(20 ILCS 3515/12) (from Ch. 127, par. 732)
Sec. 12.
Taxation;
securities law.
The State authority is hereby declared to be performing a public
function in behalf of the State and to be a public instrumentality of the
State. Also, for purposes of the Illinois Securities Law of 1953, compiled
as Sections 137.1 through 137.17 of Chapter 121 1/2 Ill. Rev. Stats. 1969,
and any amendment thereto and substitution therefor, bonds issued by any
such authority shall be deemed to be securities issued by a public
instrumentality or a political subdivision of the State of Illinois. To the
extent permitted by the Constitution the property acquired by the State
authority pursuant to this Act is exempt from taxation except that during
any period that such property is leased or sold or is subject to an
agreement to be leased or sold by such authority, taxes shall be payable to
the same extent as if it were owned by such lessee or purchaser, or
prospective lessee or purchaser, and such taxes shall be paid by such
person.
(Source: P.A. 77-2159.)
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