SF 1259

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; clarifying the corporate status 
  1.3             of Lewis and Clark Rural Water System, Inc. for 
  1.4             purposes of certain federal tax law. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [CORPORATE STATUS FOR CERTAIN FEDERAL TAX LAW.] 
  1.7      For purposes of section 1.103-1 of the federal income tax 
  1.8   regulations, Lewis and Clark Rural Water System, Inc. is hereby 
  1.9   recognized as a corporation authorized to act on behalf of its 
  1.10  members, including its Minnesota member governmental units, to 
  1.11  provide drinking water to their communities and to issue debt 
  1.12  obligations in its own name on behalf of some or all of its 
  1.13  members, provided that Minnesota member governmental units are 
  1.14  not liable for the payment of principal of or interest on such 
  1.15  obligations.