California Statewide Communities Developement Authority v. All Persons Interested in the Matter of the Validity of the Purchase Agreement
Apr 07, 2005
The issue in this case is whether the California Constitution allows the government to underwrite part of the cost of a religious school's borrowing money to construct facilities. The government issues tax-exempt bonds to nonprofit organizations, acting as a conduit between the organization and lender, so that the interest on the loan is not taxed. This allows the organization to borrow money at...
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