{"data":{"id":"us-ky/krs-58.580","jurisdiction":"us-ky","citation":"KRS 58.580","heading":"Property of authority is public property -- Payment in lieu of taxes to local","body":"taxing units -- Revenues exempt from taxation.\nAll projects and other property of the authority are hereby declared to be public property\ndevoted to an essential public and g overnmental function and purpose, and shall be\nexempt from all taxes and special assessments of the Commonwealth or any political\nsubdivision thereof, provided that the authority shall annually contribute to Louisville,\nJefferson County, and the Jefferson County School District an amount equal to the local\nproperty taxes Churchill Downs would have paid under private ownership.  All bonds or\nnotes issued pursuant to KRS 58.500 to 58.590 are hereby declared to be issued by a body\ncorporate and public of the C ommonwealth and for an essential public and governmental\npurpose and such bonds and notes, and the interest thereon and the income therefrom, and\nall funds, revenues, income, and other moneys received or to be received by the authority\nand pledged or available to pay or secure the payment of such bonds or notes, or interest\nthereon, shall at all times be exempt from taxation except for transfer, inheritance, and\nestate taxes.","path":["KRS Chapter 58"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=22864","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:13Z","sha256":"1f50972f15d35b1f10b3b7293a0f1a5ff84cdc82ac629b499ac853ca2223b17f","source_id":"us-ky","stale":false,"prev":"us-ky/krs-58.570","next":"us-ky/krs-58.590"},"notice":"GroundRules: Original legal text. Not legal advice."}