| | | 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 plans; 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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| | | the bonds be includable under the federal Internal Revenue Code | | or any subsequent corresponding internal revenue law of the | | United States in the gross income of the holders of the bonds to | | the same extent and in the same manner that the interest on | | bills, bonds, notes or other obligations of the United States is | | includable in the gross income of the holders under the federal | | Internal Revenue Code or any subsequent law.__Bonds issued | | pursuant to this section are not subject to any limitations or | | restrictions of any law that may limit the authority's power to |
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