32:8-9 - Property and securities of commission tax-exempt
32:8-9.Ā Property and securities of commission tax-exempt ARTICLE VIII.
The effectuation of its authorized purposes by the commission is and will beĀ in all respects for the benefit of the people of the state of New Jersey andĀ the commonwealth of Pennsylvania, and for the increase of their commerce andĀ prosperity, and since the commission will be performing essential governmentalĀ functions in effectuating said purposes, the commission shall not be requiredĀ to pay any taxes or assessments upon any property acquired or used by it forĀ purposes authorized by this agreement; and the bonds or obligations issued byĀ the commission, their transfer and the income therefrom, including any profitsĀ made on the sale thereof, shall, at all times, be free from taxation within theĀ state of New Jersey and the commonwealth of Pennsylvania.
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The effectuation of its authorized purposes by the commission is and will beĀ in all respects for the benefit of the people of the state of New Jersey andĀ the commonwealth of Pennsylvania, and for the increase of their commerce andĀ prosperity, and since the commission will be performing essential governmentalĀ functions in effectuating said purposes, the commission shall not be requiredĀ to pay any taxes or assessments upon any property acquired or used by it forĀ purposes authorized by this agreement; and the bonds or obligations issued byĀ the commission, their transfer and the income therefrom, including any profitsĀ made on the sale thereof, shall, at all times, be free from taxation within theĀ state of New Jersey and the commonwealth of Pennsylvania.
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