The Kentucky Higher Education Student Loan Corporation has been duly created as an independent de jure municipal corporation and political subdivision of the Commonwealth of Kentucky. As the corporation will in all respects be performing essential governmental and public functions, the corporation shall not be required to pay any taxes or assessments upon any of its property, real, personal, or mixed, nor upon the income therefrom; and bonds, notes or other obligations issued by the corporation under this chapter, the income thereon, and the transfer thereof, including any profit made on the sale thereof, shall at all times be exempt from taxation or assessment of any type by the Commonwealth, its agencies and departments, and by all political subdivisions within the state. Nothing contained in this chapter shall preclude or prevent the authorization and issuance by the corporation from time to time of bonds, notes or other obligations, the receipt of interest on which may be subject to federal income taxation.
Effective: July 13, 1984

Terms Used In Kentucky Statutes 164A.200

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • Federal: refers to the United States. See Kentucky Statutes 446.010
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010

History: Amended 1984 Ky. Acts ch. 356, sec. 1, effective July 13, 1984. — Created
1978 Ky. Acts ch. 387, sec. 20, effective June 17, 1978.

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