§ 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 Commonwealth, either acting jointly or separately, in order to provide facilities for the generation, transmission, and distribution of electric power and energy, and to vest such authorities with all powers […]
§ 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 created, organized and existing pursuant to the provisions of this chapter, or if the authority is abolished, the board, body, commission, department or officer succeeding to the principal functions thereof […]
§ 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 agreement authorized by ordinance of each of the respective governmental units, create an electric authority, under any appropriate name and title containing the words “electric authority.” Upon compliance with the […]
§ 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 authority and the address of its principal office; 2. The names of the governmental units which are to be the initial members of the authority; 3. The purpose or purposes […]
§ 15.2-5405. Certificate of incorporation or charter; addition and withdrawal of members; board of directors; indemnification of directors, officers or employees
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 be filed with the State Corporation Commission. If the State Corporation Commission finds that the articles of incorporation conform to law, and the creation of such an authority is in […]
§ 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 authority created by a governmental unit exempt from the referendum requirement of § 15.2-5403 in the exercise of any power conferred under this article only to the extent that such […]
§ 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, including, but without limiting the generality of the foregoing, the rights and powers: 1. To adopt bylaws or rules for the regulation of its affairs and the conduct of its […]
§ 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 is an authority created by a governmental unit exempt from the referendum requirement of § 15.2-5403. Such distribution shall be limited to retail sales within the geographic area that was, […]
§ 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 that the governmental unit that is the sole member of such authority is subject to such liability. 2006, cc. 929, 941.
§ 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 power supply. 1979, c. 416, § 15.1-1610; 1997, c. 587.
§ 15.2-5408. Sale of power and energy, including capacity and output to member governmental units by authority; duration of contracts; source of payments; furnishing of money, property or services by member governmental units
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 the capacity and output of one or more specified projects. Any such contract may provide that the governmental unit so contracting shall be obligated to make payments required by the […]
§ 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 consideration, for such period, and upon such other terms and conditions as may be determined by the parties, to any person, firm, association or corporation, public or private within or […]
§ 15.2-5410. Contents of agreement as to joint ownership of project; designation of party to agreement as agent for construction, operation and maintenance of project; powers and duties of 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 shall own a percentage of the project equal to the percentage of the money furnished or the value of property supplied by the respective parties for the acquisition and construction […]
§ 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 more units to perform these functions, by advertising for bids, preparing plans and specifications in advance of construction, or securing performances and payment bonds to the extent that its board […]
§ 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 carry out any of its corporate purposes and powers, including but not limited to the payment of all or any part of the cost of a project or projects. The […]
§ 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 such bonds have been executed and are available for delivery. Should any bond issued under this chapter or any coupon appertaining thereto become mutilated or be lost, stolen or destroyed, […]
§ 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 of any governmental unit thereof. All such bonds shall contain a statement on their face substantially to the effect that neither the faith and credit of the Commonwealth nor the […]
§ 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 between the authority and a corporate trustee. Such corporate trustee, and any depository of funds of the authority, may be any trust company or bank having the powers of a […]
§ 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 for the use of and for the electric power and energy or services, facilities and commodities sold, furnished or supplied by, any project. Such rates, fees and charges shall be […]