Page:United States Statutes at Large Volume 100 Part 3.djvu/1084

 100 STAT. 2892

PUBLIC LAW 99-514—OCT. 22, 1986 (c) TREATMENT OF CERTAIN SOUD WASTE DISPOSAL FACILITIES.—-

(1) IN GENERAL.—Subsection (d) of section 631 of the Tax Reform Act of 1984 (relating to provisions of subtitle not to f>ii,; thereof the following: i^,. "(5) Any solid waste disposal facility described in section 103(b)(4)(E) of the Internal Revenue Code of 1954 if— "(A) a city government, by resolutions adopted on April 10, 1980, and December 27, 1982, took formal action to authorize the submission of a proposal for a feasibility )f\:-./ study for such facility and to authorize the presentation to - f •• the Department of the Army (U.S. Army Missile Command) of a proposed agreement to jointly pursue construction and operation of such facility, "(B) such city government (or a public authority on its behalf) issues obligations for such facility before January 1, . 1988, and !. "(C) expenditures have been made for the development of ,};; such facility before October 19, 1983. Notwithstanding the ji ft. • foregoing provisions of this subsection, the amendments made by section 624 (relating to arbitrage) shall apply to obligations issued to finance property described in parar graph (5)." (2) CONFORMING AMENDMENT.—Paragraph (1) of section 632(a) of the Tax Reform Act of 1984 is hereby repealed. SEC. 1873. AMENDMENTS RELATED TO SECTION 632 OF THE ACT.
 * 4^1 apply to certain property) is amended by adding at the end

(a) CLERICAL AMENDMENT.—Subsection (a) of section 632 of the Tax Reform Act of 1984 is amended by striking out "section 623" in the matter preceding paragraph (1) thereof and inserting in lieu thereof "section 624". (b) CERTAIN OBLIGATIONS NOT TREATED AS PRIVATE LOAN BONDS.—

Subsection (d) of section 632 of the Tax Reform Act of 1984 is amended by adding at the end thereof the following new sentence: "The amendment made by section 626 shall not apply to any obligations described in the preceding sentence." (c) TREATMENT OF CERTAIN OBLIGATIONS TO FINANCE HYDROELECTRIC GENERATING FACILITY.—If—

(1) obligations are to be issued in an amount not to exceed $9,500,000 to finance the construction of an approximately 4 megawatt hydroelectric generating facility owned and operated by the city of Hastings, Minnesota, and located on United States Army Corps of Engineers lock and dam No. 2 or are issued to refund any of such obligations, (2) substantially all of the electrical power generated by such facility is to be sold to a nongovernmental person pursuant to a long-term power sales agreement in accordance with the Public Utilities Regulatory Policies Act of 1978, and (3) the initially issued obligations are issued on or before December 31, 1986, and any of such refunding obligations are issued on or before December 31, 1996, then the person referred to in paragraph (2) shall not be treated as the principal user of such facilities by reason of such sales for purposes of subparagraphs (D) and (E) of section 103(b)(6) of the Internal Revenue Code of 1954. (d) TREATMENT OF CERTAIN OBLIGATIONS TO FINANCE HYDROELECTRIC GENERATING FACILITY.—If^

�