(A) All property of the village, including funds, owned or held by it for the purposes of this chapter shall be exempt from levy and sale by virtue of an execution, and no execution or other judicial process shall issue against the same nor shall judgment against the village be a charge or lien on such property. However, the provisions of this section shall not apply to or limit the right of obligees to pursue any remedies for the enforcement of any pledge or lien given pursuant to this ordinance by the village on its rents, fees, grants, or revenues from the urban renewal or redevelopment projects.
(B) The property of the village, acquired or held for the purposes of this chapter on January 1 of any year, is declared to be public property used exclusively for essential public and governmental purposes and such property shall be exempt from all taxes of the village, county, state, or any taxing authority thereof. However, such tax exemptions shall terminate when the village sells, leases, or otherwise disposes of such property in a project area to a purchaser or lessee which is not a person, corporation, partnership, or other association entitled to tax exemption with respect to such property.
(1995 Code, § 152.14) (Ord. 9-1967, passed 10-10-1967)