                                 CODE OF VIRGINIA

EXEMPTION FROM TAXATION (§ 5.1-172)

The exercise of the powers granted by this act shall be in all respects for the
benefit of the inhabitants of the Commonwealth of Virginia, 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 the airports
by the Authority will constitute the performance of essential governmental
functions, the Authority shall not be required to pay any taxes or assessments
upon the airports or any property acquired or used by the Authority under the
provisions of this act or upon the income therefrom; and the bonds issued under
the provisions of this act, 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 of Virginia and by any municipality, county or
other political subdivision thereof.

HISTORY: 2001, c. 342.