§ 39-16-13 - Tax exemption. - Rhode Island Statutes

SECTION 39-16-13

   § 39-16-13  Tax exemption. – It is hereby declared that the authority and the carrying out of its corporatepurposes is in all respects for the benefit of the people of the state and, forthe improvement of their health, welfare, and prosperity, and the authoritywill be performing an essential governmental function in the exercise of thepowers conferred by this chapter, and the state covenants with the holders ofthe bonds that the authority shall be required to pay no taxes or assessmentsor sums in lieu of taxes, except as provided in § 39-16-14, to the stateor any political subdivision thereof upon any of the property acquired by it orunder its jurisdiction, control, possession, or supervision or upon itsactivities in the operation and maintenance of the property or upon anyearnings, revenues, moneys, or other income derived by the authority, and thatthe bonds of the authority and the income therefrom shall at all times beexempt from taxation.