154.33-575 Tax-exempt status.
The corporation has been duly created as a de jure municipal corporation and political
subdivision of the Commonwealth of Kentucky. Accordingly, the corporation shall not be
required to pay any taxes and assessments to the Commonwealth of Kentucky, or any
county, municipality, or other governmental subdivision of the Commonwealth of
Kentucky, upon any of its property or upon its obligations or other evidences of
indebtedness pursuant to the provisions of KRS 154.33-501 to 154.33-585, or upon any
moneys, funds, revenues or other income held or received by the corporation, and the
notes and bonds of the corporation and the income therefrom shall at all times be exempt
from taxation, except for death and gift taxes and taxes of transfers; provided, however,
that real property owned by the corporation shall be exempt from all property taxation
and special assessments of the state or political subdivisions thereof, but the corporation
may agree to pay, in lieu of such taxes, such amounts as the corporation finds consistent
with the cost to the state or political subdivision of supplying municipal services to the
properties.
Effective: March 20, 1990
History: Created 1990 Ky. Acts ch. 105, sec. 15, effective March 20, 1990
Formerly codified as KRS 154B.128
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