9-4-616 - Property and funds of authority declared public property -- Exemption from taxes -- Alternative agreement with public body.
9-4-616. Property and funds of authority declared public property -- Exemptionfrom taxes -- Alternative agreement with public body.
(1) The property and funds of an authority are declared to be public property used foressential public, governmental, and charitable purposes.
(2) The property and authority are exempt from all taxes and special assessments of anypublic body. This tax exemption does not apply to any portion of a project used for aprofit-making enterprise. In taxing these portions appropriate allowance shall be made for anyexpenditure by an authority for utilities or other public services it provides to serve the property.
(3) In lieu of taxes on its exempt property an authority may agree to make payments toany public body it finds consistent with the maintenance of the low-rent character of housingprojects and the achievement of the purposes of this part.
Renumbered and Amended by Chapter 241, 1992 General Session