Page:United States Statutes at Large Volume 100 Part 3.djvu/878

 100 STAT. 2686

PUBLIC LAW 99-514—OCT. 22, 1986

(i) voters approved a bond issued to finance a portion of the cost of such facility on December 1, 1984, and (ii) such facility was the subject of a market study and financial projections dated March 21, 1986, prepared by a nationally recognized accounting firm. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $5,000,000. (L) A facility is described in this subparagraph if— (i) on July 12, 1984, the city council passed a resolution increasing the local hotel and motel tax to 7 percent to assist in paying for such facility, (ii) on October 25, 1984, the city council selected a consulting firm for such facility, and (iii) with respect to such facility, the city council appropriated funds for additional work on February 7, 1985, October 3, 1985, and June 26, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $120,000,000. (M) A facility is described in this subparagraph if— (i) a board of county commissioners, in an action dated January 21, 1986, supported an application for official approval of the facility, and (ii) the State economic development commission adopted a resolution dated February 25, 1986, determining the facility to be an eligible facility pursuant to State law and the rules adopted by the commission. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $7,500,000. (8) SPORTS OR CONVENTION FACILITIES.—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 either a sports facility (within the meaning of section 10303)(4)(B) of the 1954 Code) or a convention facility (within the meaning of section 103(b)(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 combined convention and arena facility, or any part thereof (whether on the same or different sites), is described in this subparagraph if— (i) bonds for the expansion, acquisition, or construction of such combined facility are payable from a tax and are issued under a plan initially approved by the voters of the taxing authority on April 25, 1978, and (ii) such bonds were authorized for expanding a convention center, for acquiring an arena site, and for building an arena or any of the foregoing pursuant to a resolution adopted by the governing body of the bond issuer on March 17, 1986, and superseded by a resolution adopted by such governing body on May 27, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $160,000,000. (B) A sports or convention facility is described in this subparagraph if— (i) on March 4, 1986, county commissioners held public hearings on creation of a county convention facilities authority, and

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