Page:United States Statutes at Large Volume 100 Part 3.djvu/851

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2659

Subtitle B—Effective Dates and Transitional Rules SEC. 1311. GENERAL EFFECTIVE DATES.

(a) IN GENERAL.—Except as otherwise provided in this subtitle, the amendments made by section 1301 shall apply to bonds issued after August 15, 1986. (b) SECTION 1301(f).— (1) INCREASE IN TRADE-IN RATE.—The amendments made by

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paragraph (1) of section 1301(f) shall apply to nonissued bond amounts elected after August 15, 1986. (2) CERTIFICATES.—The amendments made by paragraph (2) of section 1301(f) shall apply to certificates issued after August 15, 1986.

(c) CHANGES IN USE, ETC., OF FACILITIES FINANCED WITH PRIVATE ACTIVITY BONDS.—Subsection (b) of section 150 of the 1986 Code

shall apply to changes in use (and ownership) after August 15, 1986, but only with respect to financing (including refinancings) provided after such date. (d) SECTION 1303.—The amendments made by section 1303 shall take effect on the date of the enactment of this Act. SEC. 1312. T R A N S I T I O N A L RULES FOR CONSTRUCTION OR BINDING AGREEMENTS AND CERTAIN GOVERNMENT BONDS ISSUED AFTER AUGUST 15, 1986. (a) EXCEPTION FOR CONSTRUCTION OR BINDING AGREEMENTS.—

(1) IN GENERAL.—The amendments made by section 1301 shall not apply to bonds (other than a refunding bend) with respect to a facility— ju.; (A)(i) the original use of which commences with the taxpayer, and the construction, reconstruction, or rehabilitation of which began before September 26, 1985, and was completed on or after such date, (ii) the original use of which begins with the taxpayer and with respect to which a binding contract to incur significant expenditures for construction, reconstruction, or rehabilitation was entered into before September 26, 1985, and some J of such expenditures are incurred on or after such date, or ] (iii) acquired on or after September 26, 1985, pursuant to V a binding contract entered into before such date, and j. (B) described in an inducement resolution or other comparable preliminary approval adopted by an issuing authority (or by a voter referendum) before September 26, 1985. (2) SIGNIFICANT EXPENDITURES.—For purposes of paragraph
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dXA), the term "significant expenditures" means expenditures ' greater than 10 percent of the reeisonably anticipated cost of the construction, reconstruction, or rehabilit-ation of the facility involved. (b) CERTAIN AMENDMENTS TO APPLY TO BONDS UNDER SUBSECTION (a) TRANSITIONAL RULE.—

(1) IN GENERAL.—In the case of a bond issued after August 15, 1986, and to which subsection (a) of this section applies, the requirements of the following provisions shall be treated as included in section 103 and section 103A (as appropriate) of the 1954 Code:

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