Sec. 16. (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.

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Terms Used In Indiana Code 8-5-15-16

  • Board: means the board of trustees of the commuter transportation district. See Indiana Code 8-5-15-1
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • railroad project: includes any facilities, adjuncts, and appurtenances necessary to operate a railroad, such as lines, routes, roads, rights-of-way, easements, licenses, permits, tangible personal property, and real property. See Indiana Code 8-5-15-1
     (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.

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

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