                                 CODE OF VIRGINIA

EXEMPTION FROM TAXATION; EXEMPTION FROM VIRGINIA PUBLIC PROCUREMENT ACT (§
33.2-1506)

A. The Bank will be performing an essential governmental function in the
exercise of the powers conferred upon it by this article. Accordingly, the Bank
shall not be required to pay any taxes or assessments to the Commonwealth or its
localities or any political subdivision thereof upon any capital, moneys or any
property or upon any operations of the Bank or the income therefrom, or any
taxes or assessments upon any project or any property or project obligation
acquired by the Bank under the provisions of this article or upon the income
therefrom.

B. The provisions of the Virginia Public Procurement Act (&#xA7; 2.2-4300 et
seq.) shall not apply to the Bank in the exercise of any power conferred under
this article.

HISTORY: 2011, cc. 830, 868, § 33.1-23.12; 2014, c. 805.