Virginia Airports Revolving Fund pursuant to § 5.1-30.6, or
from the Dam Safety, Flood Prevention and Protection Assistance Fund pursuant
to § 10.1-603.17.
2. That §§ 10.1-603.21 and 10.1-603.22 of the Code of Virginia are repealed.
3. That the Department of Conservation and Recreation shall repeal through an exempt action the Flood Prevention and Protection Assistance Fund Regulations (4 VAC 5-50-10 et seq.).
4. That upon the effective date of this act, the Department of Accounts, with the concurrence of the Department of Conservation and Recreation, may transfer the Dam Safety, Flood Prevention and Protection Assistance Fund and its unobligated balance to the Virginia Resources Authority to be administered and managed in accordance with this act.