20-A §11511. Exemption from taxation
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 418: STUDENT LOAN CORPORATIONS
§11511. Exemption from taxation
The exercise of the powers granted by this chapter shall be in all respects for the benefit of the people of the State, for the increase of their commerce, welfare and prosperity, and for the improvement of their health and living conditions, and shall constitute the performance of an essential governmental function. Neither the authority nor the student loan corporations may be required to pay any taxes or assessments upon or in respect of loans made by the authority or its agents or under the jurisdiction, control, possession or supervision of the authority or the student loan corporations or upon the activities of the authority or the student loan corporations or their agents in the operation or maintenance of student loan corporation programs pursuant to this chapter, or upon income or other revenues received therefrom, and any bonds, notes and other obligations issued under this chapter, their transfer and the income therefrom, including any profit made on the sale thereof, as well as the income and property of the authority, are at all times exempt from taxation of every kind by the State and by the municipalities and all other political subdivisions of the State. [1983, c. 422, §21 (NEW).]
SECTION HISTORY
1983, c. 422, §21 (NEW).