Page:United States Statutes at Large Volume 100 Part 3.djvu/1081

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2889

(1) TREATMENT OF CERTAIN OBLIGATIONS ISSUED BY THE CITY OF

BALTIMORE.—Obligations issued by the city of Baltimore, Maryland, after June 30, 1985, shall not be treated as private loan bonds for purposes of section 103(o) of the Internal Revenue Code of 1954 (or as private activity bonds for purposes of section 103 and part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986, as amended by title XIII of this Act) by reason of the use of a portion of the proceeds of such obligations to finance or refinance temporary advances made by the city of Baltimore in connection with loans to persons who are not exempt persons (within the meaning of section 1030t))(3) of such Code) if— (A) such obligations are not industrial development bonds (within the meaning of section 103(b)(2) of the Internal Revenue Code of 1954), (B) the portion of the proceeds of such obligations so used is attributable to debt approved by voter referendum on or before November 2, 1982, -. (C) the loans to such nonexempt persons were approved by the Board of Estimates of the city of Baltimore on or before October 19, 1983, and (D) the aggregate amount of such temporary advances financed or refinanced by such obligations does not exceed $27,000,000. (2) WHITE PINE POWER PROJECT.—The amendment made by section 626(a) of the Tax Reform Act of 1984 shall not apply to any obligation issued during 1984 to provide financing for the White Pine Power Project in Nevada. (3) TAX INCREMENT BONDS.—The amendment made by section 626(a) of the Tax Reform Act of 1984 shall not apply to any tax increment financing obligation issued before August 16, 1986, if— (A) substantially all of the proceeds of the issue are to be used to finance— (i) sewer, street, lighting, or other governmental improvements to real property, (ii) the acquisition of any interest in real property ., pursuant to the exercise of eminent domain, the preparation of such property for new use, or the trans,,, fer of such interest to a private developer, or (iii) payments of reasonable relocation costs of prior users of such real property, (B) all of the activities described in subparagraph (A) are pursuant to a redevelopment plan adopted by the issuing authority before the issuance of such issue, (C) repayment of such issue is secured exclusively by pledges of that portion of any increase in real property tax revenues (or their equivalent) attributable to the redevelopment resulting from the issue, and (D) none of the property described in subparagraph (A) is ., subject to a real property or other tax based on a rate or valuation method which differs from the rate and valuation method applicable to any other similar property located within the jurisdiction of the issuing authority. (4) EASTERN MAINE ELECTRIC COOPERATIVE.—The amendment

made by section 626(a) of the Tax Reform Act of 1984 shall not

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