2006 Code of Virginia § 3.1-58 - Exemption from taxation

3.1-58. Exemption from taxation.

The exercise of the powers granted by this article shall be in all respectsfor the promotion of the agricultural, commercial and industrial developmentof the Commonwealth and for the health, safety, welfare, convenience andprosperity of the inhabitants thereof, and as the operation and maintenanceof the market by the authority will constitute the performance of essentialgovernmental functions, the authority shall not be required to pay any taxesor assessments upon the property of or any property acquired or used by theauthority under the provisions of this article or upon the income therefrom;and the bonds, notes, certificates or other evidences of borrowing issuedunder the provisions of this article, their transfer and the income therefromincluding any profit made on the sale thereof, shall at all times be free andexempt from taxation by the Commonwealth and by such city or county and anyother municipality, county or other political subdivision of the Commonwealth.

(Code 1950, 3-79.12; 1954, c. 407; 1966, c. 702.)