Page:United States Statutes at Large Volume 100 Part 3.djvu/898

 100 STAT. 2706

PUBLIC LAW 99-514—OCT. 22, 1986

(L) Proceeds of an issue are described in this subparagraph if such issue is for Cornell University in an aggregate face amount of not more than $150,000,000. (M) Proceeds of an issue are described in this subparagraph if^ (i) such issue would not (if issued before August 16, 1986) be an industrial development bond (as defined in section 103a)X2) of the 1954 Code), and (ii) such bonds were approved by city voters on January 19, 1985, for an art museum and 2 theaters. The aggregate face amount of obligations to which this subparagraph applies shall not exceed $2,300,000. (N) Proceeds of an issue are described in this subparagraph if^ (i) such issue is issued by a State dormitory authority on behalf of one or more universities described in section 501(c)(3) of the 1986 Code or a foundling hospital, and (ii) the application by the university for the issuance of such bond was made before October 27, 1985. The aggregate face amount of bonds to which this paragraph applies shall not exceed $150,000,000. In the case of bonds to which this paragraph 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. (O) Any bond to which section 1450t)) of the 1986 (Dode does not apply by reason of this section shall be taken into account in determining whether such section applies to any later issue. (34) ARBITRAGE REBATE.—Section 148(f) of the 1986 Code shall not apply to any period before October 1, 1990, with respect to any bond the proceeds of which are to be used to provide a highspeed rail system for the State of Ohio. The aggregate face amount of bonds to which this paragraph applies shall not exceed $2,000,000,000. (35) EXTENSION OF CARRYFORWARD PERIOD.—

(A) In the case of a carryforward under section 103(n)(10) of the 1954 Code of $170,000,000 of bond limit for calendar year 1984 for a project described in subparagraph (B), clause (i) of section 103(n)(10XC) of the 1954 Code shall be applied by substituting "6 calendar years" for "3 calendar years", and such carryforward may be used by any authority designated by the State in which the facility is located. (B) A project is described in this subparagraph if— (i) such project is a facility for local furnishing of ^ electricity described in section 645 of the Tax Reform Act of 1984, and (ii) construction of such facility commenced within the 3-year period following the calendar year in which the carryforward arose. (36) POWER PURCHASE BONDS.—A bond issued to finance purchase of power from a power facility at a dam being renovated pursuant to P.L. 98-381 shall not be treated as a private activity bond if it would not be such under section 141(b)(1) and (2) of the 1986 C!ode if 25 percent were substituted for 10 percent and the provisions of section 141(b)(3), (4), and (5) of the 1986 Code

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