Section 19-107 - Purpose and nature of powers under title; exemption from taxes.

§ 19-107. Purpose and nature of powers under title; exemption from taxes.
 

(a)  Purpose of exercise of powers.- The exercise of the powers granted by the provisions of this title shall be for the benefit of the people of the State, for the increase of their education and prosperity, and for the improvement of their health, living conditions, and general welfare. 

(b)  Performance of essential governmental function.- The operation and maintenance of auxiliary or academic facilities by a system constitutes the performance of essential governmental functions. 

(c)  Exemption from property taxes.- A system may not be required to pay any taxes or assessments upon any building or buildings or any property, real, personal, or mixed, acquired or used under the provisions of this title or upon the income therefrom. 

(d)  Exemption from income taxes.- Bonds issued under the provisions of this title, their transfer and income, including any profit made on their sale, are free from taxation by the State or by any of its political subdivisions, or by any town or incorporated municipality or any other public agency within the State. 
 

[1988, ch. 246, § 2; 1989, ch. 93.]