H.R.953 - Municipal Financial Guarantee Act95th Congress (1977-1978)
|Sponsor:||Rep. Koch, Edward I. [D-NY-18] (Introduced 01/04/1977)|
|Committees:||House - Banking, Finance, and Urban Affrs; Ways and Means|
|Latest Action:||House - 01/04/1977 Referred to House Committee on Ways and Means. (All Actions)|
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Summary: H.R.953 — 95th Congress (1977-1978)All Information (Except Text)
Introduced in House (01/04/1977)
Municipal Financial Guarantee Act - Authorizes the Secretary of the Treasury, upon application by a municipality, to guarantee any bond issued by the municipality if the Secretary determines that there is a reasonable prospect of repayment of the loan, if such bond is payable in not more than 30 years, and if the General Accounting Office is authorized to make such audits as deemed appropriate of all accounts, books, records and transactions of the municipality involved.
Allows the Secretary to require such security as is deemed appropriate and to take such steps as necessary to realize upon such collateral.
Revises the Internal Revenue Code to exclude the interest on any municipal bond guaranteed pursuant to this Act from the gross income exemption of interest on the obligations of a State or any subdivision thereof.