Gulf Opportunity Zone Bond Law and Legal Definition

Gulf opportunity zone bond is a tax-exempt bond authorized by the Gulf Opportunity Zone Act of 2005. The proceeds of such bonds are used to finance the construction and rehabilitation of certain residential and nonresidential property located in certain localities in Alabama, Louisiana, and Mississippi, designated as the "Gulf Opportunity Zone". This area constitutes the portion of the Hurricane Katrina disaster area determined by the President to warrant individual or individual and public assistance from the Federal Government, under the Robert T. Stafford Disaster Relief and Emergency Assistance Act.