12-10-113 - Tax exemption Status under securities law. - Tennessee Statutes

12-10-113. Tax exemption Status under securities law.

(a)  The authority is hereby declared to be performing a public function in behalf of the municipality with respect to which it is organized, and to be a public instrumentality of such municipality. Accordingly, the authority and all properties at any time owned by it, and the income therefrom, and all bonds issued by it, and the income therefrom, shall be exempt from all taxation in the state of Tennessee.

(b)  Also, for purposes of the Securities Law of 1955, compiled as §§ 48-1601 48-1653 [repealed], and any amendment thereto or substitution therefor, bonds issued by the authority shall be deemed to be securities issued by a public instrumentality or a political subdivision of the state of Tennessee.

[Acts 1971, ch. 126, § 13; T.C.A., § 12-913.]