The authority is hereby declared to be performing a public function in behalf of the locality with respect to which the authority is created and to be a public instrumentality of such locality. Accordingly, the income, including any profit made on the sale thereof from all bonds issued by the authority, shall at all times be exempt from all taxation by the Commonwealth or any political subdivision thereof.
Va. Code Ann. § 15.2-4912
Exemption from taxation
Known as the Industrial Development and Revenue Bond Act
The act spans §§ 15–15 (21 sections).
1966, c. 651, § 15.1-1383; 1997, c. 587.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.