CODE OF VIRGINIA

EXEMPTION FROM TAXATION (§ 62.1-219)

As set forth in § 62.1-200, the Authority will be performing an essential
governmental function in the exercise of the powers conferred upon it by this
chapter. Accordingly, the Authority shall not be required to pay any taxes or
assessments upon any project or any property or upon any operations of the
Authority or the income therefrom, or any taxes or assessments upon any project
or any property or local obligation acquired, credit enhanced or used by the
Authority under the provisions of this chapter or upon the income therefrom. Any
bonds and credit enhancements issued by the Authority under the provisions of
this chapter, the transfer thereof and the income therefrom, including any
profit on the sale thereof, shall at all times be free from taxation and
assessment of every kind by the Commonwealth and by the local governments and
other political subdivisions of the Commonwealth.

HISTORY: 1984, c. 699; 1985, c. 67; 1998, c. 399.