The exercise of the powers granted by this act shall be in all respects for the benefit of the inhabitants of the Commonwealth of Virginia, for the increase of their commerce, and for the promotion of their safety, health, welfare, convenience and prosperity, and as the operation and maintenance of the airports by the Authority will constitute the performance of essential governmental functions, the Authority shall not be required to pay any taxes or assessments upon the airports or any property acquired or used by the Authority under the provisions of this act or upon the income therefrom; and the bonds issued under the provisions of this act, their transfer and the income therefrom, including any profit made on the sale thereof, shall at all times be free and exempt from taxation by the Commonwealth of Virginia and by any municipality, county or other political subdivision thereof.
2001, c. 342.
Structure Code of Virginia
Chapter 10 - Metropolitan Washington Airports Authority
§ 5.1-153. Metropolitan Washington Airports Authority created
§ 5.1-154. Acquisition of airports; approval
§ 5.1-155. Membership; terms; officers
§ 5.1-156. Powers and duties of the Authority
§ 5.1-157. Authority rules and regulations; penalty
§ 5.1-159. Operation of foreign trade zone
§ 5.1-160. Acquisition of property; eminent domain
§ 5.1-164. Marketability of bonds
§ 5.1-165. Bonds as legal investments and security for public deposits
§ 5.1-166. Credit of Commonwealth and political subdivisions not pledged
§ 5.1-172. Exemption from taxation
§ 5.1-173. Jurisdiction of courts; liability for contracts and torts
§ 5.1-174. Procurement Act exemption
§ 5.1-175. Act liberally construed