40:68A-23 - Property as public property; bonds declared issued by political subdivision; bonds exempt from taxation - New Jersey Statutes

40:68A-23.  Property as public property;  bonds declared issued by political  subdivision;  bonds exempt from taxation
    All port facilities and all other property of a port authority are hereby declared to be public property of a political subdivision of the State and devoted to an essential public and governmental function and purpose and shall be exempt from all taxes and special assessments of the State or any subdivision thereof.  All bonds issued pursuant to this act are hereby declared  to be issued by a political subdivision of this State and for an essential  public and governmental purpose and to be a public instrumentality, and such  bonds, and the interest thereon and the income therefrom, and all service  charges, funds, revenues and other moneys pledged or available to pay or secure  the payment of such bonds, or interest thereon, shall at all times be exempt  from taxation except for transfer, inheritance and estate taxes.

     L.1948, c. 349, p. 1398, s. 23, eff. Sept. 1, 1948.