160A-562. Tax contract by the State.
The State of North Carolina covenants with the purchasers and with all subsequent holders and transferees of bonds issued by the authority pursuant to this Article, in consideration of the acceptance of and payment for the bonds, that the bonds of the authority issued pursuant to this Article and the income therefrom, and all moneys, funds and revenues pledged to pay or secure the payment of such bonds, shall at all times be free from taxation except for transfer and estate taxes. (1951, c. 779, s. 17; 1979, 2nd Sess., c. 1247, s. 44.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 160A - Cities and Towns
Article 24 - Parking Authorities.
§ 160A-552 - Creation of authority.
§ 160A-554 - Duty of authority and commissioners.
§ 160A-555 - Interested commissioners or employees.
§ 160A-556 - Purpose and powers of the authority.
§ 160A-559 - Moneys of the authority.
§ 160A-560 - Bonds legal investments for public officers and fiduciaries.
§ 160A-561 - Exemptions from taxation.
§ 160A-562 - Tax contract by the State.
§ 160A-563 - Actions against the authority.
§ 160A-564 - Termination of authority.
§ 160A-565 - Inconsistent provisions in other acts superseded.