§ 39-16-14 - Payments in lieu of taxes.
SECTION 39-16-14
§ 39-16-14 Payments in lieu of taxes.– The authority shall pay annually, having first made provision for the paymentof principal and interest on any bonds outstanding and any other chargespayable from revenues due in such year as may be provided in the resolution orresolutions authorizing any bonds, in lieu of any property tax, as a chargeupon its earnings or revenues, to each city, town or district, a sum equal inamount to any property tax levied on any property by or on behalf of the city,town, or district during the year next preceding the acquisition of suchproperty by the authority. The authority shall have no power to levy or collectad valorem property taxes.