Page:United States Statutes at Large Volume 100 Part 3.djvu/892

 100 STAT. 2700

PUBLIC LAW 99-514—OCT. 22, 1986 legislature of the State within which such college or university is located.

(25) TAX-EXEMPT STATUS OF BONDS OF CERTAIN PUBLIC UTILITIES.—

(A) IN GENERAL.—Except as provided in subparagraph (B), a bond shall be treated as a qualified bond for purposes of section 103 of the 1986 Code if such bond is issued after the date of the enactment of this Act with respect to a public utility facility if such facility is— (i) located at any non-federally owned dam (or on project waters or adjacent lands) located wholly or partially in 3 counties, 2 of which are contiguous to the third, where the rated capacity of the hydroelectric generating facilities at 5 of such dams on October 18, 1979, was more than 650 megawatts each, (ii) located at a dam (or on the project waters or adjacent lands) at which hydroelectric generating facilities were financed with the proceeds of tax-exempt obligations before December 31, 1968, (iii) owned and operated by a State, political subdivision of a State, or any agency or instrumentality of any of the foregoing, and (iv) located at a dam (or on project waters or adjacent lands) where the general public has access for recreational purposes to such dam or to such project waters or adjacent lands. (B) SPECIAL RULES FOR SUBPARAGRAPH (A).— (i) BONDS SUBJECT TO CAP.—Section 146 of the

1986

Code shall apply to any bond described in subparagraph (A) which (without regard to subparagraph (A)) is a private activity bond. (ii) LIMITATION ON AMOUNT OF BONDS TO WHICH

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SUBPARAGRAPH (A) APPLIES.—The aggregate face amount of bonds to which subparagraph (A) applies shall not exceed $750,000,00, not more than $350,000,000 of which may be issued before January 1, 1992. (iii)

LIMITATION

ON PURPOSES.—Subparagraph

(A)

shall only apply to bonds issued as part of an issue 95 percent or more of the net proceeds of which are used to provide 1 or more of the following: (I) A fish by-pass facility or fisheries enhancement facility. (II) A recreational facility or other improvement which is required by Federal licensing terms and conditions or other Federal, State, or local law requirements. (III) A project of repair, maintenance, renewal, or replacement, and safety improvement. (IV) Any reconstruction, replacement, or improvement, including any safety improvement, which increases, or allows an increase in, the capacity, efficiency, or productivity of the existing generating equipment. (26) CONVENTION AND PARKING FACILITIES.—A bond shall not be treated as a private activity bond for purposes of section 103 and part IV of subchapter B of chapter 1 of the 1986 Code if—

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