The Authority shall have the power to make such payments to the United States of America as the board of directors of the Authority deems necessary to cause the interest on any bonds of the Authority, including the Bonds, to be and remain exempt from, or excludible from gross income for purposes of, federal income taxation. The Authority shall have the power to make such agreements respecting the investment of funds of the Authority as the Authority shall deem necessary in order that the interest income on bonds of the Authority be and remain exempt from, or excludible from gross income for purposes of, federal income taxation.
Ala. Code § 16-16B-11
(Implementation Conditioned on Separate Legislative Enactment.) Tax Exemption.
Known as the Alabama Ahead Act
The act spans §§ 16-16B-1 to 16-16B-9 (13 sections).
(Act 2012-560, p. 1645, §11.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.