§16-18-15. Property of authority exempt from taxes and from
levy and sale by virtue of an execution.
(a) All property including funds of an authority 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 an authority be a charge or lien upon
its property: Provided, however, That the provisions of this
section shall not apply to or limit the right of obligees to
foreclose or otherwise enforce any mortgage of an authority or
the right of obligees to pursue any remedies for the enforcement
of any pledge or lien given by an authority on its rents, fees,
grants or revenues.
(b) The property of an authority is declared to be public
property used for essential public and governmental purposes and
such property and an authority shall be exempt from all taxes of
the municipality, the county, the state or any political
subdivision thereof: Provided, That with respect to any property
in a redevelopment project, the tax exemption provided herein
shall terminate when the authority sells, leases or otherwise
disposes of such property to a redeveloper for redevelopment.