Section 11-81-149

Exemption from taxation of undertakings, bonds, etc.

So long as the municipality or county shall own or possess any undertaking the property and revenue of such undertaking shall be exempt from all taxation. Bonds issued under this division and the income therefrom shall be exempt from all taxation.

(Acts 1935, No. 154, p. 195; Code 1940, T. 37, §350.)