51-15-155 - District and its bonds exempt from taxation.
§ 51-15-155. District and its bonds exempt from taxation.
The accomplishment of the purposes stated in this article being for the benefit of the people of this state and for the improvement of their properties and industries, the district in carrying out the purposes of this article will be performing an essential public function and shall not be required to pay any tax or assessment on the projects and related facilities or any part thereof; and the interest on the bonds issued hereunder shall at all times be free from taxation within this state. The state hereby covenants with the holders of any bonds to be issued hereunder that the Pat Harrison Waterway District shall not be required to pay any taxes or assessments imposed by the state or any of its political subdivisions or taxing districts.
Sources: Codes, 1942, § 5956-198; Laws, 1962, ch. 222, § 23, eff from and after passage (approved June 1, 1962).