Page:United States Statutes at Large Volume 100 Part 3.djvu/1082

 100 STAT. 2890

PUBLIC LAW 99-514—OCT. 22, 1986

-io apply to obligations issued by Meissachusetts Municipal Whole-V- sale Electric Company Project No. 6 if— (A) such obligation is issued before January 1, 1986, (B) such obligation is issued after such date to refund a prior obligation for such project, except that the aggregate amount of obligations to which this subparagraph applies ^cf V shall not exceed $100,000,000, or ftrt (C) such obligation is issued after such date to provide additional financing for such project except that the aggregate amount of obligations to which this subparagraph applies shall not exceed $45,000,000. Subparagraph (B) shall not apply to any obligation issued for abr the advance refunding of any obligation. IBH

(5) CLARIFICATION OF TRANSITIONAL RULE FOR CERTAIN STUDENT

LOAN PROGRAMS.—Subparagraph (A) of section 6260t)X2) of the • 9f Tax Reform Act of 1984 is amended by striking out "$11 million" in the table contained in such subparagraph and inserting in lieu thereof "$70 million". IJ&Y (6) TREATMENT OF OBLIGATIONS TO FINANCE ST. JOHNS RIVER to POWER PARK.—

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(A) IN GENERAL.—The amendment made by section 626(a) of the Tax Reform Act of 1984 shall not apply to any obligation issued to finance the project described in subparagraph (B) if^ (i) such obligation is issued before September 27, 1985, (ii) such obligation is issued after such date to refund a prior tax exemption obligation for such project, the amount of such obligation does not exceed the outstanding amount of the refunded obligation, and such prior tax exempt obligation is retired not later than the date 30 days after the issuance of the refund«. ing obligation, or (iii) such obligation is issued after such date to prot vide additional financing for such project except that the aggregate sunount of obligations to which this clause applies shall not exceed $150,000,000. Clause (ii) shall not apply to any obligation issued for the advance refunding of any obligation. (B) DESCRIPTION OF PROJECT.—The project described in

l o i f - this subparagraph in the St. Johns River Power Park system in Florida which was authorized by legislation enacted by the Florida Legislature in February of 1982. SEC. 1870. AMENDMENT RELATED TO SECTION 627 OF THE ACT.

Subparagraph (A) of section 103(b)(16) (relating to limitation on use for land acquisition) is amended by striking out "clause (i)" in the last sentence and inserting in lieu thereof "clause (ii)". SEC. 1871. AMENDMENTS RELATED TO SECTION 628 OF THE ACT. (a) CERTAIN RESTRICTIONS APPLY TO EXEMPTIONS NOT (DONTAINED IN INTERNAL REVENUE CODE OF 1954.—

(1) IN GENERAL.—Paragraph (1) of section 103(m) (relating to obligations exempt other than under this title) is amended by striking out "(k), (1), and (n)" and inserting in lieu thereof "(j), (k),(l),(n),and(o)".

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