KRS 247.968: Corporation exempt from taxation -- Payment in lieu of taxes.

The corporation shall not be required to pay any taxes and assessments to the

Commonwealth or any county, municipality or other governmental subdivision of the

Commonwealth upon any of its property or upon its obligations or other evidences of

indebtedness pursuant to the provisions of KRS 247.940 to 247.978, or upon any moneys,

funds, revenues or other income held or received by the corporation and the bonds or

notes of the corporation and the income therefrom shall at all times be exempt from

taxation, ex cept for death and gift taxes and taxes of transfers; provided, however, that

real or personal property owned by the corporation shall be exempt from all property

taxation and special assessments of the Commonwealth or its political subdivisions, but

the corporation shall pay, in lieu of such taxes, such amounts as would have been levied

had not said real or personal property been owned by the corporation.