Sec. 31. Bonds, notes, or warrants issued under this chapter and: (1) proceeds received from their sale by a holder, to the extent of the holder's cost of acquisition; (2) proceeds received on their redemption before maturity; (3) proceeds received at their maturity; and (4) interest received on them; are exempt from state taxes as provided by IC 6-8-5 . [Pre-Local Government Recodification Citation: 18-6-4.5-25.]
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