The property and income of each corporation formed or the certificate of incorporation of which is amended under this article and all bonds issued by each such corporation and the income from such bonds and conveyances by or to each such corporation and mortgages and indentures of trust by or to each such corporation shall be exempt from all taxation in the State of Alabama. Each such corporation shall also be exempt from all sales and use taxes and gross receipts taxes levied by the state and any political subdivision thereof with respect to the purchase, sale, use, or consumption of property; provided, however, that the provisions of this section shall not be construed to exempt any such corporation from the privilege or license tax levied by Section 40-21-82 or the excise tax levied by Section 40-21-102; and provided, further, that any such sales, use, or gross receipts taxes that may have been paid to the state or any political subdivision thereof by a corporation that was formed or the certificate of incorporation of which is amended under this article shall not be subject to refund.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 50 - Public Utilities.
Article 9 - Boards for Operation of Water, Sewer, Gas and Electric Systems.
Section 11-50-310 - Definitions.
Section 11-50-313 - Board of Directors.
Section 11-50-315 - Execution, etc., of Contracts as Security for Repayment of Moneys Borrowed.
Section 11-50-317 - Pledge of Revenues From and Mortgaging of Systems for Payment of Bonds.
Section 11-50-318 - Disposition of Proceeds From Sale of Bonds.
Section 11-50-319 - Exemption From Usury and Interest Statutes.