Section 508 – Bonds exempt from taxes — Agency may purchase an agency’s own bonds.

• (1) A bond issued by an agency under this part is issued for an essential public and governmental purpose and is, together with interest on the bond and income from it, exempt from all state taxes except the corporate franchise tax.

• (2) An agency may purchase the agency’s own bonds at a price that the board determines.

• (3) Nothing in this section may be construed to limit the right of an obligee to pursue a remedy for the enforcement of a pledge or lien given under this part by an agency on the agency’s rents, fees, grants, properties, or revenues.

Amended by Chapter 350, 2016 General Session