§ 15.2-5613. Authority to exercise a governmental function; exemption from taxation
The exercise of the powers granted by this chapter 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 any project which the authority may undertake will constitute the performance of an essential governmental function, no authority shall be required to pay any taxes or assessments upon any project acquired and constructed by it under the provisions of this chapter. The bonds, notes, certificates or other evidences of debt issued under the provisions of this chapter, 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 political subdivision thereof.
(Code 1950, § 15-714.26; 1962, c. 393, § 14, § 15.1-1284; 1997, c. 587.)
Sections: Previous 15.2-5602 15.2-5603 15.2-5604 15.2-5605 15.2-5606 15.2-5607 15.2-5608 15.2-5609 15.2-5610 15.2-5611 15.2-5612 15.2-5613 15.2-5614 15.2-5615 15.2-5616 NextLast modified: April 2, 2009