§ 3.

Latest version.
  • The Authority is hereby authorized to exercise all the powers granted by the Industrial Development and Revenue Bond Act, being Chapter 33, Title 15.1, Va. Code Ann; including the power to issue revenue bonds of the Authority for the purpose of providing funds to pay the cost, as defined in said Act, of acquiring all the business, assets, properties and good will of Commonwealth Doctors Hospital, Inc., and its two subsidiaries, subject to certain liabilities; provided, however, that the Authority may not issue other revenue bonds without the approval of a majority of the members of the Board of Supervisors. When the revenue bonds and all other obligations of the Authority with respect to Commonwealth Doctors Hospital have been fully paid or met, the title of all funds and properties of Commonwealth Doctors Hospital shall vest in Fairfax County. The Authority is hereby authorized and directed to lease Commonwealth Doctors Hospital to the Fairfax Hospital Association upon such terms and conditions as are mutually acceptable to the Authority, the Board of Supervisors and the Association.

(1961 Code, Chap. 15F, § 3; S3-74-15F.)