224A.210 Tax-exempt nature of authority property and bonds.

178 words·~1 min read·/ky/chapter-224a/224a-210

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The exercise by the authority of the powers, duties, and responsibilities granted and

created by this chapter will be in all respects for the benefit of the citizens of the

state, for the preservation, improvement, and enhancement of their health, safety,

convenience, and welfare, for the enhancement of their residential, agricultural,

recreational, economic, commercial, and industrial opportunities, and for the

preservation of the natural resources of the state, and will thereby constitute the

performance of essential public purposes and governmental functions by the

authority.

(2)As the authority will in all respects be performing essential governmental and

public functions, said authority shall not be required to pay any taxes or assessments

upon any of its property, real, personal, or mixed, nor upon the income therefrom,

and revenue bonds or notes issued under this chapter, the income thereon, and the

transfer thereof, including any profit made on the sale thereof, shall at all times be

exempt from taxation or assessment of any type by the state, its agencies and

cabinets, and by all political subdivisions within the state.