Page:United States Statutes at Large Volume 100 Part 3.djvu/824

 100 STAT. 2632

PUBLIC LAW 99-514—OCT. 22, 1986

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"(4) SPECIAL RULE FOR POSSESSIONS WITH POPULATIONS OF LESS THAN THE POPULATION OF THE LEAST POPULOUS STATE.—

"(A) IN GENERAL.—If the population of any possession of the United States for any calendar year is less than the i* " i population of the least populous State (other than a possession) for such calendar year, the limitation under paragraph (1)(A) shall not be less than the amount determined under subparagraph (B) for such calendar year. '•mi. X ''(g) LIMITATION.—The limitation determined under this , 4i subparagraph, with respect a possession, for any calendar ' year is an amount equal to the product of— "(i) the fraction— "(I) the numerator of which is the amount ap,.,. .., plicable under paragraph (1)(B) for such calendar '^' " ** '• year, and "(II) the denominator of which is the State population of the least populous State (other than a possession) for such calendar year, and ", "(ii) the population of such possession for such calendar year. "(e) STATE MAY PROVIDE FOR DIFFERENT ALLOCATION.—For purposes of this section— "(1) IN GENERAL.—Except as provided in paragraph (3), a State may, by law provide a different formula for allocating the State ceiling among the governmental units (or other authori.. ties) in such State having authority to issue tax-exempt private activity bonds. "(2) INTERIM AUTHORITY FOR GOVERNOR.—

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"(A) IN GENERAL.—Except as otherwise provided in paragraph (3), the Governor of any State may proclaim a different formula for allocating the State ceiling among the governmental units (or other authorities) in such State having authority to issue private activity bonds. "(B) TERMINATION OF AUTHORITY.—The authority provided in subparagraph (A) shall not apply to bonds issued after the earlier of— "(i) the last day of the 1st calendar year after 1986 during which the legislature of the State met in regular session, or "(ii) the effective date of any State legislation with respect to the allocation of the State ceiling. "(3) STATE MAY NOT ALTER ALLOCATION TO CONSTITUTIONAL

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HOME RULE CITIES.—Except as Otherwise provided in a State constitutional amendment (or law changing the home rule provision adopted in the manner provided by the State constitution), the authority provided in this subsection shall not apply to that portion of the State ceiling which is allocated to any constitutional home rule city in the State unless such city agrees to such different allocation. "if) ELECTIVE CARRYFORWARD OF UNUSED LIMITATION FOR SPECIFIED PURPOSE.—

"(1) IN GENERAL.—If— "(A) an issuing authority's volume cap for any calendar year after 1985, exceeds •*'» -'•' "(B) the aggregate amount of tax-exempt private activity bonds issued during such calendar year by such authority.

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