Page:United States Statutes at Large Volume 100 Part 3.djvu/888

 100 STAT. 2696

PUBLIC LAW 99-514—OCT. 22, 1986

applies, the requirements of sections 148 and 149(d) of the 1986 Code shall be treated as included in section 103 of the 1954 Code and shall apply to such bonds. (15) ANNUITY CONTRACTS.—The treatment of annuity contracts as investment property under section 1480))(2) of the 1986 Code shall not apply to any bond described in any of the following subparagraphs: (A) A bond is described in this subparagraph if such bond is issued by a city located in a noncontiguous State if— (i) the authority to acquire such a contract was ap> proved on September 24, 1985, by city ordinance A085176, and (ii) formal bid requests for such contracts were mailed to insurance companies on September 6, 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $57,000,000. (B) A bond is described in this subparagraph if— (i) on or before May 12, 1985, the governing board of the city pension fund authorized an agreement with an underwriter for possible execution and delivery of taxexempt certificates of participation by a nonprofit corporation, and (ii) the proceeds of the sale of such certificates are to J be used to purchase an annuity to fund the unfunded liability of the City of Berkeley, California's Safety Members Pension Fund. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $40,000,000. (C) A bond is described in this subparagraph if such bond is issued by the South Dakota Building Authority if on September 18, 1985, representatives of such authority and its underwriters met with bond counsel and approved financing the purchase of an annuity contract through the sale and leaseback of State properties. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $175,000,000. (D) A bond is described in this subparagraph if— (i) such bond is issued by Los Angeles County, and (ii) such county, before September 25, 1985, paid or incurred at least $50,000 of costs related to the issuance of such bonds. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $500,000,000. (16) SOLID WASTE DISPOSAL FACILITY.—The amendments made by section 1301 shall not apply to any solid waste disposal facility if— (A) construction of such facility was approved by State law I.e. 36-9-31, (B) there was an inducement resolution on November 19, 1984, for the bonds with respect to such facility, and (C) a carryforward election of unused 1984 volume cap was made for such project on February 25, 1985. The aggregate face amount of bonds to which this paragraph applies shall not exceed $120,000,000. In the case of bonds to which this paragraph applies, the requirements of sections 148, 149(d), and 149(g) of the 1986 Code shall be treated as included in section 103 of the 1954 Code and shall apply to such bonds.

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