Maine Revised Statutes
Article 3: REVENUE OBLIGATION SECURITIES AND MORTGAGE LOANS
38 §2222. Taxable bond option

§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.   [PL 1989, c. 585, Pt. A, §7 (NEW).]
SECTION HISTORY
PL 1989, c. 585, §A7 (NEW).

Structure Maine Revised Statutes