Statutes > Virginia Statutes > Title 15.2 - COUNTIES, CITIES AND TOWNS. > Chapter 63 - Authorities for Development of Former Federal Areas (15.2-6300 thru 15.2-6322) > 15.2-6314 - Exemption from taxation; authorities to be municipal corporate instrumentalities of Commonwealth.

15.2-6314 - Exemption from taxation; authorities to be municipal corporate instrumentalities of Commonwealth.

§ 15.2-6314. Exemption from taxation; authorities to be municipal corporateinstrumentalities of Commonwealth.

The bonds or other securities issued by an authority, the interest thereon,and all real and personal property and any interest therein of an authority,and all income derived therefrom by an authority shall at all times be freefrom taxation by the Commonwealth, or by any political subdivision thereof.The authority shall be regarded as a municipal corporate instrumentality ofthe Commonwealth for the purpose of discharging its functions and exercisingits powers under this chapter.

(Code 1950, § 15-952; 1954, c. 645; 1962, c. 623, § 15.1-1335; 1997, c. 587.)