Word: exempted
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...authority will have the power to issue tax-exempt bonds to finance college construction projects. Because they are tax free, the interest rate on the bonds will be substantially lower than the going open market interest rate--one of the customary sources of funds for University construction...
...free bond. Since holders of bonds issued by such local and state authorities do not have to pay federal income tax on the proceeds of the bonds, they are willing to accept a lower interest rate than they otherwise would demand. Currently, the interest rate on the tax-exempt bonds is slightly more than four per cent. Borrowing at a bank can cost about seven per cent. Harvard gets an annual return of about 5.8 per cent on its general investment funds...
...Like many forbidden dramas, it was later performed privately at one of London's "theater clubs," which were exempt from the licensing laws...
...speech Wallace hammered way at now familiar themes as he attacked federal open housing legislation, school bussing, anti-war students, college professors, the tax-exempt status of the national foundations, and Harvard...
...well do the same. When the Congress did act, all too often it was only to wield an indiscriminate axe. To win approval of his anti-inflationary 10% income tax surcharge, the President last spring agreed to a $180 billion budget ceiling. Last week the Senate refused to exempt Medicaid benefits for the poor from that ceiling, then went one step further and sliced $500 million from the $2.3 billion originally allocated to Medicaid...