261A.27 - EXERCISE OF POWERS AS ESSENTIAL PUBLIC FUNCTION -- EXEMPTION FROM TAXATION.

        261A.27  EXERCISE OF POWERS AS ESSENTIAL PUBLIC
      FUNCTION -- EXEMPTION FROM TAXATION.
         The exercise of the powers granted by this chapter will be in all
      respects for the benefit of the people of this state, for the
      increase of their commerce, welfare, and prosperity, and for the
      improvement of their health and living conditions, and as the
      operation and maintenance of a program by the authority or its agent
      will constitute the performance of an essential public function.
      Income of the authority is exempt from all taxation in the state.
      Property of the authority, acquired or held for purposes of this
      chapter, is exempt from all taxation and special assessments in the
      state if the property was exempt for the fiscal year in which the
      property was first acquired or held and such property shall continue
      to be exempt for subsequent fiscal years.  Property of the authority,
      acquired or held for purposes of this chapter, is subject to taxation
      and special assessments in the state if the property was taxable for
      the fiscal year in which the property was first acquired or held and
      such property shall continue to be taxable for subsequent fiscal
      years.
         Obligations issued by the authority on or after July 1, 2000,
      pursuant to either division of this chapter, their transfer, and
      income therefrom are exempt from taxation of any kind by the state or
      any political subdivision of the state.  
         Section History: Early Form
         [82 Acts, ch 1031, § 27] 
         Section History: Recent Form
         2000 Acts, ch 1209, §1