The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of the Commonwealth, for the increase of their commerce and prosperity, and for the improvement of their health and living conditions, and as the operation and maintenance of a turnpike project or projects by the authority will constitute the performance of essential governmental functions, the authority shall not be required to pay any taxes or assessments upon any turnpike project or any property acquired or used by the authority under the provisions of this chapter or upon the income therefrom, and the bonds issued under the provisions of this chapter, their transfer and the income therefrom (including any profit made on the sale thereof) shall at all times be free from taxation within the Commonwealth.
Effective: March 25, 1960

Terms Used In Kentucky Statutes 175.560

  • authority: shall mean the Turnpike Authority of Kentucky. See Kentucky Statutes 175.410
  • turnpike project: shall mean any express highway or superhighway or such part or parts thereof as may be constructed by the authority under the provisions of this chapter, including all bridges, tunnels, overpasses, underpasses, interchanges, entrance plazas, approaches, connecting highways, tollhouses, service stations, garages, restaurants, and administration, storage and other buildings and facilities which the authority may deem necessary for the operation of such project, together with all property, rights, easements and interests which may be acquired by the authority or by the department for the construction or the operation of such project. See Kentucky Statutes 175.410

History: Created 1960 Ky. Acts ch. 173, sec. 16, effective March 25, 1960.

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