                                 CODE OF VIRGINIA

EXEMPTION FROM TAXATION (§ 15.2-5361)

The exercise of the powers granted by this chapter shall be in all respects for
the benefit of the inhabitants of the Commonwealth and for the promotion of
their safety, health, welfare, convenience and prosperity. The operation and
maintenance of any hospital project which the authority is authorized to
undertake will constitute the performance of an essential governmental function;
therefore, the authority shall not be required to pay any taxes or assessments
upon any hospital project acquired or constructed by it. The bonds issued under
the provisions of this chapter, their transfer and the income therefrom,
including any profit made on the sale thereof, shall at all times be free and
exempt from taxation by the Commonwealth and any political subdivision thereof.

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