Word: exempted
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With its decision this week to issue $245 million in long-term, tax-exempt bonds, Harvard took a significant sleep toward improving its long-range ability to finance big capital projects, according to financial officials interviewed this week...
...Putnam said "We're lending at the tax exempt rate, but we can invest our own money at the taxable rate...
Other factors also played somewhat less of a factor in going ahead with the sale. For one thing, financial officers said, there has been some rumbling in recent years to curb the tax-exempts status of universities' bond-welling. The fear that "tax-exempt borrowing procedures would be withdrawn," sometime, was certainly weighed in the University's decision, O'Brien said But he added that Harvard "wanted to make sure that this [option] wasn't precluded...
...sold," said Financial Vice President. Thomas O'Brien. "Everything went smoothly." O'Brien and other Harvard officials have estimated that the sale of the long-term, tax-exempt bonds was the largest transaction of its kind ever undertaken by a Massachusetts educational institution...
Only one vitally important officeholder remained exempt from the democratic process: Brazil's fifth consecutive military-appointed President, João Baptista Figueiredo, 64, who will not step down until 1985. Before the voting, Figueiredo, a folksy, blunt-spoken former cavalry general, hailed the elections as a vindication of his three-year policy of abertura (opening), the promise of a slow and gradual return of democratic freedom to Brazil. Said he: "We're going to stuff the opposition with democracy until they get indigestion...