                                 CODE OF VIRGINIA

(EFFECTIVE UNTIL JULY 1, 2029) DECLARATION OF PUBLIC PURPOSE; EXEMPTION FROM
TAXATION (§ 45.2-1723)

A. The exercise of the powers granted by this article shall be in all respects
for the benefit of the citizens of the Commonwealth and for the promotion of
their welfare, convenience, and prosperity.

B. The Authority shall be deemed to be performing an essential governmental
function in the exercise of the powers conferred upon it by this article, and
the property of the Authority and its income and operations shall be exempt from
taxation or assessments upon any property acquired or used by the Authority
under the provisions of this article.

HISTORY: 2019, cc. 555, 556, § 67-1606; 2021, Sp. Sess. I, c. 387.