Page:United States Statutes at Large Volume 100 Part 3.djvu/876

 100 STAT. 2684

PUBLIC LAW 99-514—OCT. 22, 1986 (iii) legislation for the project was included in a biennium budget for such the State in which it is to be located prior to December 31, 1983. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $105,000,000. (X) Any designated area with respect to which a project is described in any subparagraph of this paragraph shall be taken into account in applying section 144(c)(4)(C) of the 1986 Code in determining whether other areas (not so described) may be designated. (7) CONVENTION CENTERS.—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 convention or trade show facility (within the meaning of section 1030t))(4)(C) 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 facility is described in any of the following subparagraphs: (A) A facility is described in this subparagraph if— (i) a feasibility consultant and a design consultant were hired on April 3, 1985, with respect to such facility, and (ii) a draft feasibility report with respect to such facility was presented on November 3, 1985, to the Mayor of the city in which such facility is to be located. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $190,000,000. For purposes of this subparagraph, not more than $20,000,000 of bonds issued to advance refund existing convention facility bonds sold on May 12, 1978, shall be treated as bonds described in this subparagraph. (B) A facility is described in this subparagraph if— (i) an application for a State loan for such facility was approved by the city council on March 4, 1985, and (ii) the city council of the city in which such facility is to be located approved on March 25, 1985, an application for an urban development action grant. The aggregate face amount of bonds which this subparagraph applies shall not exceed $10,000,000. (C) A facility is described in this subparagraph if— (i) on November 1, 1983, a convention development tax took effect and was dedicated to financing such facility, (ii) the State supreme court of the State in which the facility is to be located validated such tax on February 8, 1985, and (iii) an agreement was entered into on November 14, 1985, between the city and county in which such facility is to be located on the terms of the bonds to be issued with respect to such facility. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $66,000,000. (D) A facility is described in this subparagraph if such facility was initially approved in 1983 and is for San Jose, California. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $100,000,000. (E) A facility is described in this subparagraph if—

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