KRS 58.580: Property of authority is public property -- Payment in lieu of taxes to local

taxing units -- Revenues exempt from taxation.

All projects and other property of the authority are hereby declared to be public property

devoted to an essential public and g overnmental function and purpose, and shall be

exempt from all taxes and special assessments of the Commonwealth or any political

subdivision thereof, provided that the authority shall annually contribute to Louisville,

Jefferson County, and the Jefferson County School District an amount equal to the local

property taxes Churchill Downs would have paid under private ownership. All bonds or

notes issued pursuant to KRS 58.500 to 58.590 are hereby declared to be issued by a body

corporate and public of the C ommonwealth and for an essential public and governmental

purpose and such bonds and notes, and the interest thereon and the income therefrom, and

all funds, revenues, income, and other moneys received or to be received by the authority

and pledged or available to pay or secure the payment of such bonds or notes, or interest

thereon, shall at all times be exempt from taxation except for transfer, inheritance, and

estate taxes.