Page:United States Statutes at Large Volume 100 Part 3.djvu/858

 100 STAT. 2666

PUBLIC LAW 99-514—OCT. 22, 1986

SEC. 1315. TRANSITIONAL RULES RELATING TO VOLUME CAP.

(a) IN GENERAL.—Except as otherwise provided in this section, section 146(f) of the 1986 Code shall not apply with respect to an issuing authority's volume cap under section 103(n) of the 1954 Code, and no canyforward under such section 103(n) shall be recognized for bonds issued after August 15, 1986. (b) CERTAIN BONDS FOR CARRYFORWARD PROJECTS OUTSIDE OF VOLUME CAP.—Bonds issued pursuant to an election under section

103(n)(10) of the 1954 Code (relating to elective carryforward of unused limitation for specified project) made before November 1, 1985, shall not be taken into account under section 146 of the 1986 Code if the canyforward project is a facility to which the amendments made by section 1301 do not apply by reason of section 1312(a) of this Act. (c) VOLUME CAP NOT To APPLY WITH RESPECT TO CERTAIN FACILITIES AND PURPOSES.—Section 146 of the 1986 Code shall not apply to

any bond issued with respect to any facility or purpose described in a paragraph of subsection (d) if— (1) such bond would not have been taken into account under section 103(n) of the 1954 Code (determined without regard to ,ij any carryforward election) were such bond issued before t August 16, 1986, or (2) such bond would not have been taken into account under y, section 103(n) of the 1954 Code (determined with regard to any carryforward election made before January 1, 1986) were such bond issued before August 16, 1986. (d) FACILITIES AND PURPOSES DESCRIBED.—

(1) A facility is described in this paragraph if the amendments made by section 201 of this Act (relating to depreciation) do not .. apply to such facility by reason of section 204(a)(8) of this Act (or, in the case of a facility which is governmentally owned, J, would not apply to such facility were it owned by a nongovernmental person). (2) A facility or purpose is described in this paragraph if the facility or purpose is described in a paragraph of section 1317. (3) A facility is described in this paragraph if the facility— (A) serves Los Osos, California, and (B) would be described in paragraph (1) were it a solid waste disposal facility. The aggregate face amount of bonds to which this paragraph '' applies shall not exceed $35,000,000. ' (4) A facility is described in this paragraph if it is a sewage disposal facility with respect to which— (A) on September 13, 1985, the State public facilities "-' authority took official action authorizing the issuance of bonds for such facility, and (B) on December 30, 1985, there was an executive order of " the State Governor granting allocation of the State ceiling under section 103(n) of the 1954 (Dode in the amount of $250,000,000 to the Industrial Development Board of the • Parish of East Baton Rouge, Louisiana. ^ The aggregate face amount of bonds to which this paragraph applies shall not exceed $98,500,000. (5) A facility is described in this paragraph if— (A) such facility is a solid waste disposal facility in Charleston, South Carolina, and

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