175B.080 Operation and maintenance of projects constitute performance of essential governmental functions -- Tax-free status of projects and project revenue bonds.
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<![CDATA[ Page 1 of 1 175B.080 Operation and maintenance of projects constitute performance of essential governmental functions -- Tax-free status of projects and project <br>revenue bonds. The exercise of the powers granted by this chapter shall be in all respects for the benefit <br>of the people of the Commonwealth, for the increase of their commerce and prosperity, <br>and for the improvement of their health and living conditions. Because the operation and <br>maintenance of projects by any authority created pursuant to this chapter will constitute <br>the performance of essential governmental functions: <br>(1) An authority shall not be required to pay any taxes or assessments upon any project or any property acquired or used by the authority under this chapter or upon the <br>income therefrom; and (2) The project revenue bonds issued under this chapter, their transfer, and the income therefrom shall at all times be free from taxation within the Commonwealth. Effective: June 26, 2009 <br>History: Created 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 90, effective June 26, 2009. ]]>