15.2-5361 - Exemption from taxation. - Virginia Statutes

§ 15.2-5361. Exemption from taxation.

The exercise of the powers granted by this chapter shall be in all respectsfor the benefit of the inhabitants of the Commonwealth and for the promotionof their safety, health, welfare, convenience and prosperity. The operationand maintenance of any hospital project which the authority is authorized toundertake will constitute the performance of an essential governmentalfunction; therefore, the authority shall not be required to pay any taxes orassessments upon any hospital project acquired or constructed by it. Thebonds issued under the provisions of this chapter, their transfer and theincome therefrom, including any profit made on the sale thereof, shall at alltimes be free and exempt from taxation by the Commonwealth and any politicalsubdivision thereof.

(Code 1950, § 32-271.5; 1973, c. 462, § 15.1-1596; 1979, c. 719; 1997, c.587.)