Tax-Exempt Bonds definition

Tax-Exempt Bonds means Bonds of a Series the interest on which, in the opinion of Bond Counsel on the date of original issuance thereof, is excludable from gross income for federal income tax purposes.

Tax-Exempt Bonds means any Bonds the interest on which is excludable from gross income for federal income tax purposes and is not treated as an item of tax preference for purposes of calculating the federal alternative minimum tax, as further described in an opinion of Bond Counsel supplied to the original purchasers of such Bonds.

Tax-Exempt Bonds means those Bonds on which all or part of the interest earned is excluded from gross income of the owner for federal income tax purposes pursuant to the Internal Revenue Code.

Examples of Tax-Exempt Bonds in a sentence

• For purposes of this provision, Tax-Exempt Bonds shall include the obligations of the Long Island Power Authority, NYPA and Consolidated Edison Company of New York, Inc., the interest on which is not included in gross income under the Internal Revenue Code.

• For purposes of this provision, Tax-Exempt Bonds shall include the obligations of the Connecting Transmission Owner, the interest on which is not included in gross income under the Internal Revenue Code.

• Notwithstanding any other provisions of this Agreement, Connecting Transmission Owner shall not be required to comply with any provisions of this Agreement that would result in the loss of tax-exempt status of any of their Tax-Exempt Bonds or impair its ability to issue future tax-exempt obligations.

More Definitions of Tax-Exempt Bonds

Tax-Exempt Bonds or “Tax-Exempt Notes” means all Bonds or Notes so identified in any Series Resolution.

Tax-Exempt Bonds means Bonds the interest on which is intended to be excluded from gross income of the owner thereof for federal income tax purposes.

Tax-Exempt Bonds means Bonds the interest on which is intended to be excluded from gross income for purposes of federal income taxation.

Tax-Exempt Bonds means bonds issued by the authority that are accompanied by a written opinion of legal counsel to the authority that the bonds are excluded from the gross income of the recipients for federal income tax purposes.

Tax-Exempt Bonds means each Series of Bonds bearing interest which is excludable from gross income for federal taxation purposes pursuant to Section 103 of the IRS Code.

Tax-Exempt Bonds means Bonds the interest on which is excludable from gross income for federal income tax purposes under the Code.

Tax-Exempt Bonds means Bonds, the interest on which is excludable from gross income for Federal income tax purposes under the Code.