§ 261A.27 — Exercise of powers as essential public function — exemption from taxation

Iowa § 261A.27

• Jurisdiction: Iowa
• Title VII: EDUCATION, HISTORY, AND CULTURE
• Ch. 261A: HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS)

Text

1. The exercise of the powers granted by this chapter will be in all respects for the benefit
of the people of this state, for the increase of their commerce, welfare, and prosperity, and for
the improvement of their health and living conditions, and as the operation and maintenance
ofaprogrambytheauthorityoritsagentwillconstitutetheperformanceofanessentialpublic
function. Income of the authority is exempt from all taxation in the state. Property of the
authority,acquiredorheldforpurposesofthischapter,isexemptfromalltaxationandspecial
assessments in the state if the property was exempt for the fiscal year in which the property
was first acquired or held and such property shall continue to be exempt for subsequent fiscal
years. Property of the authority, acquired or held for purposes of this chapter, is subject to
taxation and special assessments in the state if the property was taxable for the fiscal year in
which the property was first acquired or held and such property shall continue to be taxable
for subsequent fiscal years.
2. Obligations issued by the authority on or after July 1, 2000, pursuant to either
subchapter of this chapter, their transfer, and income therefrom are exempt from taxation
of any kind by the state or any political subdivision of the state.
[82 Acts, ch 1031, §27]