Page:United States Statutes at Large Volume 100 Part 3.djvu/890

 100 STAT. 2698

PUBLIC LAW 99-514—OCT. 22, 1986

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legislation originally enacted by the State legislature in 1973, and (ii) such facility is part of a system connector described in a resolution adopted by the board of directors of the authority on March 27, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $400,000,000. Notwithstanding the last paragraph of this subsection, this subparagraph shall apply to bonds issued before January 1, 1996. (D) A facility is described in this subparagraph if— (i) the facility is a light rail transitway project, , (ii) enabling legislation with respect to the issuing authority was approved by the State legislature in May 1973, (iii) on October 28, 1985, a board issued a request for consultants to conduct a feasibility study on mass transit corridor analysis in connection with the facility, and (iv) on May 12, 1986, a board approved a further binding contract for expenditures of approximately $1,494,963, to be expended on a facility study. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $250,000,000. Notwithstanding the last paragraph of this subsection, this subparagraph shall apply to bonds issued before January 1, 1996. (20) PRIVATE COLLEGES.—Section 148(f) of the 1986 (Dode shall not apply to any bond which is issued as part of an issue if such bond— (A) is issued by a political subdivision pursuant to home rule and interlocal cooperation powers conferred by the constitution and laws of a State to provide funds to finance the costs of the purcheise and construction of educational facilities for private colleges and universities, and (B) was the subject of a resolution of official action by such political subdivision (Resolution No. 86-1039) adopted by the governing body of such political subdivision on March 18, 1986. The aggregate face amount of bonds to which this paragraph applies shall not exceed $100,000,000. (21) POOLED FINANCING PROGRAMS.—

(A) Section 147(b) of the 1986 Code shall not apply to any hospital pooled financing program with respect to which— (i) a formal presentation was made to a city hospital facilities authority on January 14, 1986, and (ii) such authority passed a resolution approving the bond issue in principle on February 5, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $95,000,000. (B) Subsection (c) and (0 of section 148 of the 1986 Code shall not apply to bonds for which closing occurred on July 16, 1986, and for which a State municipal league served as administrator for use in a State described in section 103A(g)(5)(C)l of the Internal Revenue Code of 1954. The aggregate face amount of obligations to which this subparagraph applies shall not exceed $585,000,000. (22) DOWNTOWN REDEVELOPMENT PROJECT.—

(A) In the case of a bond described in subparagraph (B), section 141 of the 1986 C!ode shall be applied without regard

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