The acquisition, erection, leasing, operation, and maintenance of any project authorized by this chapter are for the benefit of the citizens of the Commonwealth, for the increase of their pleasure, knowledge, and welfare, and for the dissemination of education among them. Each institution performs a governmental function and is an incorporated institution of learning in carrying out its purposes and exercising its powers pursuant to this chapter and, so far as may be consistent with the Constitution of Virginia, is not required to pay taxes or assessments of any kind upon any project that it (i) acquires, erects, or leases and (ii) operates and maintains. Any such project is exempt from taxation and, insofar as may be permitted under the Constitution of Virginia, the bonds of such institution are exempt from taxation except for inheritance taxes.
1933, p. 91, § 23-25; 2016, c. 588.
Structure Code of Virginia
Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions
Chapter 11 - Bonds and Other Obligations
§ 23.1-1101. Powers of institutions vested in majority of members of board; quorum
§ 23.1-1102. Purpose of institutions
§ 23.1-1103. Institutions; powers generally
§ 23.1-1104. Institutions; powers; projects and bonds
§ 23.1-1105. Institutions; powers; borrowing upon endowment and other investments
§ 23.1-1107. Bondholders; remedies and trustees
§ 23.1-1108. Bonds mutilated, lost, or destroyed
§ 23.1-1109. Bonds and revenues; disposition
§ 23.1-1110. Bonds as legal investments
§ 23.1-1111. Bonds; prohibition against obligating Commonwealth
§ 23.1-1113. Bonds; surplus to be paid into state treasury
§ 23.1-1114. Projects; accounts to be kept by boards
§ 23.1-1115. Projects; exemption from taxation
§ 23.1-1116. Commonwealth not to limit revenues of institutions
§ 23.1-1117. Borrowing to purchase real estate
§ 23.1-1118. Discretion of Governor in granting or withholding consent or approval
§ 23.1-1120. Exchange and cancellation of consol coupon bonds of the Commonwealth