Arizona Laws 49-1306. Taxation exemption
A. The authority is regarded as performing a governmental function in carrying out the purposes of this article and is not required to pay taxes or assessments on any of the property acquired or constructed for these purposes or on the agreements of the authority pertaining to maintaining and operating water-related facilities or in the revenues derived from the water-related facilities.
Terms Used In Arizona Laws 49-1306
- Authority: means the water infrastructure finance authority of Arizona. See Arizona Laws 49-1201
- Board: means the water infrastructure finance authority board established by section 49-1206. See Arizona Laws 49-1201
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Long-term water augmentation bonds: means bonds that are issued by the authority in accordance with article 4 of this chapter. See Arizona Laws 49-1201
- Political subdivision: means a county, city, town or special taxing district authorized by law to construct wastewater treatment facilities, drinking water facilities or nonpoint source projects. See Arizona Laws 49-1201
- Property: includes both real and personal property. See Arizona Laws 1-215
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
- Water-related facilities: means any facility related to the production, delivery, conservation or storage of water, including any canals, pipelines, desalination plants, pumping stations, storage projects, recovery wells, delivery and retention projects, water and wastewater treatment plants, and other equipment and facilities installed for water conservation purposes, together with any land, buildings or other improvements and equipment or personal property related thereto. See Arizona Laws 49-1201
B. The long-term water augmentation bonds issued under this chapter, their transfer and the income the bonds produce are at all times exempt from taxation by this state or by any political subdivision of this state.
C. The authority is authorized under this chapter and under Title 35, Chapter 3, Article 7 to take all actions determined necessary by the board to comply with federal income tax laws, including the payment of rebates to the United States treasury.