[§39A-44.5]  Federal tax exempt status. 
Special purpose revenue bonds issued pursuant to this part, to the extent
practicable, 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 1996, c 142, §1]