...1st day of July of each year. Such debentures shall mature twenty years after the date thereof. Sxich debentures shall be exempt, both as to principal and...all taxation (except surtaxes, estate, inheritance, or gift taxes) now or hereafter imposed by any Territory, dependency, or possession of the United States,...

...exchange for mortgages insured after the date of enactment of the National Housing Act Amendments of 1938 shall be exempt, both as to principal and interest,...inheritance, and gift taxes) now or hereafter imposed by the United States,4 by any Territory, dependency, or possession thereof, or by any 1 Sec. 607(4), Housing...

...to principal and interest, from all taxation (except surtaxes, estate, inheritance, or gift taxes J now or hereafter imposed by any Territory, dependency,...local taxing authority, and shall be paid out of the General Insurance Fund, which shall be primarily liable therefor^ and they shall be fully and unconditionally...

...approval of the Secretary of the Treasury, and may be issued in either coupon or registered form. (g) Such debentures shall be exempt, both as to principal...and interest, from all taxation (except surtaxes, estatej inheritance, and gift taxes) now or hereafter imposed by any Territory, dependency, or possession...

...may elect to receive in lieu thereof debentures which shall mature ten years after the date thereof. Such debentures shall be exempt, both as to principal...estate, inheritance, and gift taxes) now or hereafter imsurance Fund, which shall be primarily liable therefor, and they shall *8ept 2, 1964. be fully and...

...ten years after the issuance date. (g) The principal and interest of the debentures shall be exempt from all taxation (except surtaxes, estate, inheritance,...dependency, or possession of the United States, or by any State, county, municipality, or local taxing authority. (h) The debentures shall be redeemed and...

...phrase in section 20(b) of the 1937 Act exempted obligations of the Authority (the Federal agency) "both as to principal and interest, from all taxation...(except surtaxes, estate, inheritance, and gift taxes)" imposed by the United States or any State or local taxing authority. On the other hand, the court noted...

...bonds, and other such obligations issued by any bank, and consolidated Federal Home Loan Bank bonds and debentures, shall be exempt both as to principal and...inheritance, and gift taxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality,...

...United States and as such any and all notes, debentures, and other obligations issued by such bank shall be exempt, both as to principal and interest...inheritance, and gift taxes) now or hereafter imposed by the United States or any State, territorial, or local taxing authority. Such banks, their property,...

...ten years after the issuance date. " (g) The principal and interest of the debentures shall be exempt from all taxation (except surtaxes, estate, inheritance,...dependency, or possession of the United States, or by any State, county, municipality, or local taxing authority. " (h) The debentures shall be redeemed...