Page:United States Statutes at Large Volume 100 Part 3.djvu/861

 PUBLIC LAW 99-514—OCT. 22, 1986 K

100 STAT. 2669

(D) the net proceeds of the refunding bond are used to redeem the refunded bond not later than 90 days after the date of the issuance of the refunding bond. (f) CERTAIN HYDROELECTRIC GENERATING PROPERTY.—

(1) IN GENERAL.—A bond described in paragraph (2) shall be treated as described in section 141(d)(l) of the 1986 Code. (2) DESCRIPTION.—A bond is described in this paragraph if such bond is issued as part of an issue 95 percent or more of the net proceeds of which are to be used to provide a facility described in section 1030t)X4XH) of the 1954 Code determined— ^, E (A) by substituting "an application for a license" for "an application" in section 103(b)(8)(E)(ii) of the 1954 Code, and (B) by applying the requirements of section 14203X2) of the 1986 Code. (g) TREATMENT OF BONDS SUBJECT TO TRANSITIONAL RULES UNDER

TAX REFORM ACT OF 1984.—

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(1) Subsections (d)(3) and (0 of section 148 of the 1986 Code shall not apply to any bond described in section 624(c)(2) of the Tax Reform Act of 1984. (2)(A) There shall not be taken into account under section 146 of the 1986 Code any bond described in the paragraph (3) of section 631(a) of the Tax Reform Act of 1984 relating to exception for certain bonds for a convention center and resource recovery project. (B) If a bond issued as part of an issue substantially all of the proceeds of which are used to provide the convention center to which such paragraph (3) applies, such bond shall be treated as an exempt facility bond as defined in section 142(a) of the 1986 Code. (C) If a bond which is issued as part of an issue substantially all of the proceeds of which are used to provide the resource recovery project to which paragraph (3) applies, such bond shall be treated as an exempt facility bond as defined in section 142(a) of the 1986 Code and section 1490)) of such Code shall not apply. (3) The amendments made by section 1301 shall not apply to bonds issued to finance any property described in section 631(d)(4) of the Tax Reform Act of 1984. (4) The amendments made by section 1301 shall not apply to— (A) any bond issued to finance property described in section 631(d)(5) of the Tax Reform Act of 1984, (B) any bond described in paragraph (2), (3), (4), (5), (6), or (7) of section 632(a), or section 6320)), of such Act, and (C) any bond to which section 632(g)(2) of such Act applies. In the case of bonds to which this paragraph applies, the requirements of sections 148 and 149(d) shall be treated as included in section 103 of the 1954 Ck>de and shall apply to such bonds. (5) The preceding provisions of this subsection shall not apply to any bond issued after December 31, 1988. (6) The amendments made by section 1301 shall not apply to any bond issued to finance property described in section 216a)X3) of the Tax Equity and Fiscal Responsibility Act of 1982. (7) In the case of a bond described in section 632(d) of the Tax Reform Act of 1984— (A) section 141 of the 1986 Code shall be applied without regard to subsection (a)(2) and subsection (b)(5) and paragraphs (1) and (2) of subsection (b) thereof shall be applied

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