Page:United States Statutes at Large Volume 100 Part 3.djvu/889

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2697

(17) REFUNDING OF BOND ANTICIPATION NOTES.—There shall not be taken into account under section 146 of the 1986 Code any refunding of bond anticipation notes— (A) issued in December of 1984 by the Rhode Island Housing and Mortgage Finance Corporation, (B) which mature in December of 1986, (C) which is not an advance refunding within the meaning of section 149(d)(5) of the 1986 Code (determined by substituting "180 days" for "90 days" therein), and (D) the aggregate face amount of the refunding bonds does not exceed $25,500,000. (18) CERTAIN AIRPORTS.—The amendments made by section 1301 shall not apply to 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 airport (within the meaning of section 103(b)(4)(D) of the 1954 Code) if such airport is a mid-field airport terminal and accompanying facilities at a major air carrier airport which during April 1980 opened a new precision instrument approach runway 10R28L. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $425,000,000. (19) MASS COMMUTING 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 a mass commuting facility (within the meaning of section 1030t)X4XD) of the 1954 Code) shall be treated as an exempt facility bond (for facilities described in section 142(a)(3) of the 1986 Code) for purposes of part IV of subchapter B of chapter 1 of the 1986 Code if such facility is described in 1 of the following subparagraphs: (A) A facility is described in this subparagraph if— (i) such facility provides access to an international airport, (ii) a corporation was formed in connection with such project in September 1984, (iii) the Board of Directors of such corporation authorized the hiring of various firms to conduct a feasibility study with respect to such project in April 1985, and (iv) such feasibility study was completed in November 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $150,000,000. (B) A facility is described in this subparagraph if— (i) enabling legislation with respect to such project was approved by the State legislature in 1979, (ii) a 1-percent local sales tax assessment to be dedicated to the financing of such project was approved by the voters on August 13, 1983, and (iii) a capital fund with respect to such project was established upon the issuance of $90,000,000 of notes on October 22, 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $200,000,000 and such bonds must be issued before January 1, 1996. (C) A facility is described in this subparagraph if— (i) bonds issued therefor are issued by or on behalf of an authority organized in 1979 pursuant to enabling

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