The exercise of the powers granted by this chapter shall be in all respects for the benefit of the people of the Commonwealth, for the increase of their commerce and prosperity, and for the improvement of their health and living conditions. Because the operation and maintenance of projects by any authority created pursuant to this chapter will constitute the performance of essential governmental functions:
(1) An authority shall not be required to pay any taxes or assessments upon any project or any property acquired or used by the authority under this chapter or upon the income therefrom; and
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Terms Used In Kentucky Statutes 175B.080

  • Authority: means the state authority, or a bi-state authority, or a project authority, unless the specific use requires that it apply only to the state authority, or a bi-state authority, or a project authority. See Kentucky Statutes 175B.010
  • Commonwealth: means the Commonwealth of Kentucky. See Kentucky Statutes 175B.010
  • Project: includes all bridges, tollhouses, garages, and other buildings and facilities which the authority deems necessary for the operation of the project, together with all property, rights, easements, and interests which may be acquired by the authority or by the Commonwealth for the construction and operation of a project. See Kentucky Statutes 175B.010
  • Project revenue bonds: means revenue funding bonds, revenue refunding bonds, notes, or other financial obligations issued under this chapter by the issuing authority. See Kentucky Statutes 175B.010

(2) The project revenue bonds issued under this chapter, their transfer, and the income therefrom shall at all times be free from taxation within the Commonwealth.
Effective: June 26, 2009
History: Created 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 90, effective June 26,
2009.

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