§ 655-a. Authorization of contracts for taxation by the United States
of interest on obligations guaranteed thereby. The corporation is hereby
authorized and empowered, from time to time and at any time to enter
into a contract or contracts with the United States, acting through any
department, officer, agency, or instrumentality thereof, (a) pursuant to
which the United States (i), unconditionally guarantees the payment,
when due, of the interest on, and the principal of, bonds, notes, or
other obligations issued or to be issued by the corporation or (ii) pays
a portion of the interest payable on such bonds, notes, or other
obligations issued or to be issued by the corporation and (b) in
consideration of which the corporation covenants and consents that the
interest on such bonds, notes, or other obligations shall be includible
under the internal revenue code of nineteen hundred fifty-four or any
subsequent corresponding internal revenue law of the United States in
the gross income of the holder or holders of such bonds, notes, or other
obligations to the same extent and in the same manner that the interest
on bills, bonds, notes or other obligations of the United States is
includible in the gross income of the holder or holders thereof under
said internal revenue code or any such subsequent law. The corporation
is hereby futher authorized and empowered to include in such bonds,
notes, or other obligations and any documents related thereto such
reference to, or summary of, the contract or contracts as shall be
satisfactory to such department, officer, agency, or instrumentality of
the United States. The powers herein conferred shall be in addition to
the powers conferred by any other law and such powers shall not be
subject to the limitations or restrictions of any other law, but nothing
contained herein or in any such contract or contracts shall be construed
to covenant or consent, or to authorize any covenant or consent, to the
application of any other provision of any other law, federal or state,
to the corporation or to such bonds, notes, or other obligations, or to
the elimination or modification in any way of any other exemption
(including without limitation exemption from taxation under section six
hundred sixty-three of this article), privilege, or immunity thereof.