Connecticut § 8-312 Bonds and notes under this chapter free from state or municipal taxes except estate and gift taxes.

Connecticut Statutes

§ 8-312 — Bonds and notes under this chapter free from state or municipal taxes except estate and gift taxes.

Connecticut § 8-312

Title 8Zoning, Planning, Housing and Economic and Community Development

Ch. 137aMunicipal Housing Finance Assistance Act

This text of Connecticut § 8-312 (Bonds and notes under this chapter free from state or municipal taxes except estate and gift taxes.) is published on Counsel Stack Legal Research, covering Connecticut primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Conn. Gen. Stat. § 8-312 (2026).

Text

It is hereby determined that the purposes of this chapter are public purposes and that the municipalities will be performing an essential governmental function in the exercise of the powers conferred upon them by this chapter. The state covenants with the purchasers and all subsequent holders and transferees of notes and bonds issued by the municipality, in consideration of the acceptance of and payment for the notes and bonds, that the principal and interest of notes and bonds of the municipality issued pursuant to this chapter shall at all times be free from taxation, except for estate and gift taxes, imposed by the state or by any political subdivision thereof. Municipalities are authorized to include this covenant of the state in any agreement with the holder of such notes or bonds.

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It is hereby determined that the purposes of this chapter are public purposes and that the municipalities will be performing an essential governmental function in the exercise of the powers conferred upon them by this chapter. The state covenants with the purchasers and all subsequent holders and transferees of notes and bonds issued by the municipality, in consideration of the acceptance of and payment for the notes and bonds, that the principal and interest of notes and bonds of the municipality issued pursuant to this chapter shall at all times be free from taxation, except for estate and gift taxes, imposed by the state or by any political subdivision thereof. Municipalities are authorized to include this covenant of the state in any agreement with the holder of such notes or bonds.

Legislative History

(P.A. 79-596, S. 13, 17; P.A. 89-331, S. 9, 30.) History: P.A. 89-331 clarified the exemption from taxation of the principal and interest of the bonds.