§ 2-285. Moneys received; exemption from taxation; covenant of state.
Latest version.
It is found, determined, and declared that the creation of the authority and the carrying
out of its corporate purpose is in all respects for the benefit of the people of this
state and that the authority is an institution of purely public charity and will be
performing an essential governmental function in the exercise of the power conferred
upon it by this Act, and this state covenants with the holders of the bonds issued
by the authority that the authority shall not be required to pay any taxes or assessments
upon any of the property acquired or leased by it or under its jurisdiction, control,
possession, or supervision or upon its activities in the operation or maintenance
of the projects erected by it or any fees, tolls, or other charges for the use of
such projects or other income received by the authority, and that the bonds of the
authority, their transfer, and the income therefrom shall at all times be exempt from
taxation within the state. The exemption from taxation provided in this section shall
not extend to tenants nor lessees of the authority and shall not include exemptions
from sales and use taxes on property purchased by the authority or for use by the
authority.
(1999 Ga. Laws (Act No. 283, page 4815, § 25)
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