SEC. 51-23-45. District and its bonds exempt from taxation.

The accomplishment of the purposes stated in this chapter being for the benefit of the people of this state and for the improvement of the properties and industries, the district in carrying out the purposes of this chapter will be performing an essential public function and shall not be required to pay any tax or assessment on the projects and related facilities or any part thereof; and the interest on the bonds issued hereunder shall at all times be free from taxation within this state. The state hereby covenants with the holders of any bonds to be issued hereunder that the Lower Yazoo River Basin District shall not be required to pay any taxes or assessments imposed by the state or any of its political subdivisions or taxing districts.

SOURCES: Codes, 1942, Sec. 5956-365; Laws, 1966, Ex. Sess., ch. 49, Sec. 15, eff from and after passage (approved January 5, 1967).

1997 Amendment

 SECTION 8. Sections 51-23-19, 51-23-21, 51-23-23, 51-23-25, 51-23-27, 51-23-29, 51-23-31, 51-23-33, 51-23-35, 51-23-37, 51-23-39, 51-23-41, 51-23-43, 51-23-45, 51-23-47 and 51-23-49, Mississippi Code of 1972, which place certain requirements on the issuance of construction contracts, authorize the district to provide park and recreation facilities, authorize the board of directors to adopt rules and regulations and to designate depositories for district funds, authorize the board of directors to issue bonds and notes, provide for a limitation on the amount on and for validation of bonds and notes, authorize the board of directors to enter into trust agreements and to issue refunding bonds, declare bonds as legal investments, provide for certain agreements, cooperation with other government agencies and severability, exempt the district and its bonds from taxation and provide the intent of the Legislature regarding overflow of school lands, are repealed.

SOURCE: 1997 Laws, Chapter 403, Sec. 8, SB2937, Effective July 1, 1997.