The bank is performing an essential governmental function in the exercise of the powers conferred upon it and is not required to pay taxes or assessments upon property or upon its operations or the income from them, or taxes or assessments upon property or loan obligations acquired or used by the bank or upon the income from them.
Ala. Code § 23-7-10
Essential Governmental Function of Bank; Taxation.
Known as the Alabama Transportation Infrastructure Bank Act
The act spans §§ 23-7-1 to 23-7-9 (31 sections).
(Act 2015-50, §10.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.