23-25 - Exemptions from taxation. - Virginia Statutes

§ 23-25. Exemptions from taxation.

The acquisition, erection, leasing, operation and maintenance of any projectauthorized by this chapter are in all respects for the benefit of the peopleof the Commonwealth of Virginia, for the increase of their pleasure,knowledge and welfare and for the dissemination of education among them, andevery institution shall be regarded as performing a governmental function andshall be deemed to be an incorporated institution of learning in carrying outits purposes and exercising its powers derived from this chapter and, so faras may be consistent with the Constitution of Virginia, shall be required topay no taxes or assessments of any kind whatsoever upon any project acquired,erected or leased and operated and maintained by it and such project shall beexempt from taxation, and insofar as may be permitted under the Constitutionof Virginia the bonds of such institution shall be exempt from taxationexcept for inheritance taxes.

(1933, p. 91.)