§ 8-16-15.5-10 — Liability for bonds and notes; tax exemption

Indiana § 8-16-15.5-10

• Jurisdiction: Indiana
• Art. 16: BRIDGES AND TUNNELS
• Ch. 15.5: New Harmony and Wabash River Bridge Authority

Text

(a) All bonds or notes issued under this
chapter are issued by the bridge authority as a body corporate and
politic of the state, but not as a state agency, and for an essential public
and governmental purpose. The bonds and notes, the interest on the
bonds and notes, the proceeds received by an owner from the sale of
the bonds or notes to the extent of the owner's cost of acquisition,
proceeds received upon redemption for maturity, proceeds received at
maturity, and the receipt of the interest and proceeds are exempt from
taxation for all purposes except the financial institutions tax imposed
under IC 6-5.5.
(b) No bonds or notes issued by the bridge authority under this
chapter constitute a debt, liability, or obligation of the state or any
political subdivision or a pledge of the faith and credit of the state or
any political subdivision. Each bond or note issued under this chapter
must contain on its face a statement that neither the faith and credit nor
the taxing power of the state or any political subdivision is pledged to
the payment of the principal of or the interest on the bond or the note.

Legislative History

As added by P.L.185-2018, SEC.27.