§ 116-183. Acceptance of grants; exemption from taxation.
§ 116‑183. Acceptance of grants; exemption from taxation.
The Board is hereby authorized, subject to the approval of the Directorof the Budget, to accept grants of money or materials or property of any kindfor any project from a federal agency, private agency, corporation orindividual, upon such terms and conditions as such federal agency, privateagency, corporation or individual may impose. The bonds issued under thisArticle are exempt from all State, county, and municipal taxation orassessment, direct or indirect, general or special, whether imposed for thepurpose of general revenue or otherwise, excluding inheritance and gift taxes,income taxes on the gain from the transfer of the bonds and notes, andfranchise taxes. The interest on the bonds and notes is not subject to taxationas income. (1957, c. 1131, s.9; 1983, c. 577, s. 6; 1995, c. 46, s. 6.)