The acquisition, erection, leasing, operation and maintenance of any project authorized by this chapter are in all respects for the benefit of the people of the Commonwealth of Virginia, for the increase of their pleasure, knowledge and welfare and for the dissemination of education among them, and every institution shall be regarded as performing a governmental function and shall be deemed to be an incorporated institution of learning in carrying out its purposes and exercising its powers derived from this chapter and, so far as may be consistent with the Constitution of Virginia, shall be required to pay no taxes or assessments of any kind whatsoever upon any project acquired, erected or leased and operated and maintained by it and such project shall be exempt from taxation, and insofar as may be permitted under the Constitution of Virginia the bonds of such institution shall be exempt from taxation except for inheritance taxes.

History

1933, p. 91.