§ 157-26. Tax exemptions.
§ 157‑26. Taxexemptions.
An authority is a local government agency and is exempt from taxationto the same extent as a unit of local government. Property owned by anauthority is exempt from taxation in accordance with Article V, § 2 of theNorth Carolina Constitution. Bonds and other obligations issued by an authorityor its corporate agent authorized by this Article to exercise its powers aredeclared to be issued for a public purpose and to be public instrumentalities.These obligations 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 obligations, and franchisetaxes. The interest on the obligations is not subject to taxation as income. (1935, c. 456, s. 26; 1953, c. 907; 1973, c. 695, s.7; 1977, c. 784, s. 5; 1995, c. 46, s. 17.)