15.2-5613 - Authority to exercise a governmental function; exemption from taxation. - Virginia Statutes

§ 15.2-5613. Authority to exercise a governmental function; exemption fromtaxation.

The exercise of the powers granted by this chapter 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 anyproject which the authority may undertake will constitute the performance ofan essential governmental function, no authority shall be required to pay anytaxes or assessments upon any project acquired and constructed by it underthe provisions of this chapter. The bonds, notes, certificates or otherevidences of debt issued under the provisions of this chapter, their transferand the income therefrom including any profit made on the sale thereof, shallat all times be free and exempt from taxation by the Commonwealth and by anypolitical subdivision thereof.

(Code 1950, § 15-714.26; 1962, c. 393, § 14, § 15.1-1284; 1997, c. 587.)