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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>69318</law_id><section_number>15.2-4912</section_number><catch_line>Exemption from taxation</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="15.2">Counties, Cities and Towns</unit><unit label="subtitle" level="2" order_by="1" identifier="IV">Other Governmental Entities</unit><unit label="chapter" level="3" order_by="1" identifier="49">Industrial Development and Revenue Bond Act</unit></structure><text>
						<section><p>The <span class="dictionary">authority</span> is hereby declared to be performing a public function in behalf of the <span class="dictionary">locality</span> with respect to which the <span class="dictionary">authority</span> is created and to be a public instrumentality of such <span class="dictionary">locality</span>. Accordingly, the income, including any profit made on the sale thereof from all <span class="dictionary">bonds</span> issued by the <span class="dictionary">authority</span>, shall at all times be exempt from all taxation by the Commonwealth or any political subdivision thereof.</p></section></text><history>1966, c. 651, &#xA7; 15.1-1383; 1997, c. 587.</history><metadata></metadata></law>
