Page:United States Statutes at Large Volume 100 Part 3.djvu/863

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2671

issued on Maty 11, 1982, and the refunding obligations were issued before January 1, 1987. SEC. 1317. TRANSITIONAL RULES FOR SPECIFIC FACILITIES.

(1) DOCKS AND WHARVES.—A bond issued as part of an issue 95 percent or more of the net proceeds of which are to be used to provide any dock or wharf (within the meaning of section 103(b)(4)(D) of the 1954 Code) shall be treated as an exempt facility bond (for a facility described in section 142(a)(2) of the 1986 Code) for purposes of part IV of subchapter B of chapter 1 of the 1986 Code if such dock or wharf is described in any of the following subparagraphs: (A) A dock or wharf is described in this subparagraph if— (i) the issue to finance such dock or wharf was approved by official city action on September 3, 1985, and by voters on November 5, 1985, and .,g (ii) such dock or wharf is for a slack water harbor with respect to which a Corps of Engineers grant of approximately $2,000,000 has been made under section I, ^ 107 of the Rivers and Harbors Act. The aggregate face amount of bonds to which this subpara,^-|l= graph applies shall not exceed $2,500,000. (B) A dock or wharf is described in this subparagraph if— (i) inducement resolutions were adopted on May 23, 1985, September 18, 1985, and September 24, 1985, for the issuance of the bonds to finance such dock or wharf, %Q., (ii) a harbor dredging contract with respect thereto was entered into on August 2, 1985, and (iii) a construction management and joint venture agreement with respect thereto was entered into on October 1, 1984. ^ The aggregate face amount of bonds to which this subparagraph applies shall not exceed $625,000,000. (C) A facility is described in this subparagraph if— (i) the legislature first authorized on June 29, 1981, " " the State agency issuing the bond to issue at least $30,000,000 of bonds, (ii) the developer of the facility was selected on April 26, 1985, and (iii) an inducement resolution for the issuance of such issue was adopted on October 9, 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $200,000,000. (D) A facility is described in this subparagraph if— (i) an inducement resolution was adopted on October 17, 1985, for such issue, and [[""' (ii) the city council for the city in which the facility is to be located approved on July 30, 1985, an application for an urban development action grant with respect to such facility. The aggregate face amount of bonds to which this subpara^ graph applies shall not exceed $36,500,000. A facility shall be treated as described in this subparagraph if it would be .^ so described if "90 percent" were substituted for "95 percent" in the material preceding subparagraph (A) of this paragraph.

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