Rhode Island General Laws 39-18-12. Exemptions from taxation
The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of the state and for the increase of their commerce, maintenance, and increase of their transportation and general prosperity and for the improvement of their health, welfare, and living conditions and as the acquisition, operation, and maintenance by the authority of the transit properties acquired will constitute the performance of essential governmental functions, the authority shall not be required to pay any taxes or assessments upon the facilities or upon any property acquired or used by the authority under the provisions of this chapter, or upon the income from the operation of the transit facilities. The bonds issued under the provisions of this chapter, their transfer, and income derived therefrom (including any profit made on the sale thereof) at all times shall be free from taxation within the state.
History of Section.
P.L. 1964, ch. 210, § 1; P.L. 1965, ch. 127, § 8; P.L. 1983, ch. 157, § 1.
Terms Used In Rhode Island General Laws 39-18-12
- Authority: means the Rhode Island public transit authority created by § 39-18-2, or, if the authority shall be abolished, the board, body, or commission succeeding to the principal functions thereof, or upon whom the powers of the authority given by this chapter shall be given by law. See Rhode Island General Laws 39-18-1
- Bonds: means bonds, notes, or other evidences of indebtedness, including temporary notes of the authority issued in anticipation of revenues to be received by the authority or in anticipation of the receipt of federal, state, or local grants or other aid. See Rhode Island General Laws 39-18-1