text:
Page:United States Statutes at Large Volume 100 Part 3.djvu/866

 100 STAT. 2674 c1 i 5 ,Tf •

PUBLIC LAW 99-514—OCT. 22, 1986

aggregate face amount of obligations to which this subparagraph applies shall not exceed $45,000,000. (3) SPORTS FACILITIES.—A bond issued as part of an issue 95 percent or more of the net proceeds of which are to be used to provide sports facilities (within the meaning of section 103a))(4)(B) of the 1954 Code) shall be treated as an exempt facility bond for purposes of part IV of subchapter B of chapter ' 1 of the 1986 Code if such facilities are described in any of the following subparagraphs: (A) A facility is described in this subparagraph if it is a domed stadium— (i) which was the subject of a city ordinance passed '' on September 23, 1985, (ii) for which a loan of approximately $4,000,000 for land acquisition was approved on October 28, 1985, by the State Controlling Board, and (iii) a stadium operating corporation with respect to which was incorporated on March 20, 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $200,000,000. ' ' (B) A facility is described in this subparagraph if— (i) it is a stadium with respect to which a lease agreement for the ground on which the stadium is to be built was entered into between a county and the stadium corporation for such stadium on July 3, 1984, r (ii) there was a resolution approved on November 14, 1984, by an industrial development authority setting forth the terms under which the bonds to be issued to ,,,^f,... finance such stadium would be issued, and Jfj^j?' t (iii) there was an agreement for consultant and engineering services for such stadium entered into on ^^^ September 28, 1984. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $90,000,000. ((I!) A facility is described in this subparagraph if^ (i) it is a stadium to be used by an American League f baseball team currently using a stadium in a city -^,. ^ having a population in excess of 2,500,000 and described in section 146(d)(3) of the 1986 Code, or by one or more professional sports teams currently using 5. stadiums in such city (or professional sports teams ^.. which locate in such city following the relocation from such city of one or more professional sports teams J;.,}!» 'h currently using one or more of such stadiums), and s (ii) the obligations to be used to provide financing for such stadium are issued pursuant to an inducement resolution adopted by a State agency on November 20, 1985 (whether or not the beneficiary of such issue is the beneficiary (if any) specified in such resolution). The aggregate face amount of bonds to which this subparagraph applies shall not exceed $250,000,000. In the case of a ! carryforward of volume cap for a stadium described in the first sentence of this subparagraph, such carryforward shall +' be permitted whether or not there is a change in the beneficiary of the project. (D) A facility is described in this subparagraph if—

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Page:United States Statutes at Large Volume 100 Part 3.djvu/867

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2675

(i) such facility is a stadium or sports arena for Memphis, Tennessee, (ii) there was an inducement resolution adopted on November 12, 1985, for the issuance of bonds to expand or renovate an existing stadium and sports arena and/ or to construct a new arena, and (iii) the city council for such city adopted a resolution on April 19, 1983, to include funds in the capital budget • sff? of the city for such facility or facilities. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $35,000,000. (E) A facility is described in this subparagraph if such facility is a baseball stadium located in Bergen, Essex, Union, Middlesex, or Hudson County, New Jersey with respect to which governmental action occurred on November 7, 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $150,000,000. 11 (F) A facility is described in this subparagraph if— (i) it is a facility with respect to which— (I) an inducement resolution dated December 24, 1985, was adopted by the county industrial development authority, (II) a public hearing of the county industrial development authority was held on February 6, 1986, regarding such facility, and (III) a contract was entered into by the county, dated February 19, 1986, for engineering services for a highway improvement in connection with such project, or financial operations, and economic impact was dated May 9, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $175,000,000. (G) A project to provide a roof or dome for an existing sports facility is described in this subparagraph if— (i) in December 1984 the county sports complex authority filed a carryforward election under section 'iP-(i 103(n) of the 1954 Code with respect to such project, (ii) in January 1985, the State authorized issuance of $30,000,000 in bonds in the next 3 years for such project, and (iii) an 11-member task force was appointed by the county executive in June 1985, to further study the feasibility of the project. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $30,000,000. vU (H) A sports facility renovation or expansion project is described in this subparagraph if— •4C' (i) an amendment to the sports team's lease agreement for such facility was entered into on May 23, 1985, and (ii) the lease agreement had previously been amended in January 1976, on July 6, 1984, on April 1, 1985, and on May 7, 1985.
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text:
Page:United States Statutes at Large Volume 100 Part 3.djvu/868

 100 STAT. 2676

PUBLIC LAW 99-514—OCT. 22, 1986

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The aggregate face amount of bonds to which this subparagraph applies shall not exceed $20,000,000. (I) A facility is described in this subparagraph if— (i) an appraisal for such facility was completed on March 6, 1985, (ii) an inducement resolution was adopted with respect to such facility on June 7, 1985, and (iii) a State bond commission granted preliminary approval for such project on September 3, 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $3,200,000. (J) A sports facility renovation or expansion project is described in this subparagraph if— (i) such facility is a domed stadium which commenced operations in 1965, (ii) such facility has been the subject of an ongoing construction, expansion, or renovation program of planned improvements, (iii) part 1 of such improvements began in 1982 with a preliminary renovation program financed by taxexempt bonds, (iv) part 2 of such program was previously scheduled for a bond election on February 25, 1986, pursuant to a Commissioners Court Order of October 29, 1985, and (v) the bond election for improvements to such facility was subsequently postponed on December 10, 1985, in order to provide for more comprehensive construction planning. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $60,000,000. (K) A facility is described in this subparagraph if— (i) the 1985 State legislature appropriated a maximum sum of $22,500,000 to the State urban development corporation to be made available for such project, and (ii) a development and operation agreement was entered into among such corporation, the city, the State budget director, and the county industrial development agency, as of March 1, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $28,000,000. (L) A facility is described in this subparagraph if— (i) it is to consist of 1 or 2 stadiums appropriate for football games and baseball games with related structures and facilities, (ii) governmental action was taken on August 7, 1985, by the county commission, and on December 19, 1985, by the city council, concerning such facility, and (iii) such facility is located in a city having a National League baseball team. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $200,000,000. (M) A facility is described in this subparagraph if— (i) such facility consists of 1 or 2 stadium projects (1 of which may be a stadium renovation or expansion project) with related structures and facilities,

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Page:United States Statutes at Large Volume 100 Part 3.djvu/869

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2677

(ii) a special advisory commission commissioned a study by a national accounting firm with respect to a project for such facility, which study was released in September 1985, and recommended construction of either a new multipurpose or a new baseball-only stadium, (iii) a nationally recognized design and architectural firm released a feasibility study with respect to such project in April 1985, and (iv) the metropolitan area in which the facility is located is presently the home of an American League baseball team. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $200,000,000. (N) A facility is described in this subparagraph if— (i) it is to consist of 1 or 2 stadiums appropriate for football games and baseball games with related structures and facilities, (ii) the site for such facility was approved by the council of the city in which such facility is to be located on July 9, 1985, and (iii) the request for proposals process was authorized by the council of the city in which such facility is to be located on November 5, 1985, and such requests were distributed to potential developers on November 15, 1985, with responses due by February 14, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $200,000,000. (O) A facility is described in this subparagraph if— (i) such facility is described in a feasibility study dated September 1985, and (ii) resolutions were adopted or other actions taken on February 21, 1985, July 18, 1985, August 8, 1985, October 17, 1985, and November 7, 1985, by the Board of Supervisors of the county in which such facility will be located with respect to such feasibility study, appropriations to obtain land for such facility, and approving the location of such facility in the county. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $20,000,000. (P) A facility is described in this subparagraph if such facility constructed on a site acquired with the sale of revenue bonds approved by a city council on December 9, 1985, (Ordinances No. 669 and 670, series 1985). The aggregate face amount of bonds to which this subparagraph applies shall not exceed $90,000,000. (Q) A facility is described in this subparagraph if— (i) resolutions were adopted approving a ground lease dated June 27, 1983, by a sports authority (created by a State legislature) with respect to the land on which the facility will be erected, (ii) such facility is described in a market study dated June 13, 1983, and (iii) such facility was the subject of an Act of the State legislature which was signed on July 1, 1983. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $81,000,000.

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Page:United States Statutes at Large Volume 100 Part 3.djvu/870

 100 STAT. 2678

PUBLIC LAW 99-514—OCT. 22, 1986 (R) A facility is described in this subparagraph if such facility is a baseball stadium and adjacent parking facilities with respect to which a city made a carryforward election of $52,514,000 on February 25, 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $50,000,000. (S) A facility is described in this subparagraph if— (i) such facility is to be used by both a National Hockey League team and a National Basketball Association team, (ii) such facility is to be constructed on a platform using air rights over land acquired by a State authority and identified as site B in a report dated May 30, 1984, prepared for a State urban development corporation, and (iii) such facility is eligible for real property tax (and power and energy) benefits pursuant to State legislation approved and effective as of July 7, 1982. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $225,000,000. (T) A facility is described in this subparagraph if— (i) a resolution authorizing the financing of the facility through an issuance of revenue bonds was adopted by the City Commission on August 5, 1986, and (ii) the metropolitan area in which the facility is to be located is currently the spring training home of an American league baseball team located during the regular season in a city described in subparagraph (C). The aggregate face amount of bonds to which this subparagraph applies shall not exceed $10,000,000. (U) A facility is described in this subparagraph if it is a football stadium located in Oakland, California, with respect to which a design was completed by a nationally recognized architectural firm for a stadium seating approximately 72,000, to be located on property adjacent to an existing coliseum complex. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $100,000,000. (V) A facility is described in this subparagraph if it is a sports arena (and related parking facility) for Grand Rapids, Michigan. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $80,000,000. (W) A facility is described in this subparagraph if such facility is located adjacent to the Anacostia River in the District of Columbia. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $225,000,000. (X) A facility is described in this subparagraph if it is a spectator sports facility for the City of San Antonio, Texas. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $125,000,000. (Y) A facility is described in this subparagraph if it will be part of, or adjacent to, an existing stadium which has been owned and operated by a State university and if—

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Page:United States Statutes at Large Volume 100 Part 3.djvu/871

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2679

(i) the stadium was the subject of a feasibility report by a certified public accounting firm which is dated December 28, 1984, and (ii) a report by an independent research organization was prepared in December 1985 demonstrating support among donors and season ticket holders for the addition of a dome to the stadium. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $50,000,000. (4) RESIDENTIAL RENTAL PROPERTY.—A bond issued as part of an issue 95 percent or more of the net proceeds of which are to be used to finance a residential rental project within the meaning of section 1030t»X4) of the 1954 Code shall be treated as an exempt facility bond within the meaning of section 142(a)(7) of the 1986 Code if the facility with respect to the bond is issued satisfies all low-income occupancy requirements applicable to such bonds before August 15, 1986. The bonds are issued pursuant to— (A) a contract to purchase such property dated August 12, 1985; and (B) the county housing authority approved the property and the financing thereof on September 24, 1985, (C) there was an inducement resolution adopted on October 10, 1985, by the county industrial development authority. The aggregate face amount of bonds to which this paragraph applies shall not exceed $25,400,000. (5) AIRPORTS.—A bond issued as a part of an issue 95 percent or more of the net proceeds of which are to be used to provide an airport (within the meaning of section 1030t)X4)(D) of the 1954 Code) shall be treated as an exempt facility bond (for facilities described in section 142(a)(l) of the 1986 Code) for purposes of part IV of subchapter B of chapter 1 of the 1986 Code if the facility is described in any of the following subparagraphs: (A) A facility is described in this subparagraph if such facility is a hotel at an airport facility serving a city described in section 631(a)(3) of the Tax Reform Act of 1984 (relating to certain bonds for a convention center and resource recovery project). The aggregate face amount of bonds to which this subparagraph applies shall not exceed $40,000,000. (B) A facility is described in this subparagraph if such facility is the primary airport for a city described in paragraph (3)(C). The aggregate face amount of bonds to which this subparagraph applies shall not exceed $500,000,000. Section 148(d)(2) of the 1986 Code shall not apply to any issue to which this subparagraph applies. A facility shall be described in this subparagraph if it would be so described if "90 percent" were substituted for "95 percent" in the material preceding subparagraph (A). (C) A facility is described in this subparagraph if such facility is a hotel at Logan airport and such hotel is located on land leased from a State authority under a lease contemplating development of such hotel dated May 1, 1983, or under an amendment, renewal, or extension of such a lease. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $40,000,000.

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Page:United States Statutes at Large Volume 100 Part 3.djvu/872

 100 STAT. 2680

PUBLIC LAW 99-514—OCT. 22, 1986 (D) A facility is described in this subparagraph if such facility is the airport for the County of Sacramento, California. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $150,000,000. (6) REDEVELOPMENT PROJECTS.—A bond issued as part of an issue 95 percent or more of the net proceeds of which are to be used to finance redevelopment activities as part of a project within a specific designated area shall be treated as a qualified redevelopment bond for purposes of part IV of subchapter B of chapter 1 of the 1986 Code if such project is described in any of the following subparagraphs: (A) A project is described in this subparagraph if it was the subject of a city ordinance numbered 82-115 and adopted on December 2, 1982, or numbered 9590 and adopted on April 6, 1983. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $9,000,000. (B) A project is described in this subparagraph if it is a redevelopment project for an area in a city described in aragraph (3)(C) which was designated as commercially lighted on November 14, 1975, by the city council and the redevelopment plan for which will be approved by the city council before January 31, 1987. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $20,000,000. ,, (C) A project is described in this subparagraph' if it is a redevelopment project for an area in a city described in aragraph (3)(C) which was designated as commercially lighted on March 28, 1979, by the city council and the redevelopment plan for which was approved by the city council on June 20, 1984. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $100,000,000. (D) A project is described in this subparagraph if it is any one of three redevelopment projects in areas in a city described in paragraph (3)(C) designated as blighted by a city council before January 31, 1987 and with respect to which the redevelopment plan is approved by the city council before January 31, 1987. The aggregate facj^ amount of bonds to which this subparagraph applies ^nall not exceed $20,000,000. (E) A project is described in this subparagraph if such project is for public improvements (including street reconstruction and improvement of underground utilities) for Great Falls, Montana, with respect to which engineering estimates are due on October 1, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $3,000,000. (F) A project is described in this subparagraph if-7(i) such project is located in an area designated as blighted by the governing body of the city on February 15, 1983 (Resolution No. 4573), and (ii) such project is developed pursuant to a redevelopment plan adopted by the governing body of the city on March 1, 1983 (Ordinance No. 15073). The aggregate face amount of bonds to which this subparagraph applies shall not exceed $5,000,000.

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Page:United States Statutes at Large Volume 100 Part 3.djvu/873

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2681

(G) A project is described in this subparagraph if— (i) such project is located in an area designated by the governing body of the city in 1983, (ii) such project is described in a letter dated August 8, 1985, from the developer's legal counsel to the development agency of the city, and (iii) such project consists primarily of retail facilities to be built by the developer named in a resolution of the governing body of the city on August 30, 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $75,000,000. (H) A project is described in this subparagraph if— (i) such project is a project for research and development facilities to be used primarily to benefit a State university and related hospital, with respect to which an urban renewal district was created by the city council effective October 11, 1985, and (ii) such project was announced by the university and the city in March 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $40,000,000. (I) A project is described in this subparagraph if such project is a downtown redevelopment project with respect to which— (i) an urban development action grant was made, but only if such grant was preliminarily approved on November 3, 1983, and received final approval before June 1, 1984, and (ii) the issuer of bonds with respect to such facility adopted a resolution indicating the issuer's intent to adopt such redevelopment project on October 6, 1981, and the issuer adopted an ordinance adopting such redevelopment project on December 13, 1983. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $10,000,000. (J) A project is described in this subparagraph if— (i) with respect to such project the city council adopted on December 16, 1985, an ordinance directing the urban renewal authority to study blight and produce an urban renewal plan, (ii) the blight survey was accepted and approved by the urban renewal authority on March 20, 1986, and (iii) the city planning board approved the urban renewal plan on May 7, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $60,000,000. (K) A project is described in this subparagraph i— f ^ (i) the city redevelopment agency approved resolutions authorizing issuance of land acquisition and public improvements bonds with respect to such project on August 8, 1978, (ii) such resolutions were later amended in June 1979, and (iii) the State Supreme Court upheld a lower court decree validating the bonds on December 11, 1980. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $380,000,000.

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Page:United States Statutes at Large Volume 100 Part 3.djvu/874

 100 STAT. 2682

PUBLIC LAW 99-514—OCT. 22, 1986 (L) A project is described in this subparagraph if it is a » •• mixed use redevelopment project either— (i) in an area (known as the Near South Development Area) with respect to which the planning department of a city described in paragraph 3(C) promulgated a draft development plan dated March 1986, and which was the subject of public hearings held by a subcommittee of the plan commission of such city on May 28, 1986, and June 10, 1986, or (ii) in an area located within the boundaries of any 1 or more census tracts which are directly adjacent to a river whose course runs through such city. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $75,000,000. (M) A project is described in this subparagraph if it is a redevelopment project for an area in a city described in paragraph 3(C) and such area— (i) was the subject of a report released in May 1986, prepared by the National Park Service, and (ii) was the subject of a report released January 1986, prepared by a task force appointed by the Mayor of such city. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $75,000,000. (N) A project is described in this subparagraph if it is a city-university redevelopment project approved by a city ordinance No. 152-0-84 and the development plan for which was adopted on January 28, 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $23,760,000. (O) A project is described in this subparagraph if— (i) an inducement resolution was passed on March 9, 1984, for issuance of bonds with respect to such project, (ii) such resolution was extended by resolutions passed on August 14, 1984, April 2, 1985, August 13, 1985, and July 8, 1986, (iii) an urban development action grant was preliminarily approved for part or all of such project on July 3, 1986, and (iv) the project is located in a district designated as the Peabody-Gayoso District. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $140,000,000. (P) A project is described in this subparagraph if the project is a 1-block area of a central business district containing a YMCA building with respect to which— (i) the city council adopted a resolution expressing an intent to issue bonds for the project on September 27, 1985, ',,.. (ii) the city council approved project guidelines for the project on December 20, 1985, and (iii) the city council by resolution (adopted on July 30, 1986) directed completion of a development sigreement. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $26,000,000.

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Page:United States Statutes at Large Volume 100 Part 3.djvu/875

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2683

(Q) A project is described in this subparagraph if the project is a 2-block area of a central business district designated as blocks E and F with respect to which— (i) the city council adopted guidelines and criteria and authorized a request for development proposals on July 22, 1985, (ii) the city council adopted a resolution expressing an intent to issue bonds for the project on September 27, 1985, and (iii) the city issued requests for development proposals on March 28, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $47,000,000. (R) A project is described in this subparagraph if the project is an urban renewal project covering approximately 5.9 acres of land in the Shaw area of the northwest section of the District of Columbia and the 1st portion of such project was the subject of a District of Columbia public hearing on June 2, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $10,000,000. (S) A project is described in this subparagraph if such project is a hotel, commercial, and residential project on the east bank of the Grand River in Grand Rapids, Michigan, with respect to which a developer was selected by the city in June 1985 and a planning agreement was executed in August 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $39,000,000. (T) A project is described in this subparagraph if such project is the Wurzburg Block Redevelopment Project in Grand Rapids, Michigan. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $60,000,000. (U) A project is described in this subparagraph if such project is consistent with an urban renewal plan adopted or ordered prepared before August 28, 1986, by the city council of the most populous city in a state which entered the Union on February 14, 1859. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $83,000,000. (V) A project is described in this subparagraph if such project is consistent with an urban renewal plan which was adopted (or ordered prepared) before August 13, 1985, by an appropriate jurisdiction of a state which entered the Union on February 14, 1859. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $135,000,000 and the limitation on the period during which bonds under this section may be issued shall not apply to such bonds. (W) A project is described in this paragraph if such project— (i) is located on lands submerged under the waters of a Great Lake or on adjacent lands which formerly were submerged under the waters of such lake; (ii) project lands were improved with a stadium which was demolished prior to December 31, 1983, and

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Page:United States Statutes at Large Volume 100 Part 3.djvu/876

 100 STAT. 2684

PUBLIC LAW 99-514—OCT. 22, 1986 (iii) legislation for the project was included in a biennium budget for such the State in which it is to be located prior to December 31, 1983. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $105,000,000. (X) Any designated area with respect to which a project is described in any subparagraph of this paragraph shall be taken into account in applying section 144(c)(4)(C) of the 1986 Code in determining whether other areas (not so described) may be designated. (7) CONVENTION CENTERS.—A bond issued as part of an issue 95 percent or more of the net proceeds of which are to be used to provide any convention or trade show facility (within the meaning of section 1030t))(4)(C) of the 1954 Code) shall be treated as an exempt facility bond for purposes of part IV of subchapter B of chapter 1 of the 1986 Code if such facility is described in any of the following subparagraphs: (A) A facility is described in this subparagraph if— (i) a feasibility consultant and a design consultant were hired on April 3, 1985, with respect to such facility, and (ii) a draft feasibility report with respect to such facility was presented on November 3, 1985, to the Mayor of the city in which such facility is to be located. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $190,000,000. For purposes of this subparagraph, not more than $20,000,000 of bonds issued to advance refund existing convention facility bonds sold on May 12, 1978, shall be treated as bonds described in this subparagraph. (B) A facility is described in this subparagraph if— (i) an application for a State loan for such facility was approved by the city council on March 4, 1985, and (ii) the city council of the city in which such facility is to be located approved on March 25, 1985, an application for an urban development action grant. The aggregate face amount of bonds which this subparagraph applies shall not exceed $10,000,000. (C) A facility is described in this subparagraph if— (i) on November 1, 1983, a convention development tax took effect and was dedicated to financing such facility, (ii) the State supreme court of the State in which the facility is to be located validated such tax on February 8, 1985, and (iii) an agreement was entered into on November 14, 1985, between the city and county in which such facility is to be located on the terms of the bonds to be issued with respect to such facility. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $66,000,000. (D) A facility is described in this subparagraph if such facility was initially approved in 1983 and is for San Jose, California. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $100,000,000. (E) A facility is described in this subparagraph if—

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Page:United States Statutes at Large Volume 100 Part 3.djvu/877

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2685

(i) such facility is meeting rooms for a convention center, and (ii) resolutions and ordinances were adopted with respect to such meeting rooms on January 17, 1983, July 11, 1983, December 17, 1984, and September 23, 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $75,000,000. (F) A facility is described in this subparagraph if it is an international trade center which is part of the 125th Street redevelopment project in New York, New York. The aggregate face amount of obligations to which this subparagraph applies shall not exceed $165,000,000. (G) A facility is described in this subparagraph if— (i) such facility is located in a city which was the subject of a convention center market analysis or study dated March 1983, and prepared by a nationally recognized accounting firm, (ii) such facility's location was approved by a task force created jointly, in December 1985, by the Governor or the State within which such facility will be located and the mayor of the capital city of such State, and (iii) the size of such facility is not more than 200,000 square feet. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $70,000,000. (H) A facility is described in this subparagraph if an analysis of operations and recommendations of utilization of such facility was prepared by a certified public accounting firm pursuant to an engagement authorized on March 6, 1984, and presented on June 11, 1984, to officials of the city in which such facility is located. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $75,000,000. (I) A facility is described in this subparagraph if— (i) voters approved a bond issue to finance the acquisition of the site for such facility on May 4, 1985, (ii) title of the property was transferred from the Illinois Center Gulf Railroad to the city on September 30, 1985, and (iii) a United States judge rendered a decision regarding the fair market value of the site of such facility on December 30, 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $131,000,000. (J) A facility is described in this subparagraph if— (i) such facility is to be used for an annual civic festival, (ii) a referendum was held in the spring of 1985 in which voters permitted the city council to lease 130 acres of dedicated parkland to such festival, and (iii) the city council passed an inducement resolution on June 19, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $5,000,000. (K) A facility is described in this subparagraph if—

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Page:United States Statutes at Large Volume 100 Part 3.djvu/878

 100 STAT. 2686

PUBLIC LAW 99-514—OCT. 22, 1986

(i) voters approved a bond issued to finance a portion of the cost of such facility on December 1, 1984, and (ii) such facility was the subject of a market study and financial projections dated March 21, 1986, prepared by a nationally recognized accounting firm. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $5,000,000. (L) A facility is described in this subparagraph if— (i) on July 12, 1984, the city council passed a resolution increasing the local hotel and motel tax to 7 percent to assist in paying for such facility, (ii) on October 25, 1984, the city council selected a consulting firm for such facility, and (iii) with respect to such facility, the city council appropriated funds for additional work on February 7, 1985, October 3, 1985, and June 26, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $120,000,000. (M) A facility is described in this subparagraph if— (i) a board of county commissioners, in an action dated January 21, 1986, supported an application for official approval of the facility, and (ii) the State economic development commission adopted a resolution dated February 25, 1986, determining the facility to be an eligible facility pursuant to State law and the rules adopted by the commission. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $7,500,000. (8) SPORTS OR CONVENTION FACILITIES.—A bond issued as a part of an issue 95 percent or more of the net proceeds of which are to be used to provide either a sports facility (within the meaning of section 10303)(4)(B) of the 1954 Code) or a convention facility (within the meaning of section 103(b)(4)(C) of the 1954 Code) shall be treated as an exempt facility bond for purposes of part IV of subchapter B of chapter 1 of the 1986 Code if such facility is described in any of the following subparagraphs: (A) A combined convention and arena facility, or any part thereof (whether on the same or different sites), is described in this subparagraph if— (i) bonds for the expansion, acquisition, or construction of such combined facility are payable from a tax and are issued under a plan initially approved by the voters of the taxing authority on April 25, 1978, and (ii) such bonds were authorized for expanding a convention center, for acquiring an arena site, and for building an arena or any of the foregoing pursuant to a resolution adopted by the governing body of the bond issuer on March 17, 1986, and superseded by a resolution adopted by such governing body on May 27, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $160,000,000. (B) A sports or convention facility is described in this subparagraph if— (i) on March 4, 1986, county commissioners held public hearings on creation of a county convention facilities authority, and

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Page:United States Statutes at Large Volume 100 Part 3.djvu/879

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2687

(ii) on March 7, 1986, the county commissioners voted to create a county convention facilities authority and to submit to county voters a ¥2 cent sales and use tax to finance such facility. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $150,000,000. (C) A sports or convention facility is described in this sulsparagraph if^ (i) a feasibility consultant and a design consultant were hired prior to October 1980 with respect to such facility, (ii) a feasibility report dated October 1980 with respect to such facility was presented to a city or county in which such facility is to be located, and (iii) on September 7, 1982, a joint city/county resolution appointed a committee which was charged with the task of independently reviewing the studies and present need for the facility. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $60,000,000. (D) A sports or convention facility is described in this subparagraph if— (i) such facility is a multipurpose coliseum facility for which, before January 1, 1985, a city, an auditorium district created by the State legislature within which such facility will be located, and a limited partnership executed an enforceable contract, (ii) significant governmental action regarding such facility was taken before May 23, 1983, and (iii) inducement resolutions were passed for issuance of bonds with respect to such facility on May 26, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $25,000,000. (9) PARKING FACILITIES.—A bond issued as part of an issue 95 percent or more of the net proceeds of which are to be used to provide a parking facility (within the meaning of section 103a)X4XD) of the 1954 Code) shall be treated as an exempt facility bond for purposes of part IV of subchapter B of chapter 1 of the 1986 Code if such facility is described in any of the following subparagraphs: (A) A facility is described in this subparagraph if— (i) there was an inducement resolution on March 9, 1984, for the issuance of bonds with respect to such facility, and (ii) such resolution was extended by resolutions passed on August 14, 1984, April 2, 1985, August 13, 1985, and July 8, 1986. The aggregate face smiount of bonds to which this subparagraph applies shall not exceed $30,000,000. (B) A facility is described in this subparagraph if^ (i) such facility is for a university medical school, (ii) the last parcel of land necessary for such facility was purchased on February 4, 1985, and (iii) the amount of bonds to be issued with respect to such facility was increased by the State legislature of the State in which the facility is to be located as part of its 1983-1984 general appropriations act.

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Page:United States Statutes at Large Volume 100 Part 3.djvu/880

 100 STAT. 2688

PUBLIC LAW 99-514—OCT. 22, 1986

The aggregate face amount of bonds to which this subparagraph applies shall not exceed $9,000,000. (C) A facility is described in this subparagraph if— (i) the development agreement with respect to the project of which such facility is a part was entered into during May 1984, and (ii) an inducement resolution was passed on October 9, 1985, for the issuance of bonds with respect to the facility. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $35,000,000. (D) A facility is described in this subparagraph if the city council approved a resolution of intent to issue tax-exempt bonds (Resolution 34083) for such facility on April 30, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $8,000,000. Solely for purposes of this subparagraph, a heliport constructed as part of such facility shall be deemed to be functionally related and subordinate to such facility. (E) A facility is described in this subparagraph if— (i) resolutions were adopted by a public joint powers authority relating to such facility on March 5, 1985, May 1, 1985, October 2, 1985, December 4, 1985, and February 5, 1986; and (ii) such facility is to be located at an exposition park which includes a coliseum and sports arena. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $150,000,000. (F) A facility is described in this subparagraph if^ (i) it is to be constructed as part of an overall development that is the subject of a development agreement dated October 1, 1983, between a developer and an organization described in section 501(c)(3) of the 1986 Code, and (ii) an environmental notification form with respect to the overall development was filed with a State environmental agency on February 28, 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $60,000,000. (G) A facility is described in this subparagraph if— (i) an inducement resolution was passed by the city redevelopment agency on December 3, 1984, and a resolution to carryforward the private activity bond limit was passed by such agency on December 21, 1984, with respect to such facility, and (ii) the owner participation agreement with respect to such facility was entered into on July 30, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $18,000,000. (H) A facility is described in this subparagraph if— (i) an application (dated August 28, 1986) for financial assistance was submitted to the county industrial development agency with respect to such facility, and (ii) the inducement resolution for such facility was passed by the industrial development agency on September 10, 1986.

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Page:United States Statutes at Large Volume 100 Part 3.djvu/881

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2689

The aggregate face amount of bonds to which this subparagraph applies shall not exceed $8,000,000. (I) A facility is described in this subparagraph if— (i) it is located in a city the parking needs of which were comprehensively described in a "Downtown Parking Plan dated January 1983, and approved by the city's City Plan Commission on June 1, 1983, and (ii) obligations with respect to the construction of which are issued on behalf of a State or local governmental unit by a corporation empowered to issue the same which was created by the legislative body of a State by an Act introduced on May 21, 1985, and thereafter passed, which Act became effective without the governor's signature on June 26, 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $50,000,000. (J) A facility is described in this subparagraph if— (i) such" facility is located in a city which was the subject of a convention center market analysis or study dated March 1983 and prepared by a nationally recognized accounting firm, (ii) such facility is intended for use by, among others, persons attending a convention center located within the same town or city, and (iii) such facility's location was approved by a task force created jointly, in December 1985, by the governor of the State within which such facility will be located and the mayor of the capital city of such State. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $30,000,000. (K) A facility is described in this subparagraph if— (i) scale and components for the facility were determined by a city downtown plan adopted October 31, 1984 (resolution number 3882), and (ii) the site area for the facility is approximately 51,200 square feet. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $5,000,000. (L) A facility is described in this subparagraph if— (i) the property for such facility was offered for development by a city renewal agency on March 19, 1986 (resolution number 920), and (ii) the site area for the facility is approximately 25,600 square feet. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $5,000,000. (M) A facility is described in this subparagraph if such facility was approved by official action of the city council on July 26, 1984 (resolution number 33718), and is for the Moyer "Theatre. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $8,000,000. (N) A facility is described in this subparagraph if it is part of a renovation project involving the Outlet Company building in Providence, Rhode Island. The aggregate face amount of obligations to which this subparagraph applies shall not exceed $6,000,000.

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Page:United States Statutes at Large Volume 100 Part 3.djvu/882

 100 STAT. 2690

PUBLIC LAW 99-514—OCT. 22, 1986

(10) CERTAIN ADVANCE REFUNDINGS.—

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(A) Section 149(d)(3) of the 1986 Code shall not apply to a bond issued by a State admitted to the Union on November 16, 1907, for the advance refunding of not more than $186,000,000 State turnpike obligations. (B) A refunding of the Charleston, West Virginia Town (Denter Garage Bonds shall not be treated for purposes of part IV of subchapter A of chapter 1 of the 1986 Code as an advance refunding if it would not be so treated if "100" were substituted for "90" in section 149(d)(5) of such Code. (11) PRINCIPAL USER PROVISIONS.—

(A) In the case of a bond issued as part of an issue the proceeds of which are to be used to provide a facility described in subparagraph (B) or (C), the determination of whether such bond is an exempt facility bond shall be made by substituting "90 percent" for "95 percent" and section 142(a) of the 1986 Code. (B) A facility is described in this subparagraph if— (i) it is a waste-to-energy project for which a contract for the sale of electricity was executed in September 1984, and (ii) the design, construction, and operation contract for such project was signed in March 1985 and the order to begin construction was issued on March 31, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $29,100,000. (C) A facility is described in this subparagraph if it is a solid waste disposal facility for Charleston, South Carolina, and a State political subdivision took formal action on April 1, 1980, to commit development funds for such facility. (12) QuAUFiED SCHOLARSHIP FUNDING BONDS.—Subsections (d)(3) and (f) of section 148 of the 1986 Code shall not apply to any bond or series of bonds the proceeds of which are used exclusively to refund qualified scholarship funding bonds (as defined in section 150 of the 1986 Code) issued before January 1, 1986, if— (A) the amount of the refunding bonds does not exceed the aggregate face amount of the refunded bonds, (B) the maturity date of such refunding bond is not later than later of— (i) the maturity date of the bond to be refunded, or (ii) the date which is 15 years after the date on which the refunded bond was issued (or, in the case of a series of refundings, the date on which the original bond was issued), (C) the bonds to be refunded were issued by the California Student Loan Finance Corporation, and (D) the face amount of the refunding bonds does not exceed $175,000,000. (13) RESIDENTIAL RENTAL PROPERTY PROJECTS.—A bond issued as part of an issue 95 percent or more of the net proceeds of which are to be used to provide a project for residential rental property which satisfies the requirements of section 103(b)(4)(A) of the 1954 Code shall be treated as an exempt facility bond (for projects described in section 142(a)(7) of the 1986 Code) for purposes of part IV of subchapter B of chapter 1 of the 1986

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Page:United States Statutes at Large Volume 100 Part 3.djvu/883

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2691

Code if the project is described in any of the following subparagraphs: (A) A residential rental property project is described in this subparagraph if— (i) a public building development corporation was formed on June 6, 1984, with respect to such project, (ii) a partnership of which the corporation is a general partner was formed on June 8, 1984, and (iii) the partnership entered into a preliminary agreement with the State public facilities authority effective as of May 4, 1984, with respect to the issuance of the bonds for such project. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $6,200,000. (B) A residential rental property project is described in this subparagraph if— (i) the Board of Commissioners of the city housing authority officially selected such project's developer on December 19, 1985, (ii) the Board of the City Redevelopment Commission agreed on February 13, 1986, to conduct a public hearing with respect to the project on March 6, 1986, (iii) an official action resolution for such project was adopted on March 6, 1986, and (iv) an allocation of a portion of the State ceiling was made with respect to such project on July 29, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $10,000,000. (C) A residential rental property project is described in this subparagraph if— (i) the issuance of $1,289,882 of bonds for such project was approved by a State agency on September 11, 1985, and (ii) the authority to issue such bonds was scheduled to expire (under the terms of the State approval) on September 9, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $1,300,000. (D) A residential rental property project is described in this subparagraph if— (i) the issuance of $7,020,000 of bonds for such project was approved by a State agency on October 10, 1985, and (ii) the authority to issue such bonds was scheduled to expire (under the terms of the State approval) on October 9, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $7,020,000. (E) A residential rental property project is described in this subparagraph if— (i) it is to be located in a city urban renewal project area which was established pursuant to an urban renewal plan adopted by the city council on May 17, 1960, (ii) the urban renewal plan was revised in 1972 to permit multifamily dwellings in areais of the urban renewal project designated as a central business district,

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Page:United States Statutes at Large Volume 100 Part 3.djvu/884

 100 STAT. 2692

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PUBLIC LAW 99-514—OCT. 22, 1986

(iii) an inducement resolution was adopted for such project on December 14, 1984, and (iv) the city council approved on November 6, 1985, an agreement which provides for conveyance to the city of fee title to such project site. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $60,000,000. (F) A residential rental property project is described in this subparagraph if— (i) such project is to be located in a city urban renewal project area which was established pursuant to an urban renewal plan adopted by the city council on May 17, 1960, (ii) the urban renewal plan was revised in 1972 to permit multifamily dwellings in areas of the urban renewal project designated as a central business district, (iii) the amended urban renewal plan adopted by the city council on May 19, 1972, also provides for the conversion of any public area site in Block J of the urban renewal project area for the development of residential facilities, and (iv) acquisition of all of the parcels comprising the Block J project site was completed by the city on December 28, 1984. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $60,000,000. (G) A residential rental property project is described in this subparagraph if— (i) such project is to be located on a city-owned site which is to become available for residential development upon the relocation of a bus maintenance facility, (ii) preliminary design studies for such project site were completed in December 1985, and (iii) such project is located in the same State as the projects described in subparagraphs (E) and (F). The aggregate face amount of bonds to which this subparagraph applies shall not exceed $100,000,000. (H) A residential rental property project is described in this subparagraph if— (i) at least 20 percent of the residential units in such project are to be utilized to fulfill the requirements of a unilateral agreement date July 21, 1983, relating to the provision of low- and moderate-income housing, (ii) the unilateral agreement was incorporated into ordinance numbers 83-49 and 83-50, adopted by the city council and approved by the mayor on August 24, 1983, and (iii) an inducement resolution was adopted for such project on September 25, 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $8,000,000. (I) A residential rental property project is described in this subparagraph if— (i) a letter of understanding was entered into on December 11, 1985, between the city and county housing and community development office and the project

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Page:United States Statutes at Large Volume 100 Part 3.djvu/885

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2693

developer regarding the conveyance of land for such project, and (ii) such project is located in the same State as the projects described in subparagraphs (E), (F), (G), and (H). The aggregate face amount of bonds to which this subparagraph applies shall not exceed an amount which, together with the amounts allowed under subparagraphs (E), (F), (G), and (H), does not exceed $250,000,000. (J) A residential rental property project is described in this subparagraph if it is a multifamily residential development located in Arrowhead Springs, within the county of San Bernardino, California, and a portion of the site of which currently is owned by the Campus Crusade for Christ. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $350,000,000. (K) A residential rental property project is described in this subparagraph if— (i) it is a new residential development with approximately 309 dwelling units located in census tract No. 3202, and (ii) there was an inducement ordinance for such project adopted by a city council on November 20, 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $32,000,000. (L) A residential rental property project is described in this subparagraph if— (i) it is a new residential development with approximately 70 dwelling units located in census tract No. 3901, and (ii) there was an inducement ordinance for such project adopted by a city council on August 14, 1984. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $4,000,000. (M) A residential rental property project is described in this subparagraph if— (i) it is a new residential development with approximately 98 dwelling units located in census tract No. 4701, and (ii) there was an inducement ordinance for such project adopted by a city council on August 14, 1984. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $7,000,000. (N) A project or projects are described in this subparagraph if they are part of the Willow Road residential improvement plan in Menlo Park, California. The aggregate face amount of obligations to which this subparagraph applies shall not exceed $9,000,000. (O) A residential rental property project is described in this subparagraph if— (i) an inducement resolution for such project was approved on July 18, 1985, by the city council, (ii) such project was approved by such council on August 11, 1986, and (iii) such project consists of approximately 22 duplexes to be used for housing qualified low and moderate income tenants.

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Page:United States Statutes at Large Volume 100 Part 3.djvu/886

 100 STAT. 2694

PUBLIC LAW 99-514—OCT. 22, 1986

The aggregate face amount of bonds to which this subparagraph applies shall not exceed $1,500,000. (P) A residential rental property project is described in this subparagraph if— (i) an inducement resolution for such project was approved on April 22, 1986, by the city council, (ii) such project was approved by such council on August 11, 1986, and (iii) such project consists of a unit apartment complex (having approximately 60 units) to be used for housing qualified low and moderate income tenants. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $1,625,000. (Q) A residential rental property project is described in this subparagraph if— (i) a State housing authority granted a notice of official action for the project on May 24, 1985, and (ii) a binding agreement was executed for such project with the State housing finance authority on May 14, 1986, and such agreement was accepted by the State housing authority on June 5, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $7,800,000. (R) A residential rental property project is described in this subparagraph if such project is either of 2 projects (located in St. Louis, Missouri) which received commitments to provide construction and permanent financing through the issuance of bonds in principal amounts of up to $242,130 and $654,045, on July 16, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $1,000,000. (S) A residential rental property project is described in this subparagraph if— (i) a local housing authority approved an inducement resolution for such project on January 28, 1985, and (ii) a suit relating to such project was dismissed without right of further appeal on April 4, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $13,200,000. (T) A residential rental property project is described in this subparagraph if— (i) such project is the renovation of a hotel for residents for senior citizens, (ii) an inducement resolution for such project was adopted on November 20, 1985, by the State Development Finance Authority, and (iii) such project is to be located in the metropolitan area of the city described in paragraph (3)(C). The aggregate face amount of bonds to which this subparagraph applies shall not exceed $9,500,000. (U) A residential rental property project is described in this subparagraph if— (i) such project is the renovation of apartment housing, (ii) an inducement resolution for such project was adopted on December 20, 1985, by the State Housing Development Authority, and

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Page:United States Statutes at Large Volume 100 Part 3.djvu/887

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2695

(iii) such project is to be located in the metropolitan area of the city described in paragraph (3)(C). The aggregate face amount of bonds to which this subparagraph applies shall not exceed $12,000,000. (V) A residential rental project is described in this sulaparagraph if it is a renovation and construction project for low-income housing in central Louisville, Kentucky, and local board approval for such project was granted April 22, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $500,000. (W) A residential rental project is described in this subparagraph if— (i) such project is 1 of 6 residential rental projects having in the aggregate approximately 1,010 units, (ii) inducement resolutions for such projects were adopted by the county residential finance authority on November 21, 1985, and (iii) a public hearing of the county residential finance authority was held by such authority on December 19, 1985, regarding such projects to be constructed by an in-commonwealth developer. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $62,000,000. (X) A residential rental project is described in this subparagraph if— (i) an inducement resolution with respect to such project was adopted by the State housing development authority on January 25, 1985, and (ii) the issuance of bonds for such project was the subject of a law suit filed on October 25, 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $64,000,000. In the case of bonds to which this subparagraph applies, the requirements of sections 148 and 149(d) of the 1986 Code shall not be treated as included in section 103 of the 1954 Code and shall apply to such bonds. (Y) A project or projects are described in this subparagraph if they are financed with bonds issued by the Tulare, California, County Housing Authority. The aggregate face amount of obligations to which this subparagraph applies shall not exceed $8,000,000. (Z) A residential rental project is described in this subparagraph if such project is a multifamily mixed-use housing project located in a city described in paragraph (3)(C), the zoning for which was changed to residentialbusiness planned development on November 26, 1985, and with respect to which both the city on December 4, 1985, and the state housing finance agency on December 20, 1985, adopted inducement resolutions. The aggregate face amount of obligations to which this subparagraph applies shall not exceed $90,000,000. (14) QuAUFiED STUDENT LOANS.—The amendments made by section 1301 shall not apply to any qualified student loan bonds (as defined in section 144 of the 1986 Code) issued by the Volunteer State Student Assistance Corporation. The aggregate face amount of bonds to which this paragraph applies shall not exceed $90,000,000. In the case of bonds to which this paragraph

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Page:United States Statutes at Large Volume 100 Part 3.djvu/888

 100 STAT. 2696

PUBLIC LAW 99-514—OCT. 22, 1986

applies, the requirements of sections 148 and 149(d) of the 1986 Code shall be treated as included in section 103 of the 1954 Code and shall apply to such bonds. (15) ANNUITY CONTRACTS.—The treatment of annuity contracts as investment property under section 1480))(2) of the 1986 Code shall not apply to any bond described in any of the following subparagraphs: (A) A bond is described in this subparagraph if such bond is issued by a city located in a noncontiguous State if— (i) the authority to acquire such a contract was ap> proved on September 24, 1985, by city ordinance A085176, and (ii) formal bid requests for such contracts were mailed to insurance companies on September 6, 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $57,000,000. (B) A bond is described in this subparagraph if— (i) on or before May 12, 1985, the governing board of the city pension fund authorized an agreement with an underwriter for possible execution and delivery of taxexempt certificates of participation by a nonprofit corporation, and (ii) the proceeds of the sale of such certificates are to J be used to purchase an annuity to fund the unfunded liability of the City of Berkeley, California's Safety Members Pension Fund. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $40,000,000. (C) A bond is described in this subparagraph if such bond is issued by the South Dakota Building Authority if on September 18, 1985, representatives of such authority and its underwriters met with bond counsel and approved financing the purchase of an annuity contract through the sale and leaseback of State properties. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $175,000,000. (D) A bond is described in this subparagraph if— (i) such bond is issued by Los Angeles County, and (ii) such county, before September 25, 1985, paid or incurred at least $50,000 of costs related to the issuance of such bonds. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $500,000,000. (16) SOLID WASTE DISPOSAL FACILITY.—The amendments made by section 1301 shall not apply to any solid waste disposal facility if— (A) construction of such facility was approved by State law I.e. 36-9-31, (B) there was an inducement resolution on November 19, 1984, for the bonds with respect to such facility, and (C) a carryforward election of unused 1984 volume cap was made for such project on February 25, 1985. The aggregate face amount of bonds to which this paragraph applies shall not exceed $120,000,000. In the case of bonds to which this paragraph applies, the requirements of sections 148, 149(d), and 149(g) of the 1986 Code shall be treated as included in section 103 of the 1954 Code and shall apply to such bonds.

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Page:United States Statutes at Large Volume 100 Part 3.djvu/889

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2697

(17) REFUNDING OF BOND ANTICIPATION NOTES.—There shall not be taken into account under section 146 of the 1986 Code any refunding of bond anticipation notes— (A) issued in December of 1984 by the Rhode Island Housing and Mortgage Finance Corporation, (B) which mature in December of 1986, (C) which is not an advance refunding within the meaning of section 149(d)(5) of the 1986 Code (determined by substituting "180 days" for "90 days" therein), and (D) the aggregate face amount of the refunding bonds does not exceed $25,500,000. (18) CERTAIN AIRPORTS.—The amendments made by section 1301 shall not apply to a bond issued as part of an issue 95 percent or more of the net proceeds of which are to be used to provide any airport (within the meaning of section 103(b)(4)(D) of the 1954 Code) if such airport is a mid-field airport terminal and accompanying facilities at a major air carrier airport which during April 1980 opened a new precision instrument approach runway 10R28L. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $425,000,000. (19) MASS COMMUTING FACILITIES.—A bond issued as a part of an issue 95 percent or more of the net proceeds of which are to be used to provide a mass commuting facility (within the meaning of section 1030t)X4XD) of the 1954 Code) shall be treated as an exempt facility bond (for facilities described in section 142(a)(3) of the 1986 Code) for purposes of part IV of subchapter B of chapter 1 of the 1986 Code if such facility is described in 1 of the following subparagraphs: (A) A facility is described in this subparagraph if— (i) such facility provides access to an international airport, (ii) a corporation was formed in connection with such project in September 1984, (iii) the Board of Directors of such corporation authorized the hiring of various firms to conduct a feasibility study with respect to such project in April 1985, and (iv) such feasibility study was completed in November 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $150,000,000. (B) A facility is described in this subparagraph if— (i) enabling legislation with respect to such project was approved by the State legislature in 1979, (ii) a 1-percent local sales tax assessment to be dedicated to the financing of such project was approved by the voters on August 13, 1983, and (iii) a capital fund with respect to such project was established upon the issuance of $90,000,000 of notes on October 22, 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $200,000,000 and such bonds must be issued before January 1, 1996. (C) A facility is described in this subparagraph if— (i) bonds issued therefor are issued by or on behalf of an authority organized in 1979 pursuant to enabling

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Page:United States Statutes at Large Volume 100 Part 3.djvu/890

 100 STAT. 2698

PUBLIC LAW 99-514—OCT. 22, 1986

t •', •,.

legislation originally enacted by the State legislature in 1973, and (ii) such facility is part of a system connector described in a resolution adopted by the board of directors of the authority on March 27, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $400,000,000. Notwithstanding the last paragraph of this subsection, this subparagraph shall apply to bonds issued before January 1, 1996. (D) A facility is described in this subparagraph if— (i) the facility is a light rail transitway project, , (ii) enabling legislation with respect to the issuing authority was approved by the State legislature in May 1973, (iii) on October 28, 1985, a board issued a request for consultants to conduct a feasibility study on mass transit corridor analysis in connection with the facility, and (iv) on May 12, 1986, a board approved a further binding contract for expenditures of approximately $1,494,963, to be expended on a facility study. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $250,000,000. Notwithstanding the last paragraph of this subsection, this subparagraph shall apply to bonds issued before January 1, 1996. (20) PRIVATE COLLEGES.—Section 148(f) of the 1986 (Dode shall not apply to any bond which is issued as part of an issue if such bond— (A) is issued by a political subdivision pursuant to home rule and interlocal cooperation powers conferred by the constitution and laws of a State to provide funds to finance the costs of the purcheise and construction of educational facilities for private colleges and universities, and (B) was the subject of a resolution of official action by such political subdivision (Resolution No. 86-1039) adopted by the governing body of such political subdivision on March 18, 1986. The aggregate face amount of bonds to which this paragraph applies shall not exceed $100,000,000. (21) POOLED FINANCING PROGRAMS.—

(A) Section 147(b) of the 1986 Code shall not apply to any hospital pooled financing program with respect to which— (i) a formal presentation was made to a city hospital facilities authority on January 14, 1986, and (ii) such authority passed a resolution approving the bond issue in principle on February 5, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $95,000,000. (B) Subsection (c) and (0 of section 148 of the 1986 Code shall not apply to bonds for which closing occurred on July 16, 1986, and for which a State municipal league served as administrator for use in a State described in section 103A(g)(5)(C)l of the Internal Revenue Code of 1954. The aggregate face amount of obligations to which this subparagraph applies shall not exceed $585,000,000. (22) DOWNTOWN REDEVELOPMENT PROJECT.—

(A) In the case of a bond described in subparagraph (B), section 141 of the 1986 C!ode shall be applied without regard

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Page:United States Statutes at Large Volume 100 Part 3.djvu/891

 PUBLIC LAW 99-514-OCT. 22, 1986

100 STAT. 2699

to subsection (a)(2), subsection (b)(3), and subsection (b)(5); and paragraphs (1) and (2) of subsection (b) shall be applied by substituting "25 percent" for "10 percent" each place it appears. (B) A bond is described in this subparagraph if such bond is issued as part of an issue 95 percent or more of the net proceeds of which are to be used to provide a project to acquire and redevelop a downtown area if— (i) on August 15, 1985, a downtown redevelopment authority adopted a resolution to issue bonds for such project, (ii) before September 26, 1985, the city expended (or entered into binding contracts to expend) more than $10,000,000 in connection with such project, and (iii) the state supreme court issued a ruling regarding the proposed finance structure for such project on December 11, 1985. The aggregate face amount of bonds to which this paragraph applies shall not exceed $85,000,000 and such bonds must be issued before January 1, 1992. (23) MASS COMMUTING AND PARKING FACILITIES.—A bond issued as part of an issue 95 percent or more of the net proceeds of which are to be used to provide any mass commuting facility or parking facility (within the meaning of section 103(b)(4)(D) of the 1954 Code) shall be treated as an exempt facility bond for purposes of part IV of subchapter B of chapter 1 of the 1986 Code if such facility is provided in connection with the rehabilitation, renovation, or other improvement to an existing railroad station owned on the date of the enactment of this Act by the National Railroad Passenger Corporation in the Northeast Corridor and which was placed in partial service in 1934 and was placed in the National Register of Historic Places in 1978. The aggregate face amount of bonds to which this paragraph applies shall not exceed $30,000,000. (24) TAX-EXEMPT STATUS OF BONDS OF CERTAIN EDUCATIONAL ORGANIZATIONS.—

(A) IN GENERAL.—For purposes of section 103 and part IV of subchapter B of chapter 1 of the 1986 Code, a qualified educational organization shall be treated as a governmental unit, but only with respect to a trade or business carried on by such organization which is not an unrelated trade or business (determined by applying section 513(a) of such Code to such organization). (B) QUALIFIED EDUCATIONAL ORGANIZATION.—For purposes of subparagraph (A), the term "qualified educational organization" means a college or university— (i) which was reincorporated and renewed with perpetual existence as a corporation by specific act of the legislature of the State within which such college or university is located on March 19, 1913, or (ii) which— (I) was initially incorporated or created on February 28, 1787, on April 29, 1854, or on May 14, 1888, and (II) as an instrumentality of the State, serves as a "State-related" university by a specific act of the

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Page:United States Statutes at Large Volume 100 Part 3.djvu/892

 100 STAT. 2700

PUBLIC LAW 99-514—OCT. 22, 1986 legislature of the State within which such college or university is located.

(25) TAX-EXEMPT STATUS OF BONDS OF CERTAIN PUBLIC UTILITIES.—

(A) IN GENERAL.—Except as provided in subparagraph (B), a bond shall be treated as a qualified bond for purposes of section 103 of the 1986 Code if such bond is issued after the date of the enactment of this Act with respect to a public utility facility if such facility is— (i) located at any non-federally owned dam (or on project waters or adjacent lands) located wholly or partially in 3 counties, 2 of which are contiguous to the third, where the rated capacity of the hydroelectric generating facilities at 5 of such dams on October 18, 1979, was more than 650 megawatts each, (ii) located at a dam (or on the project waters or adjacent lands) at which hydroelectric generating facilities were financed with the proceeds of tax-exempt obligations before December 31, 1968, (iii) owned and operated by a State, political subdivision of a State, or any agency or instrumentality of any of the foregoing, and (iv) located at a dam (or on project waters or adjacent lands) where the general public has access for recreational purposes to such dam or to such project waters or adjacent lands. (B) SPECIAL RULES FOR SUBPARAGRAPH (A).— (i) BONDS SUBJECT TO CAP.—Section 146 of the

1986

Code shall apply to any bond described in subparagraph (A) which (without regard to subparagraph (A)) is a private activity bond. (ii) LIMITATION ON AMOUNT OF BONDS TO WHICH

^^•'

SUBPARAGRAPH (A) APPLIES.—The aggregate face amount of bonds to which subparagraph (A) applies shall not exceed $750,000,00, not more than $350,000,000 of which may be issued before January 1, 1992. (iii)

LIMITATION

ON PURPOSES.—Subparagraph

(A)

shall only apply to bonds issued as part of an issue 95 percent or more of the net proceeds of which are used to provide 1 or more of the following: (I) A fish by-pass facility or fisheries enhancement facility. (II) A recreational facility or other improvement which is required by Federal licensing terms and conditions or other Federal, State, or local law requirements. (III) A project of repair, maintenance, renewal, or replacement, and safety improvement. (IV) Any reconstruction, replacement, or improvement, including any safety improvement, which increases, or allows an increase in, the capacity, efficiency, or productivity of the existing generating equipment. (26) CONVENTION AND PARKING FACILITIES.—A bond shall not be treated as a private activity bond for purposes of section 103 and part IV of subchapter B of chapter 1 of the 1986 Code if—

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Page:United States Statutes at Large Volume 100 Part 3.djvu/893

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2701

(A) such bond is issued to provide a sports or convention facility described in section 103(b)(4)(B) or (C) of the 1954 Code, (B) such bond is not described in section 103(b)(2) or (o)(2)(A) of such Code, (C) legislation by a State legislature in connection with such facility was enacted on July 19, 1985, and was designated Chapter 375 of the Laws of 1985, and (D) legislation by a State legislature in connection with the appropriation of funds to a State public benefit corporation for loans in connection with the construction of such facility was enacted on April 17, 1985, and was designated Chapter 41 of the Laws of 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $35,000,000. (27) SMALL ISSUE TERMINATION.—Section 144(a)(12) of the

1986

Code shall not apply to any bond issued as part of an issue 95 percent or more of the net proceeds of which are to be used to provide a facility described in any of the following subparagraphs: (A) A facility is described in this subparagraph if— (i) the facility is a hotel and office facility located in a State capital, (ii) the economic development corporation of the city in which the facility is located adopted an initial inducement resolution on October 30, 1985, and (iii) a feasibility consultant was retained on February 21, 1986, with respect to such facility. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $10,000,000. (B) A facility is described in this subparagraph if such facility is financed by bonds issued by a State finance authority which was created in April 1985 by Act 1062 of the State General Assembly, and the Bond Guarantee Act (Act 505 of 1985) allowed such authority to pledge the interest from investment of the State's general fund as a guarantee for bonds issued by such authority. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $75,000,000. (C) A facility is described in this subparagraph if such facility is a downtown mall and parking project for Holland, Michigan, with respect to which an initial agreement was formulated with the city in May 1985 and a formal memorandum of understanding was executed on July 2, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $18,200,000. (D) A facility is described in this subparagraph if such facility is a downtown mall and parking ramp project for Traverse City, Michigan, with respect to which a final development agreement was signed in June 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $21,500,000. (E) A facility is described in this subparagraph if such facility is the rehabilitation of the Heritage Hotel in Marquette, Michigan. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $5,000,000.

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Page:United States Statutes at Large Volume 100 Part 3.djvu/894

 100 STAT. 2702

PUBLIC LAW 99-514—OCT. 22, 1986

«

(F) A facility is described in this subparagraph if it is the Lakeland Center Hotel in Lakeland, Florida. The aggregate face amount of obligations to which this subparagraph applies shall not exceed $10,000,000. (G) A facility is described in this subparagraph if it is the Marble Arcade office building renovation project in Lakeland, Florida. The aggregate face amount of obligations to which this subparagraph applies shall not exceed $5,900,000. (H) A facility is described in this subparagraph if it is a medical office building in Bradenton, Florida, with respect to which— (i) a memorandum of agreement was entered into on October 17, 1985, and (ii) the city council held a public hearing and approved issuance of the bonds on November 14, 1985. The aggregate face amount of obligations to which this subparagraph applies shall not exceed $8,500,000. (I) A facility is described in this subparagraph if it consists of the rehabilitation of the Andover Town Hall in Andover, Massachusetts. The provisions of section 149(b) of the 1986 Code (relating to federally guaranteed obligations) shall not apply to obligations to finance such project solely as a result of the occupation of a portion of such building by a United States Post Office. (J) A facility is described in this subparagraph if it i^ the Central Bank Building renovation project in Grand Rapids, Michigan. The aggregate face amount of obligations to $1,000,000. (28) CERTAIN PRIVATE LOANS NOT TAKEN INTO ACCOUNT.—For
 * ' which this subparagraph applies shall not exceed

purposes of determining whether any bond is a private activity bond, an amount of loans (but not in excess of $75,00^0,000) provided from the proceeds of 1 or more issues shall not be taken into account if such loans are provided in furtherance of— (A) a city Emergency Conservation Plan as set forth in an ordinance adopted by the city council of such city on: February 17, 1983, or (B) a resolution adopted by the city council of such city on March 10, 1983, committing such city to a goal of reducing the peak load of such city's electric generation and distribution system by 553 megawatts in 15 years. (29) CERTAIN ACCOUNT.—

PRIVATE

BUSINESS

USE

NOT

TAKEN

INTO

(A) The nonqualified amount of the proceeds of an issue shall not be taken into account under section 141(b)(5) of the 1986 Code or in determining whether a bond described in subparagraph (B) (which is part of such issue) is a private activity bond for purposes of section 103 and part IV faf subchapter B of chapter 1 of the 1986 Code. (B) A bond is described in this subparagraph if— (i) such bond is issued before January 1, 1993, by a State admitted to the Union on June 14, 1776, and (ii) such bond is issued pursuant to a resolution of the i^j? x: State Bond Commission adopted before September 26, 1985.

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Page:United States Statutes at Large Volume 100 Part 3.djvu/895

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2703

(C) The nonqualified amount to which this paragraph applies shall not exceed $150,000,000. (D) For purposes of this paragraph, the term "nonqualified amount" has the meaning given such term by section 141(b)(8) of the 1986 Code, except that such term shall include the amount of the net proceeds of an issue which is to be used (directly or indirectly) to make or finance loans (other than loans described in section 141(c)(2) of the 1986 Code) to persons other than governmental units. (30) VOLUME CAP NOT TO APPLY TO CERTAIN FACILITIES.—For

purposes of section 146 of the 1986 Code, any exempt facility bond for the following facility shall not be taken into account: The facility is a facility for the furnishing of water which was authorized under Public Law 90-537 of the United States if— (A) construction of such facility began on May 6, 1973, and (B) forward funding will be provided for the remainder of the project pursuant to a negotiated agreement between State and local water users and the Secretary of the Interior signed April 15, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $391,000,000. (31) CERTAIN HYDROELECTRIC GENERATING PROPERTY.—A bond shall be treated as described in paragraph (2) of section 1316(f) of this Act if— (A) such bond would be so described but for the substitution specified in such paragraph, (B) on January 7, 1983, an application for a preliminary permit was filed for the project for which such bond is issued and received docket no. 6986, and (C) on September 20, 1983, the Federal Energy Regulatory Commission issued an order granting the preliminary permit for the project. The aggregate face amount of bonds to which this paragraph applies shall not exceed $12,000,000. (32) VOLUME CAP.—The State ceiling applicable under section 146 of the 1986 Code for calendar year 1987 for the State which ratified the United States Constitution on May 29, 1790, shall be $150,000,000 higher than the State ceiling otherwise applicable under such section for such year. (33) APPLICATION OF $150,000,000 LIMITATION FOR CERTAIN QUALIFIED 501(C)(3) BONDS.—Proceeds of an issue described in

any of the following subparagraphs shall not be taken into account under section 145(b) of the 1986 Code. (A) Proceeds of an issue are described in this subparagraph if— (i) such proceeds are used to provide medical school facilities or medical research and clinical facilities for a university medical center, (ii) such proceeds are of^ (I) a $21,550,000 issue on August 1, 1980, (II) a $84,400,000 issue on September 1, 1984, and (III) a $48,500,000 issue (Series 1985 A and 1985 B), and (iii) the issuer of all such issues is the same. (B) Proceeds of an issue are described in this subparagraph if such proceeds are for use by Yale University and—

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Page:United States Statutes at Large Volume 100 Part 3.djvu/896

 100 STAT. 2704

PUBLIC LAW 99-514—OCT. 22, 1986

(i) the bonds are issued after August 8, 1986, and before August 7, 1988, by the State of Connecticut Health and Educational Facilities Authority, or (ii) the bonds are the 1st or 2nd refundings (including advance refundings) of the bonds described in clause (i) or of original bonds issued before August 7, 1986, by such Authority. (C) Proceeds of an issue are described in this subparagraph if— (i) such issue is issued on behalf of a university established by Charter granted by King George II of England on October 31, 1754, to accomplish a refunding (including an advance refunding) of bonds issued to finance 1 or more projects, and (ii) the application or other request for the issuance of the issue to the appropriate State issuer was made by or on behalf of such university before February 26, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $250,000,000. (D) Proceeds of an issue are described in this subparagraph if— (i) such proceeds are to be used for finance construction of a new student recreation center, (ii) a contract for the development phase of the project was signed by the university on May 21, 1986, with a private company for 5 percent of the costs of the project, and (iii) a committee of the university board of administrators approved the major program elements for the center on August 11, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $25,000,000. (E) Proceeds of an issue are described in this subparagraph if— (i) such proceeds are to be used in the construction of new life sciences facilities for a university for medical research and education, (ii) the president of the university authorized a faculty/administration planning committee for such facilities on September 17, 1982, (iii) the trustees of such university authorized site and architect selection on October 30, 1984, and (iv) the university negotiated a $2,600,000 contract with the architect on August 9, 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $47,500,000. (F) Proceeds of an issue are described in this subparagraph if such proceeds are to be used to renovate undergraduate chemistry and engineering laboratories, and to rehabilitate other basic science facilities, for an institution of higher education in Philadelphia, Pennsylvania, chartered by legislative Acts of the Commonwealth of Pennsylvania, including an Act dated September 30, 1791. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $6,500,000.

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Page:United States Statutes at Large Volume 100 Part 3.djvu/897

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2705

(G) Proceeds of an issue are described in this subparagraph if such proceeds are of bonds which are the first advance refunding of bonds issued during 1985 for the development of a computer network, and construction and renovation or rehabilitation of other facilities, for an institution of higher education described in subparagraph (H). The aggregate face amount of bonds to which this subparagraph applies shall not exceed $80,000,000. (H) Proceeds of an issue are described in this subparagraph if^ (i) the issue is issued on behalf of a university founded in 1789, and (ii) the request to issue bonds for items to be determined by the issuer was transmitted to Congress on November 7, 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $200,000,000. (I) Proceeds of an issue are described in this subparagraph if the issue is issued on behalf of a university established on August 6, 1872, for a project approved by the trustees thereof on November 11, 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $100,000,000. (J) Proceeds of an issue are described in this subparagraph if— (i) the issue is issued on behalf of a university for which the founding grant was signed on November 11, 1885, and (ii) such bond is issued for the purpose of providing a Near West Campus Redevelopment Project and a Student Housing Project. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $105,000,000. (J) Proceeds of an issue are described in this subparagraph if— (i) they are the proceeds of advance refunding obligations issued on behalf of a university established on April 21, 1831, and (ii) the application or other request for the issuance of such obligations was made to the appropriate State issuer before July 12, 1986. The aggregate face amount of obligations to which this subparagraph applies shall not exceed $175,000,000. (K) Proceeds of an issue are described in this subparagraph if— (i) the issue is for the purpose of financing or refinancing costs associated with university facilities including 900 units of housing for students, faculty, and staff in up to two buildings and an office building containing up to 2,000 square feet of space, and (ii) a bond act authorizing the issuance of such bonds for such project was adopted on July 8, 1986, and such act under Federal law was required to be transmitted to Congress. The aggregate face amount of obligations to which this subparagraph applies shall not exceed $150,000,000.

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Page:United States Statutes at Large Volume 100 Part 3.djvu/898

 100 STAT. 2706

PUBLIC LAW 99-514—OCT. 22, 1986

(L) Proceeds of an issue are described in this subparagraph if such issue is for Cornell University in an aggregate face amount of not more than $150,000,000. (M) Proceeds of an issue are described in this subparagraph if^ (i) such issue would not (if issued before August 16, 1986) be an industrial development bond (as defined in section 103a)X2) of the 1954 Code), and (ii) such bonds were approved by city voters on January 19, 1985, for an art museum and 2 theaters. The aggregate face amount of obligations to which this subparagraph applies shall not exceed $2,300,000. (N) Proceeds of an issue are described in this subparagraph if^ (i) such issue is issued by a State dormitory authority on behalf of one or more universities described in section 501(c)(3) of the 1986 Code or a foundling hospital, and (ii) the application by the university for the issuance of such bond was made before October 27, 1985. The aggregate face amount of bonds to which this paragraph applies shall not exceed $150,000,000. In the case of bonds to which this paragraph applies, the requirements of sections 148 and 149(d) of the 1986 Code shall be treated as included in section 103 of the 1954 Code and shall apply to such bonds. (O) Any bond to which section 1450t)) of the 1986 (Dode does not apply by reason of this section shall be taken into account in determining whether such section applies to any later issue. (34) ARBITRAGE REBATE.—Section 148(f) of the 1986 Code shall not apply to any period before October 1, 1990, with respect to any bond the proceeds of which are to be used to provide a highspeed rail system for the State of Ohio. The aggregate face amount of bonds to which this paragraph applies shall not exceed $2,000,000,000. (35) EXTENSION OF CARRYFORWARD PERIOD.—

(A) In the case of a carryforward under section 103(n)(10) of the 1954 Code of $170,000,000 of bond limit for calendar year 1984 for a project described in subparagraph (B), clause (i) of section 103(n)(10XC) of the 1954 Code shall be applied by substituting "6 calendar years" for "3 calendar years", and such carryforward may be used by any authority designated by the State in which the facility is located. (B) A project is described in this subparagraph if— (i) such project is a facility for local furnishing of ^ electricity described in section 645 of the Tax Reform Act of 1984, and (ii) construction of such facility commenced within the 3-year period following the calendar year in which the carryforward arose. (36) POWER PURCHASE BONDS.—A bond issued to finance purchase of power from a power facility at a dam being renovated pursuant to P.L. 98-381 shall not be treated as a private activity bond if it would not be such under section 141(b)(1) and (2) of the 1986 C!ode if 25 percent were substituted for 10 percent and the provisions of section 141(b)(3), (4), and (5) of the 1986 Code

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Page:United States Statutes at Large Volume 100 Part 3.djvu/899

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2707

did not apply. The aggregate face amount of bonds to which this paragraph applies shall not exceed $80,000,000. (37) QUALIFIED MORTGAGE BONDS.—A bond issued as part of either of 2 issues no later than September 8, 1986, shall be treated as a qualified mortgage bond within the meaning of section 141(d)(1)(B) of the 1986 Code if it satisfies the requirements of section 103A of the 1954 Code and if the issues are issued by the two most populous cities in the Tar Heel State. The aggregate face amount of bonds to which this paragraph applies shall not exceed $4,000,000. (38) EXEMPT FACILITY BONDS.—A bond shall be treated as an exempt facility bond within the meaning of section 142(a) of the 1986 Code if it is issued to fund residential, office, retail, light industrial, recreational and parking development known as Tobacco Row. Such bond shall be subject to section 146 and sections 148 and 149 of the 1986 Code. The aggregate face amount of bonds to which this paragraph applies shall not exceed $100,000,000. (39) CERTAIN WASTEWATER TREATMENT FACILITY.—A bond shall not be subject to the provisions of section 146 of the 1986 Code if it is issued to acquire and complete a wastewater treatment facility— (A) which was organized by an inter-local agreement dated October 17, 1978, (B) for which $78,143,557 has been spent as of July 31, 1986, and (C) for which the first construction contract was let on February 27, 1981. The aggregate face amount of bonds to which this paragraph applies shall not exceed $100,000,000. (40) REFUNDING OF CERTAIN TAXABLE DEBT.—A bond issued to refinance taxable debt shall not be treated as a qualified 501(c)(3) bond within the meaning of section 141(d)(1)(G) of the 1986 Code if an authorizing resolution as adopted by the issuer on August 14, 1986, for St. Mary's Hospital. The aggregate face amount of bonds to which this paragraph applies shall not exceed $22,314,000. (41)

TIME TO MATURITY FOR CERTAIN OBLIGATIONS.—The

requirement of section 147(b) of the 1986 Code shall apply to current refunding bonds issued with respect to two power facilities on which construction has been suspended by measuring the economic life of the facilities from the date of the refunding bonds if the facilities have not been placed in service as of the date of issuance of the refunding bonds. The aggregate face amount of bonds to which this paragraph applies shall not exceed $2,000,000,000. (42) RESIDENTIAL RENTAL PROPERTY.—A bond issued to finance a residential rental project within the meaning of 1030t>)(4) of the 1954 Code shall be treated as an exempt facility bond within the meaning of section 142(a)(7) of the 1986 Code if the county housing finance authority adopted an inducement resolution with respect to the project on May 8, 1985, and the project is located in Polk County, Florida. The aggregate face amount of bonds to which this paragraph applies shall not exceed $4,100,000.

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