The authority in performing an essential governmental function in the exercise of the powers conferred upon it is not required to pay any taxes or assessments upon any project or any property or upon any of its operations or the income from them, or any taxes or assessments upon any project or any property or local obligation acquired or used by the authority or upon the income from them. Any bonds issued by the authority, the transfer of bonds, and the income from them, is free from taxation and assessment of every kind by the State and by the local governments and other political subdivisions of the State.
HISTORY: 1988 Act No. 682, Section 2.
Structure South Carolina Code of Laws
Chapter 37 - South Carolina Resources Authority Act
Section 11-37-10. Citation of chapter.
Section 11-37-20. Definitions.
Section 11-37-30. South Carolina Resources Authority created.
Section 11-37-45. Funds; transfer of personnel.
Section 11-37-50. Powers of authority.
Section 11-37-60. Authority only to issue refunding bonds; maximum amount of bonds.
Section 11-37-80. Bonds may be secured by pledge.
Section 11-37-90. Bonds as debt of authority only.
Section 11-37-100. Bonds to be authorized by resolution of authority.
Section 11-37-105. Jobs Economic Development Authority to be reimbursed for expenses.
Section 11-37-110. Trust indenture.
Section 11-37-120. Validity of lien of pledge; recording or filing not required.
Section 11-37-130. Purchase of outstanding bonds.
Section 11-37-140. Form and manner of execution of bonds to be prescribed by authority.
Section 11-37-150. Signatures of former members or officers of authority.
Section 11-37-160. Amendments to chapter may not limit vested rights.
Section 11-37-170. Capital reserve funds.
Section 11-37-180. Purchase of local obligations.
Section 11-37-190. State grants.
Section 11-37-200. Water Resources Coordinating Council established.
Section 11-37-210. Tax exempt status of authority.
Section 11-37-220. Bonds as legal investments and securities.
Section 11-37-230. State Treasurer to invest monies of authority.
Section 11-37-240. Annual report.
Section 11-37-250. Construction of chapter.
Section 11-37-260. State Treasurer may withhold monies from defaulting local governments.
Section 11-37-270. Legislative declaration of intent.
Section 11-37-280. Chapter repealed when all bonds are retired.