159B-26. Tax exemption.
Bonds shall at all times be free from taxation by the State or any political subdivision or any of their agencies, excepting inheritance or gift taxes, income taxes on the gain from the transfer of the bonds, and franchise taxes. The interest on the bonds is not subject to taxation as income. (1975, c. 186, s. 1; 1995, c. 46, s. 18.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 159B - Joint Municipal Electric Power and Energy Act
Article 2 - Joint Agencies; Municipalities.
§ 159B-4 - Authority of municipalities to jointly cooperate.
§ 159B-6 - Sale of capacity and output by a municipality.
§ 159B-7 - Licenses, permits, certificates and approvals.
§ 159B-9 - Creation of a joint agency; board of commissioners.
§ 159B-10 - Executive committee, composition; powers and duties; terms.
§ 159B-11 - General powers of joint agencies; prerequisites to undertaking projects.
§ 159B-13 - Sale of excess capacity and output by a joint agency.
§ 159B-14 - Bonds of a joint agency.
§ 159B-15 - Issuance of bonds.
§ 159B-16 - Resolution or trust agreement.
§ 159B-16.1 - Revenues NCEMPA members.
§ 159B-17 - Revenues other municipalities.
§ 159B-18 - Trust funds; investment authority.
§ 159B-20 - Status of bonds under Uniform Commercial Code.
§ 159B-21 - Bonds eligible for investment.
§ 159B-22 - Agreement of the State.
§ 159B-23 - Limited liability.
§ 159B-24 - Approval and sale of bonds.
§ 159B-27 - Taxes; payments in lieu of taxes.
§ 159B-29 - Dissolution of joint agencies.
§ 159B-30.1 - Additional reports.
§ 159B-31 - Legislative consent to the application of laws of other states.
§ 159B-32 - Government grants and loans.
§ 159B-34 - Liability and defense.
§ 159B-35 - Additional method.
§ 159B-36 - Recodified as § 159B-52 by Session Laws 1983, c609, s8.
§ 159B-37 - Actions relating to bonds or to security for bonds.
§ 159B-38 - Confidentiality of contract discussions.
§ 159B-39 - Permitted uses of revenue from electric power rates.