Section 16. The exercise of the powers granted by this chapter shall be in all respects for the benefit of the people of the commonwealth, for the increase of their commerce, welfare and prosperity, and for the improvement of their health and living conditions, and as operation of an educational program and assistance to students to secure a better education by the Authority or its agent shall constitute the performance of an essential public function, neither the Authority nor its agent shall be required to pay any taxes or assessments upon or in respect to a project or any property acquired or used by the Authority or its agent under the provisions of this chapter or upon the income therefrom, and any bond issued under the provisions of this chapter, their transfer and the income therefrom, including any profit made on the sale thereof, shall at all times be free from taxation of every kind by the commonwealth and by the municipalities and other political subdivisions in the commonwealth.
Structure Massachusetts General Laws
Part I - Administration of the Government
Title II - Executive and Administrative Officers of the Commonwealth
Chapter 15c - Massachusetts College Student Loan Authority
Section 1 - Policy and Purpose
Section 5 - Purposes of Authority; Powers
Section 5a - College Opportunity Program; Bonds; Issuance; Redemption; Tuition Agreements
Section 5c - Comprehensive State-Supported Supplemental Education Loan Program; Development
Section 6 - Payment of Expenses
Section 7 - Guidelines for Deposits of Monies, Endowments, etc.; Default Reserve Fund
Section 8 - Conveyance of Assets Comprising Loan Funding Deposits
Section 9 - Negotiable Notes; Issuance; Terms or Conditions
Section 11 - Trust Agreements as Security for Revenue Bonds or Notes; Provisions of Trust Agreements
Section 12 - Payment of Bonds or Notes; Liability of Commonwealth
Section 13 - Fees; Contracts; Pledge of Revenues; Sinking Fund
Section 14 - Monies Received; Trust Funds
Section 14a - State Colleges and Universities Participation Fund
Section 14b - College Opportunity Fund; Purposes; Pledges
Section 16 - Exercise of Powers for Benefit of Commonwealth; Tax Exempt Status
Section 18 - Investment of Funds by Authority
Section 19 - Bonds as Investment Securities
Section 20 - Report of Authority; Audit
Section 21 - Powers of Participating Higher Education Institutions; Interest Rates
Section 22 - Employees; Social Security; Security Interests in Revenues and Receipts; Priority
Section 22a - Civil Actions; Liability, Losses, Expenses; Insurance; Limitation of Actions
Section 24 - New England Education Loan Marketing Corporation as Separate Entity
Section 25 - Construction of Law
Section 26 - Bankruptcy of Borrower
Section 27 - Rights and Properties of Authority Upon Dissolution, Liquidation or Other Termination