3.16.080 Tax inapplicable to certain instruments of the state, political subdivision and agencies.

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