The State of North Carolina covenants with the purchasers and with all subsequent holders and transferees of bonds issued by the authority pursuant to this Article, in consideration of the acceptance of and payment for the bonds, that the bonds of the authority issued pursuant to this Article and the income therefrom, and all moneys, funds and revenues pledged to pay or secure the payment of such bonds, shall at all times be free from taxation except for transfer and estate taxes.
N.C. Gen. Stat. § 160A-562
Tax contract by the State
Known as the Parking Authority Law
The act spans §§ 160–160 (16 sections).
1951, c. 779, s. 17; 1979, 2nd Sess., c. 1247, s. 44.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.