68-2013. Exercise of governmental function; bonds and income from projects and property exempt from taxation.
68-2013
68-2013. Exercise of governmental function; bonds and income fromprojects and property exempt from taxation.The exercise of the powers granted by this act will be in all respectsfor the benefit of the people of the state, for the increase of theircommerce and prosperity, and for the improvement of their health and livingconditions, and as the operation and maintenance of turnpike projects bythe authority will constitute the performance of essential governmentalfunctions, the authority shall not be required to pay any taxes orassessments upon the income derived from any turnpike project or propertyacquired or used by the authority under the provisions of this act. Anybonds issued under the provisions of this act, their transfer and theincome therefrom (including any profit made on the sale thereof) shall atall times be free from taxation within the state.
History: L. 1953, ch. 308, § 13; L. 1975, ch. 495,§ 14; July 1.