§ 116-196. Exemption from taxation; bonds eligible for investment or deposit. - North Carolina Statutes

§ 116‑196. Exemption from taxation; bonds eligible for investment or deposit.

Any bonds issued under this Article shall at all times be exempt fromall taxes or assessment, direct or indirect, general or special, whetherimposed for the purpose of general revenue or otherwise, which are levied orassessed by the State or by any county, political subdivision, agency or otherinstrumentality of the State, excluding inheritance and gift taxes, incometaxes on the gain from the transfer of the bonds, and franchise taxes. Theinterest on the bonds is not subject to taxation as income. Bonds issued by theBoard under the provisions of this Article are hereby made securities in whichall public officers and public bodies of the State and its political subdivisions,all insurance companies, trust companies, banking associations, investmentcompanies, executors, administrators, trustees and other fiduciaries mayproperly and legally invest funds, including capital in their control orbelonging to them. Such bonds are hereby made securities which may properly andlegally be deposited with and received by any State or municipal officer or anyagency or political subdivision of the State for any purpose for which thedeposit of bonds or obligations of the State is now or may hereafter beauthorized by law. (1963, c. 847, s.10; 1995, c. 46, s. 7.)