Alabama Code (Last Updated: November 28, 2014)

§16-16B-11. (Implementation Conditioned on Separate Legislative Enactment.) Tax exemption.

Latest version.

The Authority shall have the power to make such payments to the United States of America as the board of directors of the Authority deems necessary to cause the interest on any bonds of the Authority, including the Bonds, to be and remain exempt from, or excludible from gross income for purposes of, federal income taxation. The Authority shall have the power to make such agreements respecting the investment of funds of the Authority as the Authority shall deem necessary in order that the interest income on bonds of the Authority be and remain exempt from, or excludible from gross income for purposes of, federal income taxation.

(Act 2012-560, p. 1645, §11.)

                    
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