261A.27 - EXERCISE OF POWERS AS ESSENTIAL PUBLIC FUNCTION -- EXEMPTION FROM TAXATION.
261A.27 EXERCISE OF POWERS AS ESSENTIAL PUBLIC
FUNCTION -- EXEMPTION FROM TAXATION.
The exercise of the powers granted by this chapter will be in all
respects for the benefit of the people of this state, for the
increase of their commerce, welfare, and prosperity, and for the
improvement of their health and living conditions, and as the
operation and maintenance of a program by the authority or its agent
will constitute the performance of an essential public function.
Income of the authority is exempt from all taxation in the state.
Property of the authority, acquired or held for purposes of this
chapter, is exempt from all taxation and special assessments in the
state if the property was exempt for the fiscal year in which the
property was first acquired or held and such property shall continue
to be exempt for subsequent fiscal years. Property of the authority,
acquired or held for purposes of this chapter, is subject to taxation
and special assessments in the state if the property was taxable for
the fiscal year in which the property was first acquired or held and
such property shall continue to be taxable for subsequent fiscal
years.
Obligations issued by the authority on or after July 1, 2000,
pursuant to either division of this chapter, their transfer, and
income therefrom are exempt from taxation of any kind by the state or
any political subdivision of the state. Section History: Early Form
[82 Acts, ch 1031, § 27] Section History: Recent Form
2000 Acts, ch 1209, §1