Page:United States Statutes at Large Volume 100 Part 3.djvu/825

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2633

such authority may elect to treat all (or any portion) of such excess as a carryforward for 1 or more carryforward purposes. "(2) ELECTION MUST IDENTIFY PURPOSE.—In any election under paragraph (1), the issuing authority shall— i "(A) identify the purpose for which the carryforward is elected, and "(B) specify the portion of the excess described in paragraph (1) which is to be a carryforward for each such purpose. "(3) USE OF CARRYFORWARD.—

t i ii '«

"(A) IN GENERAL.—If any issuing authority elects a carryforward under paragraph (1) with respect to any carryforward purpose, any private activity bonds issued by such authority with respect to such purpose during the 3 calendar years following the calendar year in which the carryforward arose shall not be taken into account under subsection (a) to the extent the amount of such bonds does not exceed the amount of the carryforward elected for such purpose. "(B)

ORDER

IN

WHICH

CARRYFORWARD

USED.—

Canyforwards elected with respect to any purpose shall be T used in the order of the calendar years in which they arose. "(4) ELECTION.—Any election under this paragraph (and any identification or specification contained therein), once made, ^ shall be irrevocable. "(5) CARRYFORWARD PURPOSE.—The term 'carryforward purpose' means— "(A) the purpose of issuing bonds referred to in one of the clauses of section 141(d)(l)(A), "(B) the purpose of issuing qualified mortgage bonds or ''" mortgage credit certificates, ^ "(C) the purpose of issuing qualified student loan bonds, ^ and "(D) the purpose of issuing qualified redevelopment bonds. "(g) EXCEPTION FOR CERTAIN BONDS.—Only for purposes of this section, the term 'private activity bond' shall not include— "(1) any qualified veterans' mortgage bond, ^ "(2) any qualified 501(c)(3) bond, and "(3) any exempt facility bond issued as part of an issue described in paragraph (1) or (2) of section 142(a) (relating to airports and docks and wharves). "(h) EXCEPTION FOR GOVERNMENT-OWNED SOUD WASTE DISPOSAL FACILITIES.—

"(1) IN GENERAL.—Only for purposes of this section, the term 'private activity bond' shall not include any exempt facility f bond described in section 142(a)(6) which is issued as part of an y !,' issue if all of the property to be financed by the net proceeds of such issue is to be owned by a governmental unit. "(2)

SAFE

HARBOR FOR DETERMINATION OF GOVERNMENT

OWNERSHIP.—In determining ownership for purposes of paragraph (1), section 1420t>XlXB) shall apply, except that a lease term shall be treated eis satisfying clause (ii) thereof if it is not more than 20 years, "(i) TREATMENT OF REFUNDING ISSUES.—For purposes of the volume cap imposed by this section—

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