Sec. 10. (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.

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