35-741. Exemption from taxation
The corporation and its income and all bonds issued by it and the income therefrom
shall be exempt from all taxation in this state, except that property of the corporation
shall be subject to all applicable ad valorem taxes. If such property is leased, such ad
valorem taxes shall be charged to the lessee as fully as if the lessee were the owner of
such leased property except that no ad valorem tax shall be imposed upon any property of
the corporation which is leased to a person qualified for exemption from such taxes by
article 9, section 2, Constitution of Arizona and no charge for such a tax shall be made
to any such lessee.
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