§ 42-64.2-8. Exemption from taxation. The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of this state, the increase of their commerce, welfare and prosperity and for the improvement of their health and living conditions and will constitute the performance of an essential governmental function, and the corporation shall not be required to pay any taxes or assessments upon or in respect of any project or of any property or moneys of the corporation, levied by any municipality or political subdivision of the state; provided, that the corporation shall make payments in lieu of real property taxes and assessments to municipalities and political subdivisions with respect to projects of the corporation located in the municipalities and political subdivisions during those times that the corporation derives revenue from the lease or operation of the projects. The payments in lieu of taxes shall be in any amounts that shall be agreed upon by the corporation and the affected municipalities and political subdivisions.
History of Section. (P.L. 1982, ch. 205, § 1.)
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