§ 3245 — Exemption from taxation

§ 3245. Exemption from taxation. 1. It is hereby determined that the\ncreation of the corporation and the carrying out of its corporate\npurpose is in all respects a public and governmental purpose for the\nbenefit of the people of the state and for the improvement of their\nhealth, safety, welfare, comfort and security, and that said purposes\nare public purposes and that the corporation will be performing an\nessential governmental function in the exercise of the powers conferred\nupon it by this title.\n 2. The property of the corporation and its income and operations shall\nbe exempt from taxation.\n 3. The bonds and notes of the corporation issued pursuant to this\ntitle and the income therefrom and all its fees, charges, gifts, grants,\nrevenues, receipts, and other monies received or to be received, pledged\nto pay or secure the payment of such bonds or notes shall at all times\nbe free from taxation, except for estate and gift taxes on transfers.\n 4. In the case of any bonds or notes of the corporation, interest on\nwhich is intended to be exempt from federal income tax, the corporation\nshall prescribe restrictions on the use of the proceeds thereof and\nrelated matters as are necessary to assure such exemption, and the\nrecipients of such proceeds shall be bound thereby to the extent such\nrestrictions shall be made applicable to them.\n