§ 45-25-30 - Payments in lieu of local property tax.
SECTION 45-25-30
§ 45-25-30 Payments in lieu of localproperty tax. – The property of an authority is exempt from all local and municipal taxes. Anauthority shall pay to the city a sum fixed annually by the city. A city may:
(1) Fix a sum to be paid to it annually by an authority inrespect of each project; or
(2) Agree that an authority not pay or be liable to pay anysum whatsoever in respect of a project or projects for any year or years; or
(3) Agree with an authority or government upon the sum to bepaid by the authority for any year or years in respect of a project orprojects, or accept or agree to accept a fixed sum or other consideration inlieu of the payment.