The Spencer Development Authority shall be exempt from the payment of any taxes or fees to the State, or any subdivision thereof, or to any officer or employee of the State, or other subdivision thereof. The property of the Authority shall be exempt from all local and municipal taxes. Bonds, notes, debentures, and other evidence of indebtedness of the Authority are declared to be issued for a public purpose and to be public instrumentalities, and shall be exempt from taxes.
(Passed 4-5-90.)