Page:United States Statutes at Large Volume 100 Part 3.djvu/882

 100 STAT. 2690

PUBLIC LAW 99-514—OCT. 22, 1986

(10) CERTAIN ADVANCE REFUNDINGS.—

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(A) Section 149(d)(3) of the 1986 Code shall not apply to a bond issued by a State admitted to the Union on November 16, 1907, for the advance refunding of not more than $186,000,000 State turnpike obligations. (B) A refunding of the Charleston, West Virginia Town (Denter Garage Bonds shall not be treated for purposes of part IV of subchapter A of chapter 1 of the 1986 Code as an advance refunding if it would not be so treated if "100" were substituted for "90" in section 149(d)(5) of such Code. (11) PRINCIPAL USER PROVISIONS.—

(A) In the case of a bond issued as part of an issue the proceeds of which are to be used to provide a facility described in subparagraph (B) or (C), the determination of whether such bond is an exempt facility bond shall be made by substituting "90 percent" for "95 percent" and section 142(a) of the 1986 Code. (B) A facility is described in this subparagraph if— (i) it is a waste-to-energy project for which a contract for the sale of electricity was executed in September 1984, and (ii) the design, construction, and operation contract for such project was signed in March 1985 and the order to begin construction was issued on March 31, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $29,100,000. (C) A facility is described in this subparagraph if it is a solid waste disposal facility for Charleston, South Carolina, and a State political subdivision took formal action on April 1, 1980, to commit development funds for such facility. (12) QuAUFiED SCHOLARSHIP FUNDING BONDS.—Subsections (d)(3) and (f) of section 148 of the 1986 Code shall not apply to any bond or series of bonds the proceeds of which are used exclusively to refund qualified scholarship funding bonds (as defined in section 150 of the 1986 Code) issued before January 1, 1986, if— (A) the amount of the refunding bonds does not exceed the aggregate face amount of the refunded bonds, (B) the maturity date of such refunding bond is not later than later of— (i) the maturity date of the bond to be refunded, or (ii) the date which is 15 years after the date on which the refunded bond was issued (or, in the case of a series of refundings, the date on which the original bond was issued), (C) the bonds to be refunded were issued by the California Student Loan Finance Corporation, and (D) the face amount of the refunding bonds does not exceed $175,000,000. (13) RESIDENTIAL RENTAL PROPERTY PROJECTS.—A bond issued as part of an issue 95 percent or more of the net proceeds of which are to be used to provide a project for residential rental property which satisfies the requirements of section 103(b)(4)(A) of the 1954 Code shall be treated as an exempt facility bond (for projects described in section 142(a)(7) of the 1986 Code) for purposes of part IV of subchapter B of chapter 1 of the 1986

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