§ 45-54-7 - Exemption from taxation.
SECTION 45-54-7
§ 45-54-7 Exemption from taxation. –The exercise of the powers granted by this chapter will be in all respects forthe benefit of the people of the state and for the facilitation of the conductof their public business, and as the acquisition, construction, operation, andmaintenance by the corporation of the projects defined in this chapter willconstitute the performance of essential governmental functions, the corporationis not required to pay any taxes or assessments upon the projects or upon anyproperty acquired, or upon the income from the projects, or any other state orlocal tax of any kind or description, nor is the corporation required to payany recording fee or transfer tax of any kind or description, and the bonds,issued under the provisions of this chapter, their transfer, and the incomefrom them (including any profit made on the sale) at all time free fromtaxation by the state, or any political subdivision or other instrumentality ofthe state, excepting estate taxes, and the corporation shall pay property taxesand assessments on its properties located outside the boundaries of the city ortown whose council established the corporation.