§ 46-24-11 - Payments in lieu of taxes.
SECTION 46-24-11
§ 46-24-11 Payments in lieu of taxes.– The authority shall pay annually in lieu of any property tax, as a charge uponits earnings and revenues, to each city, town, and district, or other district,a sum equal in amount to any property tax levied on any property by or onbehalf of the town or district during the year next preceding the acquisitionof the property by the authority. The authority shall have no power to levy orcollect ad valorem property taxes.