Sec. 8-58. Exemption from taxes and Uniform Securities Act. Payments in lieu of taxes.
Sec. 8-58. Exemption from taxes and Uniform Securities Act. Payments in lieu
of taxes. Bonds of any authority or of any agency or instrumentality designated or
appointed by an authority are declared to be issued for an essential public and governmental purpose and to be public instrumentalities and, together with interest and income
thereon, shall be exempt from taxes and from the Connecticut Uniform Securities Act.
The property of an authority or of any agency or instrumentality designated or appointed
by an authority shall be exempt from all local and municipal taxes, except that when
any commercial facility is included in a housing project, such facility shall be subject
to assessment and taxation in the same manner as other taxable property in the municipality. A municipality may (a) fix a sum, and such sum shall be paid to it annually by the
authority, in respect of each project; or (b) agree that the authority shall not pay or be
liable to pay any sum whatsoever in respect of a project or projects for any year or years;
or (c) agree with an authority or the federal government upon the sum to be paid by the
authority for any year or years in respect of a project or projects, or accept or agree to
accept a fixed sum or other consideration in lieu of such payment.
(1949 Rev., S. 939; P.A. 73-158, S. 2; P.A. 83-339, S. 5, 9.)
History: P.A. 73-158 provided that commercial facility in housing project is not exempt from taxation; P.A. 83-339
provided for tax exemption for bonds of agencies and instrumentalities of an authority and provided for an exemption for
all bonds from the State Uniform Securities Act.
Cited. 216 C. 112.