655-A - Authorization of contracts for taxation by the United States of interest on obligations guaranteed thereby.

§  655-a. Authorization of contracts for taxation by the United States  of interest on obligations guaranteed thereby. The corporation is hereby  authorized and empowered, from time to time and at  any  time  to  enter  into  a contract or contracts with the United States, acting through any  department, officer, agency, or instrumentality thereof, (a) pursuant to  which the United States (i),  unconditionally  guarantees  the  payment,  when  due,  of  the  interest on, and the principal of, bonds, notes, or  other obligations issued or to be issued by the corporation or (ii) pays  a portion of the  interest  payable  on  such  bonds,  notes,  or  other  obligations  issued  or  to  be  issued  by  the  corporation and (b) in  consideration of which the corporation covenants and consents  that  the  interest  on such bonds, notes, or other obligations shall be includible  under the internal revenue code of nineteen hundred  fifty-four  or  any  subsequent  corresponding  internal  revenue law of the United States in  the gross income of the holder or holders of such bonds, notes, or other  obligations to the same extent and in the same manner that the  interest  on  bills,  bonds,  notes  or  other obligations of the United States is  includible in the gross income of the holder or  holders  thereof  under  said  internal  revenue code or any such subsequent law. The corporation  is hereby futher authorized and empowered  to  include  in  such  bonds,  notes,  or  other  obligations  and  any  documents related thereto such  reference to, or summary of, the  contract  or  contracts  as  shall  be  satisfactory  to such department, officer, agency, or instrumentality of  the United States. The powers herein conferred shall be in  addition  to  the  powers  conferred  by  any  other  law and such powers shall not be  subject to the limitations or restrictions of any other law, but nothing  contained herein or in any such contract or contracts shall be construed  to covenant or consent, or to authorize any covenant or consent, to  the  application  of  any other provision of any other law, federal or state,  to the corporation or to such bonds, notes, or other obligations, or  to  the  elimination  or  modification  in  any  way  of any other exemption  (including without limitation exemption from taxation under section  six  hundred sixty-three of this article), privilege, or immunity thereof.