Rhode Island General Laws 42-55-26. Qualified mortgage bonds
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Pursuant to the provisions of § 103A(g) (26 U.S.C. § 103 A(g)) of the Internal Revenue Code of 1954, as amended by § 1102(a) of the Omnibus Reconciliation Act of 1980 (P.L. 96-499), the applicable limit of qualified mortgage bonds that may be issued by the corporation in any calendar year shall be one hundred percent (100%) of the state ceiling for that year.
History of Section.
P.L. 1982, ch. 295, § 10; G.L. 1956, § 42-44-28.
Terms Used In Rhode Island General Laws 42-55-26
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.