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

• There is hereby created and established a Rebate Fund, and within the Rebate Fund a Series Rebate Account for each Series of Tax Exempt Bonds.

• The Trustee shall have no responsibility for computation of the Rebate Amount and instead the Issuer shall cause the Rebate Amount to be calculated by the Rebate Analyst and shall cause the Rebate Analyst to deliver such computation to the Trustee as provided in the Supplemental Indenture related to a Series of Tax Exempt Bonds but before the date of any required payment of the Rebate Amount to the Internal Revenue Service.

• The Trustee shall direct the Escrow Agent to pay to the Issuer upon written request of the Issuer the Rebate Amount required to be paid to the United States at the times, in the manner and as calculated in accordance with the Supplemental Indenture related to a Series of Tax Exempt Bonds.

• The Issuer further covenants that it will take all such actions after delivery of any Tax Exempt Bonds as may be required in order for interest on such Tax Exempt Bonds to remain excludable from gross income (as defined in Section 61 of the Code) of the Owners.

• The Issuer hereby covenants that it will not take any action, and will not fail to take any action, which action or failure would cause the Tax Exempt Bonds to become "arbitrage bonds" as defined in Section 148 of the Code or "private activity bonds" as defined in Section 141 of the Code.

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.