§ 8-5-15-16 — Exercise of powers under this chapter for benefit of people of Indiana; tax exemption

(a) The exercise of the powers granted by this
chapter is in all respects for the benefit of the people of Indiana, for the
increase of their commerce and prosperity, and for the improvement of
their health and living conditions.
(b) As the operation and maintenance of a railroad project by the
board will constitute the performance of essential governmental
functions, the board shall not be required to pay any taxes or
assessments upon any railroad project or any property acquired or used
by the board under this chapter, or upon the income from it, and the
bonds issued under this chapter, the interest on them, the proceeds
received by a holder from the sale of the bonds to the extent of the
holder's cost of acquisition, or proceeds received upon redemption
before maturity or proceeds received at maturity, and the receipt of the
interest and proceeds are exempt from taxation in Indiana as provided
in IC 6-8-5.

Legislative History

As added by P.L.64-1984, SEC.12. Amended by P.L.3-1990, SEC.30.