§ 160A-561. Exemptions from taxation.
§ 160A‑561. Exemptions from taxation.
It is hereby found, determined and declared that the creation of theauthority and the carrying out of its corporate purposes is in all respects forthe benefit of the people of the State of North Carolina, for the improvementof their health, welfare and prosperity, and for the promotion of theirtraffic, and is a public purpose, and that the authority will be performing anessential governmental function in the exercise of the powers conferred uponit by this Article, and the State of North Carolina covenants with the holdersof the bonds that the authority shall be required to pay no taxes orassessments upon any of the property acquired by it or under its jurisdiction,control, possession or supervision or upon its activities in the operation andmaintenance of the project or any tolls, revenues or other income received bythe authority and that the bonds of the authority and the income therefromshall at all times be exempt from taxation, except for transfer and estatetaxes. (1951, c. 779, s. 16;1979, 2nd Sess., c. 1247, s. 44.)