Page:United States Statutes at Large Volume 100 Part 3.djvu/871

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2679

(i) the stadium was the subject of a feasibility report by a certified public accounting firm which is dated December 28, 1984, and (ii) a report by an independent research organization was prepared in December 1985 demonstrating support among donors and season ticket holders for the addition of a dome to the stadium. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $50,000,000. (4) RESIDENTIAL RENTAL PROPERTY.—A bond issued as part of an issue 95 percent or more of the net proceeds of which are to be used to finance a residential rental project within the meaning of section 1030t»X4) of the 1954 Code shall be treated as an exempt facility bond within the meaning of section 142(a)(7) of the 1986 Code if the facility with respect to the bond is issued satisfies all low-income occupancy requirements applicable to such bonds before August 15, 1986. The bonds are issued pursuant to— (A) a contract to purchase such property dated August 12, 1985; and (B) the county housing authority approved the property and the financing thereof on September 24, 1985, (C) there was an inducement resolution adopted on October 10, 1985, by the county industrial development authority. The aggregate face amount of bonds to which this paragraph applies shall not exceed $25,400,000. (5) AIRPORTS.—A bond issued as a part of an issue 95 percent or more of the net proceeds of which are to be used to provide an airport (within the meaning of section 1030t)X4)(D) of the 1954 Code) shall be treated as an exempt facility bond (for facilities described in section 142(a)(l) of the 1986 Code) for purposes of part IV of subchapter B of chapter 1 of the 1986 Code if the facility is described in any of the following subparagraphs: (A) A facility is described in this subparagraph if such facility is a hotel at an airport facility serving a city described in section 631(a)(3) of the Tax Reform Act of 1984 (relating to certain bonds for a convention center and resource recovery project). The aggregate face amount of bonds to which this subparagraph applies shall not exceed $40,000,000. (B) A facility is described in this subparagraph if such facility is the primary airport for a city described in paragraph (3)(C). The aggregate face amount of bonds to which this subparagraph applies shall not exceed $500,000,000. Section 148(d)(2) of the 1986 Code shall not apply to any issue to which this subparagraph applies. A facility shall be described in this subparagraph if it would be so described if "90 percent" were substituted for "95 percent" in the material preceding subparagraph (A). (C) A facility is described in this subparagraph if such facility is a hotel at Logan airport and such hotel is located on land leased from a State authority under a lease contemplating development of such hotel dated May 1, 1983, or under an amendment, renewal, or extension of such a lease. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $40,000,000.

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