Page:United States Statutes at Large Volume 100 Part 3.djvu/826

 100 STAT. 2634

PUBLIC LAW 99-514—OCT. 22, 1986 '• "(1) IN GENERAL.—The term 'private activity bond' shall not .f- include any bond which is issued to refund another bond to the ".- extent that the amount of such bond does not exceed the outstanding amount of the refunded bond. r "(2) SPECIAL RULES FOR STUDENT LOAN BONDS.—In the case of any qualified student loan bond, paragraph (1) shall apply only .. if the maturity date of the refunding bond is not later than the ff later of— "(A) the maturity date of the bond to be refunded, or "(B) the date 17 years after the date on which the re» '" funded bond was issued (or in the case of a series of V refundings, the date on which the original bond was issued). "(3) SPECIAL RULES FOR QUALIFIED MORTGAGE BONDS.—In the

b case of any qualified mortgage bond, paragraph (1) shall apply s only if the maturity date of the refunding bond is not later than - the later of— "(A) the maturity date of the bond to be refunded, or "(B) the date 32 years after the date on which the refunded bond was issued (or in the case of a series of refundings, the date on which the original bond was issued). cj "(4) EXCEPTION FOR ADVANCE REFUNDING.—This subsection ", shall not apply to any bond issued to advance refund another bond. "(j) POPULATION.—For purposes of this section, determinations of the population of any State (or issuing authority) shall be made with respect to any calendar year on the basis of the most recent census estimate of the resident population of such State (or issuing authority) released by the Bureau of Census before the beginning of such calendar year, "(k) FACILITY MUST B E LOCATED WITHIN STATE.—

"(1) IN GENERAL.—Except as provided in paragraph (2), no _ portion of the State ceiling applicable to any State for any ,^ '" calendar year may be used with respect to financing for a, facility located outside such State. "(2) EXCEPTION FOR CERTAIN FACILITIES WHERE STATE WILL GET PROPORTIONATE SHARE OF BENEFITS.—Paragraph (1) shall not

^' apply to any exempt facility bond described in paragraph (4), (5), (6), or (10) of section 142(a) if the issuer establishes that the State's share of the use of the facility (or its output) will equal or exceed the State's share of the private activity bonds issued to finance the facility. "(1) ISSUER OF QUALIFIED SCHOLARSHIP FUNDING BONDS.—In the

case of a qualified scholarship funding bond, such bond shall be treated for purposes of this section as issued by a State or local issuing authority (whichever is appropriate). "(m) TREATMENT OF AMOUNTS ALLOCATED TO PRIVATE ACTIVITY PORTION OF GOVERNMENT USE BONDS.—

"(1) IN GENERAL.—The volume cap of an issuer shall be ^ reduced by the amount allocated by the issuer to an issue under ^ section 141(b)(5). T

"(2) ADVANCE REFUNDINGS.—Except as otherwise provided by

'i the Secretary, any advance refunding of any part of an issue to <» which an amount was allocated under section 141(b)(5) (or would 3* have been allocated if such section applied to such issue) shall be taken into account under this section to the extent of the &'• amount of the volume cap which was (or would have been) so allocated.

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