§ 35A-8-713. Power to issue mortgage credit certificates -- Impact of federal legislation on tax exempt status of corporation bond.

(1) In order to accomplish the purposes of this part the corporation may issue mortgage credit certificates under 26 U.S.C. Sec. 143, as amended, and the regulations issued under the code and has the sole responsibility for issuing or approving the issuance of mortgage credit certificates allowable to the state.

(2) A power granted to the corporation by this part may not be diminished by the enactment of federal legislation that would cause the interest on bonds, notes, or other obligations of the corporation to be subject to taxation under federal law.

(3) An exemption from state taxation granted in this part is not affected by federal legislation described under Subsection (2).

Renumbered and Amended by Chapter 212, 2012 General Session