(n) The authority may make representations and agreements for the benefit of the holders of any bonds, notes or other obligations of the state which are necessary or appropriate to ensure the exclusion from gross income for federal income tax purposes of interest on bonds, notes or other obligations of the state from taxation under the Internal Revenue Code of 1986 or any subsequent corresponding internal revenue code of the United States, as amended from time to time, including agreement to pay rebates to the federal government of investment earnings derived from the investment of the proceeds of the bonds, notes or other obligations of the authority. Any such agreement may include: (1) A covenant to pay rebates to the federal government of investment earnings derived from the investment of the proceeds of the bonds, notes or other obligations of the authority; (2) a covenant that the authority will not limit or alter its rebate obligations until its obligations to the holders or owners of such bonds, notes or other obligations are finally met and discharged; and (3) provisions to (A) establish trust and other accounts which may be appropriate to carry out such representations and agreements, (B) retain fiscal agents as depositories for such funds and accounts, and (C) provide that such fiscal agents may act as trustee of such funds and accounts.
(P.A. 19-117, S. 219; P.A. 24-62, S. 1, 2.)
History: P.A. 24-62 amended Subsec. (g) to delete reference to Sec. 8-169qq, deleted former Subsec. (k) re exemption from personal liability of board of directors and indemnification of directors, officers and employees and redesignated existing Subsecs. (l) to (o) as Subsecs. (k) to (n) and made a technical change in redesignated Subsec. (k), effective June 4, 2024.