[§39A-325]  Federal tax exempt
status.  To the extent practicable, special purpose revenue bonds issued
pursuant to this part shall be issued to comply with requirements imposed by
applicable federal law providing that the interest on the special purpose revenue
bonds shall be excluded from gross income for federal income tax purposes,
except as certain minimum taxes or environmental taxes may apply.  The director
of finance may enter into agreements, establish funds or accounts, and take any
action required to comply with applicable federal law.  Nothing in this part
shall be deemed to prohibit the issuance of special purpose revenue bonds, the
interest on which may be included in gross income for federal income tax
purposes. [L 2006, c 148, pt of §1]