122.61 Tax exemptions.
122.61 Tax exemptions.
The exercise of the powers granted by the sections 122.39 to 122.62 of the Revised Code, will be in all respects for the benefit of the people of the state, for the increase of their commerce and prosperity, and for the improvement of conditions of employment, and will constitute the performance of essential governmental functions; therefore the director of development shall not be required to pay any taxes upon any of property or assets, held by him, or upon any property acquired or used by him under sections 122.39 to 122.62 of the Revised Code, or upon the income therefrom, provided, such exemption shall not apply to any property held by the director while it is in the possession of a private person, partnership, or corporation and used for private purposes for profit. The bonds, notes, or other obligations issued under such sections, their transfer, and the income therefrom, including any profit made on the sale thereof, shall at all times be free from taxation within the state.
Effective Date: 07-14-1983