Page:United States Statutes at Large Volume 100 Part 3.djvu/812

 llPUBLIC LAW 99-514-OCT. 22, 1986

100 STAT. 2620

"(3) V O L U M E LIMITATION.—

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"(A) IN GENERAL.—An issue meets the requirements of this paragraph only if the aggregate a m o u n t of bonds issued pursuant thereto (when added to the aggregate a m o u n t of quaHfied veterans ' mortgage bonds previously issued by the State during the calendar year) does not exceed the State veterans limit for such calendar year.

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"(B) STATE VETERANS LIMIT.—A State veterans limit for

any calendar year is the a m o u n t equal to— "(i) the aggregate a m o u n t of qualified veterans bonds issued by such State during the period beginning on • January 1, 1979, and ending on June 22, 1984 (not including the a m o u n t of any qualified veterans bond issued by such State during the calendar year (or portion thereof) in such period for which the a m o u n t of such bonds so issued was the lowest), divided by "(ii) the n u m b e r (not to exceed 5) of calendar years after 1979 and before 1985 during which the State issued qualified veterans bonds (determined by only taking into account bonds issued on or before June 22, 1984).

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"(C) T R E A T M E N T OF REFUNDING ISSUES.—

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"(i) IN GENERAL.—For purposes of subparagraph (A), the term 'qualified veterans ' mortgage bond' shall not include any bond issued to refund a n other bond b u t only if the m a t u r i t y date of the refunding bond is not later than the l a t e r of— "(I) the m a t u r i t y date of the bond to be refunded, or "(II) the date 32 years after the date on which the refunded bond w a s issued (or in the case of a series of refundings, the date on which the original bond was issued). The preceding sentence shall apply only to the extent that the a m o u n t of the refunding bond does not exceed the o u t s t and i n g a m o u n t of the refunded bond. "(ii) EXCEPTION FOR ADVANCE R E F U N D I N G. — C l a u s e d)

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shall not apply to any bond issued to advance refund a n other bond. "(4) QUALIFIED V E T E R A N. — For purposes of t h i s subsection, the

, term 'qualified v e t e r a n ' means any veteran— h "(A) w h o served on active duty a t some t i m e before January 1, 1977, and "(B) w h o applied for the financing before the later o f ^ "(i) the date 30 years after the last date on which r i« " -u such veteran left active service, or "(ii) January 31, 1985. "(5) SPECIAL RULE FOR CERTAIN SHORT-TERM BONDS.—In

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case of any bond— "(A) which has a term of 1 year or less, "(B) which is authorized to be issued under O.R.S. 407.435 (as in effect on the date of the e n a c t m e n t of this subsection), 3: to provide financing for property taxes, and "(C) which is redeemed a t the end of such term, t^ the a m o u n t t a k e n into account under this subsection with respect to such bond shall be Vis of its principal a m o u n t.

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