Code of Virginia

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Code of Virginia
Title 21. Drainage, Soil Conservation, Sanitation and Public Facilities Districts
Chapter 6. Drainage Projects

§ 21-401. Exemption of bonds from taxation.

The bonds and coupons issued under and by authority of this and other sections of this chapter shall be exempt from all county or municipal taxation or assessment, direct or indirect, general or special, whether imposed for purposes of general revenue or otherwise, and the interest thereon shall not be subject to taxation as for income, nor shall such bonds and coupons be subject for taxation when constituting a part of the surplus of any bank, trust company, or other corporation, but when constituting a part of such surplus shall be deducted from the total assets in order to ascertain the taxable value of such shares.

Code 1919, § 1774; 1920, p. 613; 1926, p. 624.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.