§ 116-209.13. Tax exemption.
§ 116‑209.13. Taxexemption.
The exercise of the powers granted by this Article in all respects willbe for the benefit of the people of the State, for their well‑being andprosperity and for the improvement of their social and economic conditions, andthe Authority shall not be required to pay any taxes on any property owned bythe Authority under the provisions of this Article or upon the incometherefrom, and the bonds issued under the provisions of this Article shall atall times be free from taxation by the State or any local unit or politicalsubdivision or other instrumentality of the State, excepting inheritance orgift taxes, income taxes on the gain from the transfer of the bonds, andfranchise taxes. The interest on the bonds is not subject to taxation asincome. (1967, c. 1177;1995, c. 46, s. 9.)