ARS § 49-1306

49-1306 - Taxation exemption 49-1306. Taxation exemption A. The authority is regarded as performing a governmental function in carrying out the purposes of this article and is not required to pay taxes or assessments on any of the property acquired or constructed for these purposes or on the agreements of the authority pertaining to maintaining and operating water-related facilities or in the revenues derived from the water-related facilities. B. The long-term water augmentation bonds issued under this chapter, their transfer and the income the bonds produce are at all times exempt from taxation by this state or by any political subdivision of this state. C. The authority is authorized under this chapter and under title 35, chapter 3, article 7 to take all actions determined necessary by the board to comply with federal income tax laws, including the payment of rebates to the United States treasury.