§ 14.36.140. Taxation.

A.

Because the Inter-Island Ferry Authority, exercising the powers granted by this enabling chapter under AS 29.35.600—29.35.730 as amended, is in all respects for the benefit of the people of the participating municipalities and the people of the state in general, for their well-being and prosperity, and for the improvement of their social and economic condition, the real and personal property of the Inter-Island Ferry Authority and its assets, income, and receipts are exempt from all taxes and special assessments of the state, or a political subdivision of the state, including but not limited to the participating municipalities.

B.

Notwithstanding the provisions of subsection A. of this section, the Inter-Island Ferry Authority may in its sole discretion enter into agreements under which the Inter-Island Ferry Authority shall agree to pay to one or more participating municipalities payments in lieu of taxes and special assessments on real and personal property of the Inter-Island Ferry Authority within the taxing jurisdiction of that municipality.

C.

Nothing in this section creates a tax exemption with respect to the interests of business enterprise of other person, other than the Inter-Island Ferry Authority, in property, assets, income, or receipts of that business enterprise or other person, whether or not financed under the provisions of AS 29.35.600—29.35.730 as amended.

(Ord. No. 09-04, § 14, 10-6-2009)