§5D-1-14. Exemption from taxation.
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 ownership, operation
and maintenance of natural gas transmission projects and electric
power projects and other energy projects owned and/or operated by
the authority will constitute the performance of essential
governmental functions, the authority shall not be required to pay
any taxes or assessments upon any such project or upon any property
acquired or used by the authority or upon the income therefrom.
Natural gas transmission projects and electric power projects and
other energy projects owned or leased by persons other than
governmental agencies shall be subject to any taxes or assessments
upon any such project or projects. Bonds issued by either the West
Virginia economic development authority or the authority and all
interest and income thereon shall be exempt from all taxation by
this state, or any county, municipality, political subdivision or
agency thereof, except inheritance taxes: Provided,
authority shall require a fee in substitution of any ad valorem tax
exemption to be negotiated by said authority.