Municipal Bond Fund Act

[AI summary unavailable — showing source text] Authorizes regulated investment companies, under the Internal Revenue Code, to pay exempt-interest dividends in an amount up to 90 percent of the excess of its tax-exempt interest without affecting its tax-exempt status. Allows shareholders to treat such exempt-interest dividends as excludable from gross income. Disallows that portion of the deduction for expenses and interest relating to tax-exempt income which the amount of such company's exempt-income bears to its gross income.…