Section 706 – Bonds exempt from taxes — Port authority may purchase its own bonds.

• (1) A bond issued by the authority 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) The authority may purchase its own bonds at a price that its 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 the authority on its rents, fees, grants, properties, or revenues.

Enacted by Chapter 179, 2018 General Session