§ 32.1-365. Public purpose; exemption from taxation
A. The exercise of the powers granted by this chapter shall be in all respects for the benefit of the citizens of the Commonwealth and for the promotion of their safety, health, welfare, knowledge, convenience and prosperity.
B. The Foundation will be performing an essential governmental function in the exercise of the powers conferred upon it by this chapter, and the property of the Foundation and its income and operations shall be exempt from taxation or assessments upon any property acquired or used by the Foundation under the provisions of this chapter.
(1999, cc. 880, 962.)
Sections: Previous 32.1-354 32.1-355 32.1-356 32.1-357 32.1-358 32.1-359 32.1-360 32.1-361 32.1-361.1 32.1-362 32.1-363 32.1-364 32.1-365Last modified: April 3, 2009