Page:United States Statutes at Large Volume 100 Part 3.djvu/802

 100 STAT. 2610

PUBLIC LAW 99-514—OCT. 22, 1986 f'-i !«(/

"(B) LOCAL SYSTEM.—For purposes of this paragraph, a local system includes facilities furnishing heating and cooling to an area consisting of a city and 1 contiguous county. "(h) QUALIFIED HAZARDOUS WASTE FACILITIES.—For purposes of subsection (a)(10), the term 'qualified hazardous waste facility' means any facility for the disposal of hazardous waste by incineration or entombment but only if— "(1) the facility is subject to final permit requirements under subtitle C of title II of the Solid Waste Disposal Act (as in effect on the date of the enactment of the Tax Reform Act of 1986), and "(2) the portion of such facility which is to be provided by the issue does not exceed the portion of the facility which is to be used by persons other than— "(A) the owner or operator of such facility, and ', "(B) any related person (within the meaning of section 144(a)(3)) to such owner or operator, "SEC. 143. MORTGAGE REVENUE BONDS: QUALIFIED MORTGAGE BOND AND QUALIFIED VETERANS' MORTGAGE BOND. "(a) Q U A U F I E D MORTGAGE B O N D. — "(1) QUALIFIED MORTGAGE BOND DEFINED.—



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"(A) IN GENERAL.—For purposes of this title, the term 'qualified mortgage bond' means a bond which is issued as, part of a qualified mortgage issue. to « «^g) TERMINATION ON DECEMBER 31, 1988.—No bond issued •%siy after December 31, 1988, may be treated as a qualified mortgage bond. "(2) QUALIFIED MORTGAGE ISSUE DEFINED.—

"(A) DEFINITION.—For purposes of this title, the term 'qualified mortgage issue' means an issue by a State or '"'* political subdivision thereof of 1 or more bonds, but only if— "(i) all proceeds of such issue (exclusive of issuance costs and a reasonably required reserve) are to be used f to finance owner-occupied residences, "(ii) such issue meets the requirements of subsections (c), (d), (e), (f), (g), (h), and (i), and "(iii) no bond which is part of such issue meets the - a a.. private business tests of paragraphs (1) and (2) of section 141(b). "(B) GOOD FAITH EFFORT TO COMPLY WITH MORTGAGE ELIGI-

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BiliTY REQUIREMENTS.—An issue which fails to meet 1 or more of the requirements of subsections (c), (d), (e), (0, and (i) shall be treated as meeting such requirements if— "(i) the issuer in good faith attempted to meet all such requirements before the mortgages were executed, "(ii) 95 percent or more of the proceeds devoted to owner-financing was devoted to residences with respect to which (at the time the mortgages were executed) all such requirements were met, and "(iii) any failure to meet the requirements of such subsections is corrected within a reasonable period after such failure is first discovered. "(C) GOOD FAITH EFFORT TO COMPLY WITH OTHER REQUIRE-

MENTS.—An issue which fails to meet 1 or more of the

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