Any tax imposed pursuant to the provisions of this chapter shall not apply to any deed, instrument or 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 entity within the meaning of Section 1.103-1(b) of Title 26 of the Code of Federal Regulations.
(California Revenue and Taxation Code § 11929) (§ 7, Ord. 1250-NS, eff. January 9, 1996, as renumbered by § 10, Ord. 1374-NS, eff. April 26, 2001, as amended by part 7, Ord. 1437-NS, eff. July 7, 2005)