South Carolina Code 11-40-160. Bonds and income from bonds exempt from taxes and assessments
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Terms Used In South Carolina Code 11-40-160
- Authority: means the South Carolina Infrastructure Facilities Authority. See South Carolina Code 11-40-30
- Bonds: means bonds, notes, or other evidences of obligation of the authority issued under this chapter, including bond, grant or revenue anticipation notes, notes in the nature of commercial paper, and refunding bonds. See South Carolina Code 11-40-30
- Loan: means a loan from the authority to a local government for the purpose of financing all or a portion of the cost of a project. See South Carolina Code 11-40-30
The authority is performing an essential governmental function in the exercise of the powers conferred upon it and is not required to pay taxes or assessments upon property or upon its operations or the income from them, or taxes or assessments upon property or loan obligation acquired or used by the authority or upon the income from them. Bonds issued by the authority, the transfer of bonds, and the income from them, are free from taxation and assessment of every kind by this State, and by the local governments and other political subdivisions of this State.