17-4753.   Property exempt from levy and sale byexecution and judgment charge or lien; alternative remedies.(a) All property of a municipality, including funds, owned or held by itfor the purposes of this act shall be exempt from levy and sale by virtueof an execution, and no execution or other judicial process shall issueagainst the same nor shall judgment against a municipality be a charge orlien upon such property: Provided, however, That the provisions ofthis section shall not apply to or limit the right of obligees to pursueany remedies for the enforcement of any pledge or lien given pursuant tothis act by a municipality on its rents, fees, grants or revenues fromurban renewal projects.

      (b)   The property of a municipality, acquired or held for the purposes ofthis act, is declared to be public property used for essential public andgovernmental purposes.

      History:   L. 1955, ch. 86, § 12; L. 1975, ch. 495, §11; July 1.