(a) A certificate of tax exemption shall be issued in the name of the government by the Governor. It shall specify:
(1) the name of the grantee;
(2) the business or industrial activity which qualifies for tax exemption;
(3) the taxes, fees, duties, or levies from which the grantee is exempted;
(4) the dates on which the tax exemption begins and ends;
(5) the date by which any required financial investment shall have been completed by the grantee;
(6) a statement that the grant of tax exemption is conditioned upon the substantial performance and observance of all requirements contained in the certificate, in this chapter, and in any regulations issued under this chapter, and that in the event of nonperformance all taxes shall be due and payable;
(7) a statement that the certificate of tax exemption either does or does not include an exemption from any new type of tax, fee, duty, or levy that may be imposed by the government in the future;
(8) such other conditions as the Governor shall deem applicable or appropriate, as are not inconsistent with the provisions of this chapter.
(b) Each certificate of tax exemption granted under the provisions of this chapter shall be regarded as a contract between the government and the grantee, and the government declares that it will not adopt any legislation or take any action that would impair or limit the obligation of such contract.History: 1962, PL 737; amd 1963, PL 8-4.