1. (a) The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of Indiana and for the increase of their commerce, health, enjoyment, and prosperity. The operation and maintenance of a park project by the commission will constitute the performance of essential governmental functions.

2. (b) The commission is not required to pay taxes or assessments upon a park project or property acquired or used by the commission under this chapter or IC 14-3-12 (before its repeal) or upon the income from the property. The following are exempt from taxation in Indiana for all purposes except the financial institutions tax imposed under IC 6-5.5 :

   1. (1) Bonds issued under this chapter or under IC 14-3-12 (before its repeal).
   2. (2) Interest on the bonds.

   3. (3) Proceeds:

      1. (A) received by a holder from the sale of bonds to the extent of the holder's cost of acquisition;
      2. (B) received upon redemption before maturity; or
      3. (C) received at maturity.

   4. (4) Receipt of the interest and proceeds.

      [Pre-1995 Recodification Citation: 14-3-12-23.]

As added by P.L.1-1995, SEC.7. Amended by P.L.254-1997(ss), SEC.21; P.L.79-2017, SEC.63.