Utah Code Title 63H. Independent State Entities § 63H-8-303. Power to issue mortgage credit certificates--Impact of federal legislation on tax exempt status of corporation bonds

(1) In order to accomplish the purposes of this chapter the corporation may issue mortgage credit certificates under 26 U.S.C. Sec. 25, as amended, and has the sole responsibility for issuing or approving the issuance of mortgage credit certificates allowable to the state.

(2) A power granted to the corporation by this chapter may not be diminished by the enactment of federal legislation that would cause the interest on bonds, notes, or other obligations of the corporation to be subject to taxation under federal law.

(3) An exemption from state taxation granted in this chapter is not affected by federal legislation described under Subsection (2).