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58.580 Property of authority is public property -- Payment in lieu of taxes to local taxing units -- Revenues exempt from taxation.

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58.580 Property of authority is public property -- Payment in lieu of taxes to local taxing units -- Revenues exempt from taxation. All projects and other property of the authority are hereby declared to be public property <br>devoted to an essential public and governmental function and purpose, and shall be <br>exempt from all taxes and special assessments of the Commonwealth or any political <br>subdivision thereof, provided that the authority shall annually contribute to Louisville, <br>Jefferson County, and the Jefferson County School District an amount equal to the local <br>property taxes Churchill Downs would have paid under private ownership. All bonds or <br>notes issued pursuant to KRS 58.500 to 58.590 are hereby declared to be issued by a body <br>corporate and public of the Commonwealth and for an essential public and governmental <br>purpose and such bonds and notes, and the interest thereon and the income therefrom, and <br>all funds, revenues, income, and other moneys received or to be received by the authority <br>and pledged or available to pay or secure the payment of such bonds or notes, or interest <br>thereon, shall at all times be exempt from taxation except for transfer, inheritance, and <br>estate taxes. Effective: June 17, 1978 <br>History: Created 1978 Ky. Acts ch. 111, sec. 9, effective June 17, 1978.