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beneficial interest or participation in a loan, is deemed to have | | been transferred on terms and to the extent specified in that | | agreement and that the effect of a sale of a beneficial interest or | | participation in a loan is the same as a sale of a loan.__The | | authority may issue or cause to be issued certificates or other | | instruments evidencing the holder's fractional interest in a pool | | of loans, which interest may be undivided or limited to one or more | | specific loans.__Whether or not the certificates or instruments are | | of such form or character as to be negotiable instruments under | | Title 11, Article 3-A, the certificates or instruments are made | | negotiable instruments within the meaning of and for all purposes | | of Title 11, Article 3-A, subject only to such registration | | requirements as the authority may establish. |
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| | | Bonds issued under this chapter constitute a proper public | | purpose and the securities, their transfer and the income from | | them, including any profits made on their sale, are at all times | | exempt from taxation within the State, whether or not those | | securities, their transfer or the income from them, including any | | profits made on their sale, are subject to federal taxation. |
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| | | §11499.__Bonds as legal investments |
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| | | Bonds issued by the authority under this chapter are | | securities in which all public officers and public bodies of the | | State and its political subdivisions; insurance companies and | | associations and other persons carrying on an insurance business; | | trust companies, banks, bankers, banking associations, savings | | banks and savings associations, including savings and loan | | associations; financial institutions; credit unions; building and | | loan associations; investment companies; executors, | | administrators, trustees and other fiduciaries; pension, | | retirement funds and profit-sharing; other persons carrying on a | | banking business; and all other persons may properly and legally | | invest funds, including capital in their control or belonging to | | them.__These bonds are made securities that may properly and | | legally be deposited with and received by any state, municipal or | | public officer or any agency or political subdivision of the | | State for any purpose for which the deposit of bonds or other | | obligations of the State is now or may hereafter be authorized by | | law. |
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| | | §11499-A.__Taxable bond option |
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| | | With respect to all or any portion of any issue of any bonds | | or any series of bonds that the authority may issue in accordance | | with the limitations and restrictions of this chapter, the | | authority may covenant, elect and consent that the interest on |
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