HARRY HUGHES, Governor

2047

IF THE AUTHORITY ADMINISTRATION OWNS PROPERTY THAT IS
NOT, BECAUSE OF ITS OWNERSHIP, SUBJECT TO ORDINARY LOCAL
TAXES, THE AUTHORITY ADMINISTRATION SHALL MAKE PAYMENTS IN
LIEU OF TAXES TO THE SUBDIVISION IN WHICH THE PROPERTY IS
LOCATED. PAYMENT SHALL EQUAL THE AMOUNT OF ORDINARY LOCAL
TAXES THAT WOULD BE DUE IF THE PROPERTY WERE SUBJECT TO
TAXATION. IMMEDIATELY UPON ACQUISITION OF AN INTEREST IN
ANY. PROPERTY, THE AUTHORITY ADMINISTRATION SHALL REQUEST THE
STATE DEPARTMENT OF ASSESSMENTS AND TAXATION TO CERTIFY TO
THE LOCAL TAXING AUTHORITY THE ASSESSMENT ASSOCIATED WITH
THE PROPERTY. THE BONDS, LOANS, OR ANY OTHER FORM OF
FINANCIAL ASSISTANCE OF THE AUTHORITY ADMINISTRATION, THEIR
TRANSFER, THE INTEREST PAYABLE ON THEM, AND ANY INCOME
DERIVED FROM THEM, INCLUDING ANY PROFIT REALIZED IN THE SALE
OR EXCHANGE OF THEM, SHALL AT ALL TIMES BE EXEMPT FROM
TAXATION OF EVERY KIND AND NATURE BY THIS STATE OR BY ANY OF
ITS POLITICAL SUBDIVISIONS, MUNICIPAL CORPORATIONS, OR
PUBLIC AGENCIES OF ANY KIND.

13-118. 533.

THE AUTHORITY ADMINISTRATION MAY NOT BE REQUIRED TO
GIVE ANY BOND AS SECURITY FOR COSTS, SUPERSEDE AS, OR ANY
OTHER SECURITY IN ANY SUIT OR ACTION BROUGHT BY OR AGAINST
IT OR IN PROCEEDINGS TO WHICH IT MAY BE A PARTY, IN ANY
COURT IN THIS STATE, AND THE AUTHORITY ADMINISTRATION SHALL
HAVE THE REMEDIES OF APPEAL OF WHATEVER KIND TO ALL COURTS
WITHOUT BONDS, SUPERSEDEAS, OR SECURITY OF ANY KIND. NO
BUILDER'S, MATERIALMAN'S, CONTRACTOR'S, LABORER'S OR
MECHANIC'S LIENS OF ANY KIND OR CHARACTER MAY EVER ATTACH TO
OR BECOME A LIEN ON ANY PROPERTY, REAL OR PERSONAL, THAT
BELONGS TO THE AUTHORITY ADMINISTRATION AND AN ASSIGNMENT OF
WAGES MAY NOT BE BINDING ON OR RECOGNIZED BY THE AUTHORITY
ADMINISTRATION.

13-119. 534.

WHEN THE PRINCIPAL OF AND INTEREST ON BONDS OF THE
AUTHORITY ADMINISTRATION ISSUED TO FINANCE THE COST OF A
PARTICULAR ENERGY PROJECT OR PROJECTS FOR ANY PERSON,
INCLUDING ANY REFUNDING BONDS ISSUED BY THE AUTHORITY
ADMINISTRATION TO REFUND AND REFINANCE BONDS THAT IT ISSUED,
HAVE BEEN FULLY PAID AND RETIRED, OR WHEN ADEQUATE PROVISION
HAS BEEN MADE TO FULLY PAY AND RETIRE THEM, AND ALL OTHER
CONDITIONS OF THE RESOLUTION DETERMINATION OR TRUST
AGREEMENT THAT AUTHORIZED AND SECURED THEM HAVE BEEN
SATISFIED AND THE LIEN OF THE RESOLUTION DETERMINATION OR
TRUST AGREEMENT AUTHORIZING AND SECURING THE BONDS HAVE HAS
BEEN SATISFIED AND THE LIEN OF THE RESOLUTION DETERMINATION
OR TRUST AGREEMENT HAS BEEN RELEASED IN ACCORDANCE WITH ITS
PROVISIONS, THE AUTHORITY ADMINISTRATION, TO THE EXTENT
REQUIRED BY APPLICABLE AGREEMENTS WITH ANY PERSON SHALL
PROMPTLY DO THE THINGS AND EXECUTE THE DEEDS, RELEASES AND
DOCUMENTS AS ARE NECESSARY AND REQUIRED TO: