Maine Revised Statutes Title 20-A Sec. 11430 – Taxable bond option
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Terms Used In Maine Revised Statutes Title 20-A Sec. 11430
- Authority: means the Finance Authority of Maine, including in its capacity as successor to the Maine Educational Loan Authority and the Finance Authority of Maine's successors or assigns. See Maine Revised Statutes Title 20-A Sec. 11413
- Bonds: includes bonds, notes, refunding bonds, commercial paper, pass-through instruments or any other evidences of obligations of the authority issued under this chapter. See Maine Revised Statutes Title 20-A Sec. 11413
- Code: means the United States Internal Revenue Code of 1986, as amended, and the regulations to that Code. See Maine Revised Statutes Title 20-A Sec. 11413
- United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
With respect to all or any portion of any issue of any bonds or any series of bonds which the authority may issue in accordance with the limitations and restrictions of this chapter, the authority may covenant, elect and consent that the interest on the bonds shall be includable, under the code or any subsequent corresponding internal revenue law of the United States, in the gross income of the holders of the bonds 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 holders under the code or any subsequent law. Bonds issued pursuant to this section shall not be subject to any limitations or restrictions of any law which may limit the authority’s power to issue those bonds. The foregoing grant of power shall not be construed as limiting the inherent power of the State or its agencies under any other provision of law to issue debt, the interest on which is includable in the gross income of the holders under the code or any subsequent law. [PL 1987, c. 807, §3 (NEW).]
SECTION HISTORY
PL 1987, c. 807, §3 (NEW).