Sec. 9. All property of the bank is public property devoted to an essential public and governmental function and purpose and is exempt from all taxes and special assessments of the state or a political subdivision of the state. All bonds or notes issued under this article are issued by a body corporate and public of this state, but not a state, city, or county agency, and for an essential public and governmental purpose. The bonds and notes, the interest thereon, the proceeds received by a holder from the sale of the bonds or notes to the extent of the holder's cost of acquisition, proceeds received upon redemption before maturity, proceeds received at maturity, and the receipt of the interest and proceeds shall be exempt from taxation in the state for all purposes except the financial institutions tax imposed under IC 6-5.5.
As added by P.L.42-1985, SEC.1. Amended by P.L.21-1990, SEC.5; P.L.254-1997(ss), SEC.5; P.L.79-2017, SEC.8.
Structure Indiana Code
Title 5. State and Local Administration
Article 1.4. Local Public Improvement Bond Banks
Chapter 9. Miscellaneous Provisions
5-1.4-9-1. Limitation of Actions
5-1.4-9-3. Pledge of Revenues or Money
5-1.4-9-4. Insurance or Guaranty for Payment
5-1.4-9-5. Authority to Receive Appropriations or Grants From Federal Government; Disposition
5-1.4-9-6. Undertaking by Financial Institution to Keep and Pay Over Funds Deposited With It
5-1.4-9-8. Financial Institutions and Fiduciaries; Investment in Bonds or Notes
5-1.4-9-9. Nature of Bank Property; Bonds and Notes; Exemption From Taxation
5-1.4-9-10. Officers and Departments of State; Rendering of Services to Bank; Costs and Expenses
5-1.4-9-11. Dissolution of Bank; Assets and Property of Bank