5.1-172 - Exemption from taxation.
§ 5.1-172. Exemption from taxation.
The exercise of the powers granted by this act shall be in all respects forthe benefit of the inhabitants of the Commonwealth of Virginia, for theincrease of their commerce, and for the promotion of their safety, health,welfare, convenience and prosperity, and as the operation and maintenance ofthe airports by the Authority will constitute the performance of essentialgovernmental functions, the Authority shall not be required to pay any taxesor assessments upon the airports or any property acquired or used by theAuthority under the provisions of this act or upon the income therefrom; andthe bonds issued under the provisions of this act, their transfer and theincome therefrom, including any profit made on the sale thereof, shall at alltimes be free and exempt from taxation by the Commonwealth of Virginia and byany municipality, county or other political subdivision thereof.
(2001, c. 342.)