The exercise of the powers granted to the authority by this article will be in all respects for the benefit of the people of the state, for the improvement of their health, safety, convenience and welfare and for the enhancement of their residential, agricultural, recreational, economic, commercial and industrial opportunities and is a public purpose. As the construction, acquisition, repair or renovation of community infrastructure projects will constitute the performance of essential governmental functions, the authority shall not be required to pay any taxes or assessments upon any community infrastructure project or upon any property acquired or used by the authority or upon the income therefrom. Such bonds and notes and all interests and income thereon shall be exempt from all taxation by this state, or any county, municipality, political subdivision or agency thereof, except inheritance taxes.
Structure West Virginia Code
Article 19. West Virginia Community Infrastructure Authority
§31-19-2. Legislative Findings and Purposes
§31-19-6. Powers, Duties and Responsibilities of the Authority Generally
§31-19-8. Trustee for Bondholders; Contents of Trust Agreement
§31-19-9. Legal Remedies of Bondholders and Trustees
§31-19-11. Use of Funds by Authority; Restrictions Thereon
§31-19-12. Investment of Funds by Authority
§31-19-13. Reports by Authority to Governor and Legislature
§31-19-14. Community Infrastructure Bonds Lawful Investments
§31-19-15. Purchase and Cancellation of Notes or Bonds
§31-19-17. Exemption From Taxation
§31-19-18. Financial Interests in Contracts Prohibited; Penalty
§31-19-19. Meetings and Records of Authority to Be Kept Public