CODE OF VIRGINIA

EXEMPTION FROM TAXES (§ 53.1-95.15)

The exercise of the powers granted by this article shall be in all respects for
the benefit of the inhabitants of the Commonwealth, for the increase of their
commerce, and for the promotion of their safety, health, welfare, convenience,
and prosperity, and as the operation and maintenance of the project by an
authority created pursuant to this article will constitute the performance of
essential governmental functions, the authority shall not be required to pay any
taxes or assessments upon the project or any property acquired or used by the
authority under the provisions of this article or upon the income therefrom; and
the bonds issued under the provisions of this article, their transfer and the
income therefrom, including any profit made on the sale thereof, shall at all
times be free and exempt from taxation by the Commonwealth and by any
municipality, county, or other political subdivision thereof.

HISTORY: 1990, c. 837.