As Amended
SEC. 57-1-39. Exemption from taxation of bonds.
All bonds issued pursuant to sections 57-1-1 to 57-1-51 and all interest thereon or income therefrom shall be exempt from all taxation except gift and inheritance taxes. Necessary taxes levied and collection for the payment of these bonds and interest thereon shall not be considered or accounted in any limitation on the powers of the municipality to tax except as otherwise herein provided.
SOURCES: Codes, 1942, Sec. 8936-17; Laws, 1944, ch. 241, Sec. 18, eff on and after July 1, 1944.