38 §2222. Taxable bond option - Maine Statutes

Title 38: WATERS AND NAVIGATION

Chapter 24: SOLID WASTE MANAGEMENT AND RECYCLING HEADING: PL 1995, C. 465, PT. A, §26 (RPR

Subchapter 7: FINANCE, FEES AND CONTRACTS HEADING: PL 1989, C. 585, PT. A, §7 (NEW)

Article 3: REVENUE OBLIGATION SECURITIES AND MORTGAGE LOANS HEADING: PL 1989, C. 585, PT. A, §7 (NEW)

§2222. Taxable bond option

With respect to all or any portion of any issue of any bonds or any series of bonds which the agency may issue in accordance with the limitations and restrictions of this subchapter, the agency may covenant and consent that the interest on the bonds shall be includable, under the United States Internal Revenue Code of 1986, as amended, or any subsequent corresponding internal revenue law of the United States, in the gross income of the holders of the bonds to the same extent and in the same manner that the interest on bills, bonds, notes or other obligations of the United States is includable in the gross income of the holders under the United States Internal Revenue Code or any subsequent law. The foregoing grant of power shall not be construed as limiting the inherent power of the State or its agencies under any other provision of law to issue debt, the interest on which is includable in the gross income of the holders of the interest under the United States Internal Revenue Code or any subsequent law. [1989, c. 585, Pt. A, §7 (NEW).]

SECTION HISTORY

1989, c. 585, §A7 (NEW).