Sec. 18.56.103. Federal taxation of interest on bonds and bond anticipation notes.
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Sec. 18.56.103. Federal taxation of interest on bonds and bond anticipation notes.
If the interest on bonds or bond anticipation notes of the corporation issued after June 1, 1980, becomes taxable under the income tax laws of the United States, the legislature may appropriate an amount sufficient to pay the outstanding principal and interest on the bonds or bond anticipation notes. Nothing in this section creates a debt or liability of the state.