12-5509.   Same; property tax exemption; reduction of payments.All real and personal property used for the performance ofa public service may be exempt from ad valorem taxation to the extentsuch property is used exclusively for the performance of such publicservice. If any portion of the facility, title to which is vested in theprivate contractor, provides direct revenue to the private contractor inaddition to payments from the municipality, that revenue producingportion of the property shall be assessed and taxed as any other property. Any direct revenue of the private contractor used to reduce paymentsrequired of the municipality, such as may occur in the sale of recycledmaterials, shall be considered as a payment from the municipality.

      History:   L. 1990, ch. 64, § 9; July 1.