Section 2-5-39 Maintain federal tax-exempt status. - Alabama Statutes

Section 2-5-39

Maintain federal tax-exempt status.

The authority has the power and hereby delegates power to the Commissioner of Agriculture and Industries to cause appropriate reports to be prepared and payments submitted to the United States of America as shall be deemed necessary to cause the interest on any bonds of the authority to be and remain exempt from federal income taxation. The authority shall have the power to make agreements respecting the investment of funds of the authority necessary in order that the interest income on bonds of the authority be and remain exempt from federal income taxation.

(Act 98-243, p. 396, §11.)