The authority shall pay annually in lieu of any property tax, as a charge upon its earnings and revenues, to each city, town, and district, or other district, a sum equal in amount to any property tax levied on any property by or on behalf of the town or district during the year next preceding the acquisition of the property by the authority. The authority shall have no power to levy or collect ad valorem property taxes.
History of Section.
P.L. 1972, ch. 111, § 1.