Rhode Island General Laws 45-38.1-14. Exemption from taxation
The exercise of the powers granted by this chapter are in all respects for the benefit of the people of the state, for the increase of their commerce, welfare, and prosperity, and for the improvement of their health and living conditions, and constitutes the performance of an essential governmental function, and neither the corporation nor its agent nor the lessee shall or may be required to pay any taxes or assessments upon or in respect of a project or any property acquired or used by the corporation or its agent or the lessee under the provisions of this chapter, or upon the income therefrom, and any bonds issued under the provisions of this chapter, their transfer, and the income from the bonds, including any profit made on the sale of the bonds, shall at all times be free from taxation of every kind by the state and by the municipalities and all other political subdivisions of the state.
History of Section.
P.L. 1967, ch. 56, § 1.
Terms Used In Rhode Island General Laws 45-38.1-14
- Bonds: means bonds of the corporation issued under the provisions of this chapter, including refunding bonds, notwithstanding that the bonds may be secured by mortgage or the full faith and credit of the corporation or the full faith and credit of a participating institution for higher education or of a participating municipality or of a participating healthcare provider or any other lawfully pledged security of a participating educational institution or child daycare center or of a participating municipality or of a participating healthcare provider. See Rhode Island General Laws 45-38.1-3
- 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: means the Rhode Island health and educational building corporation created and established as a nonbusiness corporation, under and pursuant to chapter 6 of Title 7, as amended, and constituted and established as a public body corporate and agency of the state under § 45-38. See Rhode Island General Laws 45-38.1-3
- State: means the state of Rhode Island. See Rhode Island General Laws 45-38.1-3