The authority shall have the power to make such payments to the United States as the directors deem necessary to cause the interest on any bonds of the authority to be and remain exempt from federal income taxation. The authority shall have the power to make agreements respecting the investment of funds of the authority necessary in order that the interest income on bonds of the authority be and remain exempt from federal income taxation.
Ala. Code § 41-10-371
Power of Authority to Pay and Make Agreements with the United States to Exempt Interest of Bonds from Federal Income Tax.
(Acts 1988, No. 88-475, p. 739, §22.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.