Page:United States Statutes at Large Volume 100 Part 3.djvu/866

 100 STAT. 2674 c1 i 5 ,Tf •

PUBLIC LAW 99-514—OCT. 22, 1986

aggregate face amount of obligations to which this subparagraph applies shall not exceed $45,000,000. (3) SPORTS FACILITIES.—A bond issued as part of an issue 95 percent or more of the net proceeds of which are to be used to provide sports facilities (within the meaning of section 103a))(4)(B) of the 1954 Code) shall be treated as an exempt facility bond for purposes of part IV of subchapter B of chapter ' 1 of the 1986 Code if such facilities are described in any of the following subparagraphs: (A) A facility is described in this subparagraph if it is a domed stadium— (i) which was the subject of a city ordinance passed '' on September 23, 1985, (ii) for which a loan of approximately $4,000,000 for land acquisition was approved on October 28, 1985, by the State Controlling Board, and (iii) a stadium operating corporation with respect to which was incorporated on March 20, 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $200,000,000. ' ' (B) A facility is described in this subparagraph if— (i) it is a stadium with respect to which a lease agreement for the ground on which the stadium is to be built was entered into between a county and the stadium corporation for such stadium on July 3, 1984, r (ii) there was a resolution approved on November 14, 1984, by an industrial development authority setting forth the terms under which the bonds to be issued to ,,,^f,... finance such stadium would be issued, and Jfj^j?' t (iii) there was an agreement for consultant and engineering services for such stadium entered into on ^^^ September 28, 1984. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $90,000,000. ((I!) A facility is described in this subparagraph if^ (i) it is a stadium to be used by an American League f baseball team currently using a stadium in a city -^,. ^ having a population in excess of 2,500,000 and described in section 146(d)(3) of the 1986 Code, or by one or more professional sports teams currently using 5. stadiums in such city (or professional sports teams ^.. which locate in such city following the relocation from such city of one or more professional sports teams J;.,}!» 'h currently using one or more of such stadiums), and s (ii) the obligations to be used to provide financing for such stadium are issued pursuant to an inducement resolution adopted by a State agency on November 20, 1985 (whether or not the beneficiary of such issue is the beneficiary (if any) specified in such resolution). The aggregate face amount of bonds to which this subparagraph applies shall not exceed $250,000,000. In the case of a ! carryforward of volume cap for a stadium described in the first sentence of this subparagraph, such carryforward shall +' be permitted whether or not there is a change in the beneficiary of the project. (D) A facility is described in this subparagraph if—

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