Legislation
SECTION 477
Consistency with federal tax law
Transportation (TRA) CHAPTER 61-A, ARTICLE 21
* § 477. Consistency with federal tax law. All actions taken pursuant
to this article shall be reviewed for consistency with provisions of the
federal internal revenue code and regulations thereunder, in accordance
with procedures established in connection with the issuance of any tax
exempt bonds pursuant to this article, to preserve the tax exempt status
of such bonds.
* NB Not effective due to defeat of the Transportation Bond Act of
2000
to this article shall be reviewed for consistency with provisions of the
federal internal revenue code and regulations thereunder, in accordance
with procedures established in connection with the issuance of any tax
exempt bonds pursuant to this article, to preserve the tax exempt status
of such bonds.
* NB Not effective due to defeat of the Transportation Bond Act of
2000