§ 116-198.39. Bonds are exempt from taxation.
§ 116‑198.39. Bonds are exempt from taxation.
Any bonds issued under this Article shall at all times be exempt fromall taxes or assessment, direct or indirect, general or special, whetherimposed for the purpose of general revenue or otherwise, which are levied orassessed by the State or by any county, political subdivision, agency, or otherinstrumentality of the State, excluding inheritance and gift taxes, incometaxes on the gain from the transfer of the bonds, and franchise taxes. Theinterest on the bonds is not subject to taxation as income. Bonds issued by theBoard under the provisions of this Article are hereby made securities in whichall public officers and public bodies of the State and its politicalsubdivisions, all insurance companies, trust companies, banking associations,investment companies, executors, administrators, trustees, and otherfiduciaries may properly and legally invest funds, including capital in theircontrol or belonging to them. Such bonds are hereby made securities which mayproperly and legally be deposited with and received by any State or municipalofficer or any agency or political subdivision of the State for any purpose forwhich the deposit of bonds or obligations of the State is now or may hereafterbe authorized by law. (1987, c. 336, s. 1; 1995, c. 46, s. 8.)