Sec. 16. (a) The exercise of the powers granted by this chapter is in all respects for the benefit of the people of Indiana, for the increase of their commerce and prosperity, and for the improvement of their health and living conditions.
(b) As the operation and maintenance of a railroad project by the board will constitute the performance of essential governmental functions, the board shall not be required to pay any taxes or assessments upon any railroad project or any property acquired or used by the board under this chapter, or upon the income from it, and the bonds issued under this chapter, the interest on them, the proceeds received by a holder from the sale of the bonds to the extent of the holder's cost of acquisition, or proceeds received upon redemption before maturity or proceeds received at maturity, and the receipt of the interest and proceeds are exempt from taxation in Indiana as provided in IC 6-8-5.
As added by P.L.64-1984, SEC.12. Amended by P.L.3-1990, SEC.30.
Structure Indiana Code
Title 8. Utilities and Transportation
Chapter 15. Commuter Transportation Districts
8-5-15-2. Establishment; Composition; Name
8-5-15-3. Board of Trustees; Membership; Term
8-5-15-4. Board; Powers; Meetings; Compensation
8-5-15-5. Powers of Board; Dissolution of District
8-5-15-5.6. Covenants With Bond Purchasers; Distributions From Electric Rail Service Fund
8-5-15-5.7. Commuter Transportation System Bond Fund; Reserve; Surplus
8-5-15-7. Conflicts With Federal Law or Regulations; Levels of Services
8-5-15-10. Financial Records; Inspection; Publicity; Exclusion of Freight Service Costs
8-5-15-12. Revenue Refunding Bonds
8-5-15-15. Eminent Domain; Relocation Assistance; Properties in Public Use
8-5-15-16. Exercise of Powers Under This Chapter for Benefit of People of Indiana; Tax Exemption
8-5-15-17. Employees of Commuter Railroad Transportation System; Protection
8-5-15-18. Legal Services; Attorney General
8-5-15-20. Agreements Between District and System; Contents
8-5-15-21. Agreements Between District and System; Property Interests; Operation
8-5-15-22. Agreements Between District and System; Service Profile
8-5-15-23. Financial or Operating Agreements; Approval
8-5-15-24. Financial Responsibility; Certification; Proof
8-5-15-25. Capital Improvement Contingency Fund
8-5-15-26. Petition to Discontinue Rail Passenger Service; Acquisition of Property