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agency of any of them, shall become a~oint owner with, or
stockholder of, or give, lend or use its taxing power or
credit to aid any corporation, association, partnership or
person, but that tY~is shall not prohibit laws authorizing
~ the issuance and sale by any county, municipality, special
i
~ district or o~her local governmental body of revenue bonds
to finance or refinance the cost of capital pro~jects for
industrial or manufacturing plants to_the extent that the
' interest ther~on is exempt i'rom income taxes under the then
existing laws of the United States when the revenue bonds
are payable solely fram revenue derived from the sale,
operation or leasing of the pro~ects.
(k) Paragraph (1) of Sec~ion ~03(b) (as relette:ed by
~ the Tax Reform Ac~ of 1976} of the Interna? Rev~nue Code of
~ 195~, as amended, provides that the interest on industrial
development bonds (as therein defined) is sub~ect ~o Medera~
income taxes, bu~ Section 103(b)(4)(E) and (F) furtner
provides tY:at said paragra~h (1) shall not apply to any ~
. obligation which is issued as oart of an issue substant~ally
all of the proceeds of which a:e to be used to ~rovide _
sewagz or sclid waste disposa~ *aci~~ties and air or rra.er
~o1lut,on control °ac±livies, respect~vel;~.
(1) In ~ugust , 197 u, t: e Co~pany reque s ~ ec ~:ia ~ t'r.e
Cour.t;~ authorize ~he issuance o° r_ot exceed;^g ~~C, 0~0
revenue bcnds to pa~ a p2rt of the cost of certa=:-: polluti~n
control .ac~liti~s *o ae 3CQl`.i:'~3d, constr~.:cte : and instai~~d
3: ~J:2.;i.: i'iC. ~ O° t.I:° Plar~t ~ C~r.~istir.~ Or ,`,r:t~ ccr::por,er~~j Oa
~he ?ro~ ec*. ~~entif~?d as ~:,er.:s ii, T~i ~ I`J , , ~f. ~ :~T
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