32.1-365 - Public purpose; exemption from taxation.
§ 32.1-365. Public purpose; exemption from taxation.
A. The exercise of the powers granted by this chapter shall be in allrespects for the benefit of the citizens of the Commonwealth and for thepromotion of their safety, health, welfare, knowledge, convenience andprosperity.
B. The Foundation will be performing an essential governmental function inthe exercise of the powers conferred upon it by this chapter, and theproperty of the Foundation and its income and operations shall be exempt fromtaxation or assessments upon any property acquired or used by the Foundationunder the provisions of this chapter.
(1999, cc. 880, 962.)