§ 3.24.120. Certain conveyances involving nonprofit corporations.

The tax imposed pursuant to this chapter shall not apply with respect to any deed, instrument or other writing by which the State of California, any political subdivision thereof, or agency or instrumentality of either thereof, conveys to a nonprofit corporation realty the acquisition, construction, or improvement of which was financed or refinanced by obligations issued by the nonprofit corporation on behalf of a governmental unit, within the meaning of Section 1.103-1(b) of Title 26 of the Code of Federal Regulations.

(Ord. No. 13-01, § 8, 5-7-2013)

Editor's note

Ord. No. 13-01, § 8, adopted May 7, 2013, in effect repealed the former § 3.24.120, and enacted a new § 3.24.120 as set out herein. The former § 3.24.120 pertained to nonpayment action and derived from Ord. No. 379, 1967 and Ord. No. 379-A, 1968.