Title 20, Chapter 3, Section 355
( 20-3-355)
The authority is a duly created public corporation and political
subdivision of the state and is performing essential governmental
functions in the exercise of its corporate purposes. Accordingly,
the authority shall not be required to pay and shall be exempt and
free from the payment of any taxes and assessments to the state or
to any county, municipality, or other political subdivision of the
state, upon any of its property or upon its obligations or other
evidences of indebtedness issued pursuant to this subpart and part,
or upon any moneys, funds, revenues, or other income held or
received by it; and the bonds and notes issued by the authority and
the income from such bonds or notes shall also at all times be
exempt from taxation within the state, except for death and gift
taxes and taxes of transfers. Real property owned by the authority
shall be exempt from all property taxation and special assessments
of the state or political subdivisions of the state, but the
authority may agree to pay, in lieu of such taxes, such amounts as
it finds consistent with the cost to the state or political
subdivision of supplying municipal services to it and maintaining
its economic feasibility, which payments such bodies are authorized
to accept. The exemption from taxation provided in this Code section
shall not, however, extend to nor include any exemption from sales
and use taxes on property purchased by or for the use of the
authority. |