The corporation shall have the power to make payments to the United States of America as the directors deem necessary to cause the interest on any bonds of the corporation to be and remain exempt from federal income taxation. The corporation shall have the power to make agreements respecting the investment of funds of the corporation necessary in order that the interest income on bonds of the corporation be and remain exempt from federal income taxation.
Ala. Code § 2-6-123
Federal Income Taxation.
Known as the Garrett Coliseum Redevelopment Act
The act spans §§ 2-6-100 to 2-6-127 (28 sections).
(Act 2011-575, p. 1231, §25.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.