9-4-912 - Power to issue mortgage credit certificates -- Impact of federal legislation on tax exempt status of corporation bond. - Utah Statutes

9-4-912. Power to issue mortgage credit certificates -- Impact of federal legislationon tax exempt status of corporation bond.
(1) In order to accomplish the purposes of this part the corporation may issue mortgagecredit certificates pursuant to 26 U.S.C., Section 143, as amended, and the regulations issuedunder the code and has the sole responsibility for issuing or approving the issuance of mortgagecredit certificates allowable to the state.
(2) None of the powers granted to the corporation by this part shall in any way bediminished by the enactment of any federal legislation which would cause the interest on anybonds, notes, or other obligations of the corporation to be subject to taxation under federal law,nor shall the exemption from state taxation granted in this part be affected by any such federallegislation.

Amended by Chapter 319, 2001 General Session