[§206M-12.5]  Federal tax-exempt status. 
Special purpose revenue bonds issued pursuant to this chapter, 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, environmental taxes, or other federal taxes or tax
consequences may apply).  The development corporation may enter into
agreements, establish funds or accounts, and take any action required to comply
with applicable federal law.  Nothing in this chapter 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 2000, c 72,
§2]