§ 5-1.5-9-9 — Nature of bank property; bonds or notes issued; interest and proceeds received; tax exemption

Indiana § 5-1.5-9-9

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.5: INDIANA BOND BANK
• 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, direct or indirect,
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 agency, and for an essential public and
governmental purpose and 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 prior to maturity, and 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.25-1984, SEC.1. Amended by P.L.46-1987, SEC.17; P.L.21-1990, SEC.6; P.L.254-1997(ss), SEC.6; P.L.79-2017, SEC.9.