2006 Utah Code - 9-4-912 — Power to issue mortgage credit certificates -- Impact of federal legislation on tax exempt status of corporation bond.

     9-4-912.   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 pursuant to 26 U.S.C., Section 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) None of the powers granted to the corporation by this part shall in any way be diminished by the enactment of any federal legislation which would cause the interest on any bonds, notes, or other obligations of the corporation to be subject to taxation under federal law, nor shall the exemption from state taxation granted in this part be affected by any such federal legislation.

Amended by Chapter 319, 2001 General Session