A. The Bank will be performing an essential governmental function in the exercise of the powers conferred upon it by this article. Accordingly, the Bank shall not be required to pay any taxes or assessments to the Commonwealth or its localities or any political subdivision thereof upon any capital, moneys or any property or upon any operations of the Bank or the income therefrom, or any taxes or assessments upon any project or any property or project obligation acquired by the Bank under the provisions of this article or upon the income therefrom.
B. The provisions of the Virginia Public Procurement Act (§ 2.2-4300 et seq.) shall not apply to the Bank in the exercise of any power conferred under this article.
2011, cc. 830, 868, § 33.1-23.12; 2014, c. 805.
Structure Code of Virginia
Title 33.2 - Highways and Other Surface Transportation Systems
Chapter 15 - Transportation Funding
§ 33.2-1500. Legislative findings and purposes
§ 33.2-1502. Creation of the Virginia Transportation Infrastructure Bank
§ 33.2-1503. Eligibility and project selection
§ 33.2-1504. Grants from the Commonwealth Transportation Board
§ 33.2-1505. Project obligations
§ 33.2-1506. Exemption from taxation; exemption from Virginia Public Procurement Act
§ 33.2-1507. Reporting requirement
§ 33.2-1509.1. Moratorium on repayment of funds allocated for access roads program
§ 33.2-1512. Authorization of Notes
§ 33.2-1513. Use of proceeds of Notes
§ 33.2-1515. Form and manner of execution; signature of person ceasing to be officer
§ 33.2-1516. Authority to obtain GARVEE approval
§ 33.2-1518. Deposit of proceeds
§ 33.2-1520. Application of project-specific reimbursements
§ 33.2-1521. Investment of proceeds and other amounts
§ 33.2-1522. Exemption from taxation
§ 33.2-1523. Notes as eligible securities
§ 33.2-1524. Commonwealth Transportation Fund
§ 33.2-1524.1. Transportation Trust Fund
§ 33.2-1525. Administration of Transportation Trust Fund
§ 33.2-1526. Commonwealth Mass Transit Fund
§ 33.2-1526.1. Use of the Commonwealth Mass Transit Fund
§ 33.2-1526.2. Commonwealth Transit Capital Fund
§ 33.2-1526.3. (Effective until July 1, 2024) Transit Ridership Incentive Program
§ 33.2-1526.3. (Effective July 1, 2024) Transit Ridership Incentive Program
§ 33.2-1526.4. Commonwealth Rail Fund
§ 33.2-1526.5. Commonwealth Port Fund
§ 33.2-1526.6. Commonwealth Aviation Fund
§ 33.2-1526.7. Commonwealth Space Flight Fund
§ 33.2-1527. Priority Transportation Fund
§ 33.2-1528. Concession Payments Account
§ 33.2-1529. Toll Facilities Revolving Account
§ 33.2-1529.1. Transportation Partnership Opportunity Fund
§ 33.2-1530. Highway Maintenance and Operating Fund