                                 CODE OF VIRGINIA

AUTHORITY TO EXERCISE A GOVERNMENTAL FUNCTION; EXEMPTION FROM TAXATION (§
15.2-5613)

The exercise of the powers granted by this chapter shall be in all respects for
the benefit of the inhabitants of the Commonwealth, for the increase of their
commerce, and for the promotion of their safety, health, welfare, convenience
and prosperity, and as the operation and maintenance of any project which the
authority may undertake will constitute the performance of an essential
governmental function, no authority shall be required to pay any taxes or
assessments upon any project acquired and constructed by it under the provisions
of this chapter. The bonds, notes, certificates or other evidences of debt
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 by any political
subdivision thereof.

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