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This entry was published on 2014-09-22
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SECTION 1862
Exemption from taxation of bonds and notes
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 8, TITLE 9
§ 1862. Exemption from taxation of bonds and notes. The state
covenants with the purchasers and with all subsequent holders and
transferees of bonds and notes, in consideration of the acceptance of
and payment for the bonds and notes, that the bonds and notes and the
income therefrom, and all moneys, funds and revenues pledged to pay or
secure the payment of such bonds and notes shall at all times be free
from taxation, except for estate and gift taxes and taxes on transfers.