§ 5-1.4-9-9 — Nature of bank property; bonds and notes; exemption from taxation

Indiana § 5-1.4-9-9

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.4: LOCAL PUBLIC IMPROVEMENT BOND BANKS
• Ch. 9: Miscellaneous Provisions

Text

All property of the bank is public property
devoted to an essential public and governmental function and purpose
and is exempt from all taxes and special assessments of the state or a
political subdivision of the state. All bonds or notes issued under this
article are issued by a body corporate and public of this state, but not
a state, city, or county agency, and for an essential public and
governmental purpose. The bonds and notes, the interest thereon, the
proceeds received by a holder from the sale of the bonds or notes to the
extent of the holder's cost of acquisition, proceeds received upon
redemption before maturity, proceeds received at maturity, and the
receipt of the interest and proceeds shall be exempt from taxation in the
state for all purposes except the financial institutions tax imposed
under IC 6-5.5.

Legislative History

As added by P.L.42-1985, SEC.1. Amended by P.L.21-1990, SEC.5; P.L.254-1997(ss), SEC.5; P.L.79-2017, SEC.8.