5:12-165 - Treatment of interest on bonds as provided under Internal Revenue  Code of 1954;  consent;  application of state or federal laws

5:12-165.  Treatment of interest on bonds as provided under Internal Revenue  Code of 1954;  consent;  application of state or federal laws
    The Casino Reinvestment Development Authority may consent, at or prior to the time of issuance of any issue of its bonds, to the inclusion of interest on  those bonds in the gross income of holders of those bonds under the Internal  Revenue Code of 1954 to the same extent and in the same manner as the interest  on bills, notes, bonds and other obligations of the United States is includable  in the gross income of the holders thereof under the Internal Revenue Code of  1954.  Nothing contained in this act shall be construed to waive or to  authorize the Casino Reinvestment Development Authority to waive any other  exemption, privilege or immunity of the State or to consent or to authorize the  Casino Reinvestment Development Authority to consent to the application of any  other provision of any other laws, federal or State, to the Casino Reinvestment  Development Authority or to its bonds, which would not otherwise be so  applicable.

     L.1984, c. 218, s. 17, eff. Dec. 19, 1984.