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154.33.575 Tax-exempt status.

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154.33-575 Tax-exempt status. The corporation has been duly created as a de jure municipal corporation and political <br>subdivision of the Commonwealth of Kentucky. Accordingly, the corporation shall not be <br>required to pay any taxes and assessments to the Commonwealth of Kentucky, or any <br>county, municipality, or other governmental subdivision of the Commonwealth of <br>Kentucky, upon any of its property or upon its obligations or other evidences of <br>indebtedness pursuant to the provisions of KRS 154.33-501 to 154.33-585, or upon any <br>moneys, funds, revenues or other income held or received by the corporation, and the <br>notes and bonds of the corporation and the income therefrom shall at all times be exempt <br>from taxation, except for death and gift taxes and taxes of transfers; provided, however, <br>that real property owned by the corporation shall be exempt from all property taxation <br>and special assessments of the state or political subdivisions thereof, but the corporation <br>may agree to pay, in lieu of such taxes, such amounts as the corporation finds consistent <br>with the cost to the state or political subdivision of supplying municipal services to the <br>properties. Effective: March 20, 1990 <br>History: Created 1990 Ky. Acts ch. 105, sec. 15, effective March 20, 1990 <br>Formerly codified as KRS 154B.128