1. Except as otherwise provided in subsection 2, bonds and other securities issued by the Bank pursuant to the provisions of NRS 226.700 to 226.832 , inclusive, their transfer and the income therefrom must forever be and remain free and exempt from taxation by this State or any subdivision thereof. 2. The provisions of subsection 1 do not apply to the tax on estates imposed pursuant to the provisions of chapter 375A of NRS or the tax on generation-skipping transfers imposed pursuant to the provisions of chapter 375B of NRS.
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