§ 39-18-12 - Exemptions from taxation. - Rhode Island Statutes

SECTION 39-18-12

   § 39-18-12  Exemptions from taxation.– The exercise of the powers granted by this chapter will be in all respects forthe benefit of the people of the state and for the increase of their commerce,maintenance, and increase of their transportation and general prosperity andfor the improvement of their health, welfare, and living conditions and as theacquisition, operation, and maintenance by the authority of the transitproperties acquired will constitute the performance of essential governmentalfunctions, the authority shall not be required to pay any taxes or assessmentsupon the facilities or upon any property acquired or used by the authorityunder the provisions of this chapter, or upon the income from the operation ofthe transit facilities. The bonds issued under the provisions of this chapter,their transfer, and income derived therefrom (including any profit made on thesale thereof) at all times shall be free from taxation within the state.