§74-5062.16. Covenant and consent to inclusion of interest on bonds
158 words·~1 min read·
/ok/title-74-state-government/74-5062-16·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
in gross income.
The Authority may covenant and consent that the interest on certain of its bonds shall be includable under the Internal Revenue Code of 1986, as amended, or any subsequent corresponding internal revenue law of the United States in the gross income of the owners thereof 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 owners thereof under said Internal Revenue Code or any such subsequent law.
Nothing contained herein shall be construed to covenant or consent or to authorize any covenant or consent to the application of any other provision of any other laws, federal or state, to the Authority or to its bonds or to the elimination or modification in any way of any other exemption, privilege or immunity thereof. Added by Laws 1987, c. 222, § 64, operative July 1, 1987.