Taxable. “Taxable” when applied to the interest income on the Bonds, means that, under federal tax laws and regulations issued thereunder, as such laws and regulations exist on the issue date or as they may thereafter be amended, the interest income on the Bonds is includable in gross income of the recipient thereof for federal income tax purposes for any reason other than the fact (and for the period) that the Bonds are held by a person who is a “substantial user” of the Improvements or a “related person” within the meaning of Section 147(a) of the Code or any successor provision.
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