CHAPTER 13

(SB 34)

Agriculture and Business Development Authority bonds,
tax exemption repealed.

         ENTITLED, An Act to  remove the exemption for certain tax liability on bonds issued by the Agriculture and Business Development Authority.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:

     Section  1.  That § 1-16E-22 be amended to read as follows:

     1-16E-22.   The exercise of the powers granted by this chapter will shall be in all respects for the benefit of the people of the state , and the . The authority is not required to pay any tax or assessment on any property owned by the authority under the provisions of this chapter or upon the income therefrom; nor is the authority required to pay any transfer tax of any kind on account of instruments recorded by it or on its behalf.

     Any obligations issued by the authority pursuant to this chapter, their transfer, and the income therefrom (including any profit made on the sale thereof), shall at all times be free from taxation by the state or any local unit or political subdivision or other instrumentality of the state.

     Signed February 14, 2002.

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