05 AM 21
2414
ADOPTED
Senators
Williams of the 19th and Goggans of the 7th offered the following
amendment:
Amend
the Senate Regulated Industries and Utilities Committee substitute to HB 470 by
inserting on line 23 of page 1, following the words and symbol "of funds;", the
following:
"to
provide for exemptions with respect to certain taxation; to provide for
legislative findings and
determinations;".
By
inserting immediately following line 6 of page 23 the following:
"(g)
It is found, determined, and declared that the creation of the authority and the
carrying out of its corporate purposes are in all respects for the benefit of
the people of this state and constitute a public purpose and that the authority
will be performing an essential governmental function in the exercise of the
power conferred upon it by this Code section. This state covenants that the
authority shall be required to pay no taxes or assessments upon any of the
property acquired or leased by it or under its jurisdiction, control,
possession, or supervision, or upon its activities in the operation or
maintenance of the buildings erected or acquired by it, or upon any fees,
rentals, or other charges for the use of such buildings, or upon other income
received by the authority. The exemption provided in this Code section shall
include an exemption from state and local sales and use tax on property
purchased by the authority for use exclusively by the
authority."