Sec. 16. (a) The exercise of the powers granted by this chapter is in all respects for the
benefit of the people of Indiana, for the increase of their commerce and prosperity,
and for the improvement of their health and living conditions.
(b) As the operation and maintenance of a railroad project by the board will constitute
the performance of essential governmental functions, the board shall not be required
to pay any taxes or assessments upon any railroad project or any property acquired
or used by the board under this chapter, or upon the income from it, and the bonds
issued under this chapter, the interest on them, the proceeds received by a holder
from the sale of the bonds to the extent of the holder's cost of acquisition, or proceeds
received upon redemption before maturity or proceeds received at maturity, and the
receipt of the interest and proceeds are exempt from taxation in Indiana as provided
in IC 6-8-5.
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