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Limited Purpose Local Government Entities - Community Development and Renewal Agencies Act | |
General Provisions | |
Section 508 | Bonds exempt from taxes -- Agency may purchase its own bonds. |
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17C-1-508. Bonds exempt from taxes -- Agency may purchase its own bonds. (1) A bond issued by an agency under this part is issued for an essential public and governmental purpose and is, together with interest on the bond and income from it, exempt from all state taxes except the corporate franchise tax. (2) An agency may purchase its own bonds at a price that its board determines. (3) Nothing in this section may be construed to limit the right of an obligee to pursue a remedy for the enforcement of a pledge or lien given under this part by an agency on its rents, fees, grants, properties, or revenues.
Renumbered and Amended by Chapter 359, 2006 General Session |
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