16.2109 Existence for public education benefit–Tax exempt status–Liability for obligations.

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The Foundation exists and operates solely for the benefit of public education and is exempt from any taxes or assessments on any of its property, operations, or activities. The Foundation is liable for its debts and obligations. The government is not responsible for any such debts or obligations except in such cases where federal program regulations require provisional support by a government agency or the government itself.

History: 1987, PL 20-22 § 2.