§ 45-12-29 - Agreements relating to tax and securities compliance rebate to federal government.
SECTION 45-12-29
§ 45-12-29 Agreements relating to tax andsecurities compliance rebate to federal government. – Notwithstanding any contrary provision of general or special law, cities, townsand other political subdivisions of this state may enter into agreements tocomply with federal tax and securities laws and may rebate to the United StatesTreasury from available sources, any income from investments (including gainsfrom the disposition of investments) of proceeds of bonds or notes to theextent deemed necessary to exempt (in whole or in part) the interest paid onthe bonds or notes from federal income taxation. The term of any such agreementmay extend to a date six (6) years after the final maturity of the bonds ornotes to which the agreement relates.