§ 5015. Tax exemption

(a) All bonds or notes issued under this chapter are issued by a body corporate and politic of this State and for an essential public and governmental purpose. Those bonds and notes, and the interest on them and the income from them, including any profit on their sale, and all activities of the Authority and fees, charges, funds, revenues, incomes, and other monies of the Authority whether or not pledged or available to pay or secure the payment of those bonds or notes, or interest on them, are exempt from all taxation, franchise fees, or special assessments of whatever kind except for transfer, inheritance, and estate taxes.

(b) The Authority is not required to make or file any reports, statements, or informational returns required of any utility or other bodies corporate except as provided in this chapter.

(c) Real and personal property, situated within the State and owned by the Authority shall be exempt from property taxation. The Authority shall, in lieu of property taxes, pay to any governmental body authorized to levy local property taxes the amount which would be assessable as local property taxes on the real and tangible personal property if that property were the property of a utility. These payments shall be due, and bear interest if unpaid, as in the case of taxes on the property of a utility. For purposes of these payments in lieu of taxes, the assessors of the taxing authority shall make a valuation and assessment of the property and determine the tax that would be assessable if the property were owned by a utility. Payments in lieu of taxes made under this chapter shall be treated in the same manner as taxes for the purposes of all procedural and substantive provisions of law, including appeals, now and hereinafter in effect applicable to assessment and taxation of real and personal property, collection, and abatement of these taxes and the raising of public revenues. (Added 1979, No. 78, § 3.)