CODE OF VIRGINIA

VIRGINIA PUBLIC BUILDING AUTHORITY CREATED; PURPOSE; MEMBERSHIP; TERMS;
EXPENSES; STAFF (§ 2.2-2261)

There is created a political subdivision of the Commonwealth to be known as the
“Virginia Public Building Authority.” The Authority is created for
the purpose of constructing, improving, furnishing, maintaining, acquiring,
financing, refinancing, and operating public buildings for the use of the
Commonwealth (heretofore or hereafter constructed), state arsenals, armories,
and military reserves, state institutions of every kind and character
(heretofore and hereafter constructed), additions and improvements to land grant
colleges, state colleges, universities and medical colleges, and the purchase of
lands for rehabilitation purposes in connection with state institutions and for
use of state colleges, and museum facilities for a trust instrumentality of the
United States, and the purchase of lands for the development of public buildings
that may be authorized by the General Assembly in the future, the acquisition of
items of personal property for the use of the Commonwealth, the constructing,
improving, maintaining, acquiring, financing, and refinancing of major
information technology projects as defined in § 2.2-2006, the financing or
refinancing of capital projects that benefit the Commonwealth and any of its
agencies, authorities, boards, departments, instrumentalities, institutions, or
regional or local authorities, the provision of financing on behalf of any of
the Commonwealth’s agencies, authorities, boards, departments,
instrumentalities, institutions, or regional or local authorities or governments
of land, buildings, infrastructure, and improvements for the benefit of an MEI
project incentive package endorsed by the MEI Project Approval Commission
created pursuant to § 30-309, and the financing or refinancing of
reimbursements to localities or governmental entities of all or any portion of
the Commonwealth’s share of the costs for capital projects made pursuant
to other applicable provisions of Virginia law, and the refinancing of (i)
obligations issued by other state and local authorities or political
subdivisions of the Commonwealth where such obligations are secured by a lease
or other payment agreement with the Commonwealth or (ii) the
Commonwealth’s obligations under such leases or payment agreements, the
purpose and intent of this article being to benefit the people of the
Commonwealth by, among other things, increasing their commerce and
prosperity.The Authority shall be comprised of the State Treasurer or his
designee, the State Comptroller, and five additional members appointed by the
Governor, subject to confirmation by the General Assembly, who shall serve at
the pleasure of the Governor. Unconfirmed appointments shall expire 30 days
after the convening of the General Assembly. Members of the Authority shall be
entitled to no compensation for their services as members, but shall be
reimbursed for all reasonable and necessary expenses incurred in the discharge
of their duties as provided in § 2.2-2825. The term of each member appointed by
the Governor shall be five years.Vacancies in the membership of the Authority
shall be filled by appointment for the unexpired portion of the term. The
Governor shall designate one member of the Authority as chairman who shall serve
a two-year term. No member shall be eligible to serve more than two consecutive
terms as chairman. The Department of the Treasury shall serve as staff to the
Authority.

HISTORY: 1981, c. 569, § 2.1-234.12; 1995, c. 841; 1998, cc. 498, 504; 2001, c.
844; 2002, cc. 501, 542; 2003, cc. 981, 1021; 2009, cc. 246, 311; 2011, cc. 691,
714.