Page:United States Statutes at Large Volume 100 Part 3.djvu/823

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2631

"(1) IN GENERAL.—The volume cap for any agency of the State authorized to issue tax-exempt private activity bonds for any calendar year shall be 50 percent of the State ceiling for such calendar year. "(2) SPECIAL RULE WHERE STATE HAS MORE THAN i AGENCY.—If

more than 1 agency of the State is authorized to issue taxexempt private activity bonds, all such agencies shall be treated as a single agency. "(c) VOLUME CAP FOR OTHER ISSUERS.—For purposes of this section— "(1) IN GENERAL.—The volume cap for any issuing authority (other than a State agency) for any calendar year shall be an amount which bears the same ratio to 50 percent of the State ' ceiling for such calendar year as— '*^ "(A) the population of the jurisdiction of such issuing authority, bears to "^ "(B) the population of the entire State. •'

"(2) OVERLAPPING JURISDICTIONS.—For purposes of paragraph

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(I)(A), if an area is within the jurisdiction of 2 or more governmental units, such area shall be treated as only within the jurisdiction of the unit having jurisdiction over the smallest ' geographical area unless such unit agrees to surrender all or part of such jurisdiction for such calendar year to the unit with overlapping jurisdiction which has the next smallest geographical area. "(d) STATE CEIUNG.—For purposes of this section— "(1) IN GENERAL.—The State ceiling applicable to any State for any calendar year shall be the greater of— "(A) an amount equal to $75 multiplied by the State population, or "(B) $250,000,000. Subparagraph (B) shall not apply to any possession of the United States. "(2) ADJUSTMENT AFTER 1987.—In the case of calendar years t. after 1987, paragraph (1) shall be applied by substituting— b ^... "(A) '$50' for '$75', and "(B) '$150,000,000' for '$250,000,000'. "(3) SPECIAL RULE FOR STATES WITH CONSTITUTIONAL HOME RULE CITIES.—For purposes of this section—

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"(A) IN GENERAL.—The volume cap for any constitutional home rule city for any calendar year shall be determined under paragraph (1) of subsection (c) by substituting '100 percent' for '50 percent'. "(B) COORDINATION WITH OTHER ALLOCATIONS.—In the

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case of any State which contains 1 or more constitutional home rule cities, for purposes of applying subsections (b) and (c) with respect to issuing authorities in such State other than constitutional home rule cities, the State ceiling for any calendar year shall be reduced by the aggregate volume caps determined for such year for all constitutional home rule cities in such State. "(C) CONSTITUTIONAL HOME RULE CITY.—For purposes of


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this section, the term 'constitutional home rule city means, with respect to any calendar year, any political subdivision of a State which, under a State constitution which was adopted in 1970 and effective on July 1, 1971, had home rule powers on the 1st day of the calendar year.

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