State Codes and Statutes
Statutes > Virginia > Title-53-1 > Chapter-3 > 53-1-95-15§ 53.1-95.15. Exemption from taxes.
The exercise of the powers granted by this article shall be in all respectsfor the benefit of the inhabitants of the Commonwealth, for the increase oftheir commerce, and for the promotion of their safety, health, welfare,convenience, and prosperity, and as the operation and maintenance of theproject by an authority created pursuant to this article will constitute theperformance of essential governmental functions, the authority shall not berequired to pay any taxes or assessments upon the project or any propertyacquired or used by the authority under the provisions of this article orupon the income therefrom; and the bonds issued under the provisions of thisarticle, their transfer and the income therefrom, including any profit madeon the sale thereof, shall at all times be free and exempt from taxation bythe Commonwealth and by any municipality, county, or other politicalsubdivision thereof.
(1990, c. 837.)
