Because the operation and maintenance of a project by the authority or the authority's agent constitutes the performance of an essential public function, neither the authority nor the authority's agent are required to pay any taxes or assessments, including mortgage recording taxes, upon or in respect of:

1. (1) a project or any property acquired or used by the authority or the authority's agent under this chapter or upon the income from the project or property;
2. (2) the bonds issued under this chapter or the interest on those bonds; and

3. (3) the proceeds received from bonds issued under this chapter:

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

   3. (C) at maturity.

      [Pre-2007 Higher Education Recodification Citation: 20-12-63-27 part.]

As added by P.L.2-2007, SEC.69.