Page:United States Statutes at Large Volume 100 Part 3.djvu/902

 100 STAT. 2710

PUBLIC LAW 99-514—OCT. 22, 1986 October 31, 1985. The aggregate face amount of obligations to which this subparagraph applies shall not exceed $175,000,000. (49)

TRANSITION RULE FOR REFUNDING CERTAIN HOUSING

BONDS.—Sections 146 and 149(d) of the 1986 Code shall not apply to the refunding of any bond issued under section 11(b) of the Housing Act of 1937 before December 31, 1983, if— (A) the bond has an original term to maturity of at least 40 years, (B) the maturity date of the refunding bonds does not exceed the maturity date of the refunded bonds, (C) the amount of the refunding bonds does not exceed the outstanding amount of the refunded bonds, (D) the interest rate on the refunding bonds is lower than the interest rate of the refunded bonds, and (E) the refunded bond is required to be redeemed not later than the earliest date on which such bond could be redeemed at par. (50) TRANSITION BONDS SUBJECT TO CERTAIN RULES.—In

the

case of any bond to which any provision of this subsection applies— (A) MINIMUM TAX TREATMENT.—Any bond which, without regard to this section, would be a private activity bond (as defined in section 141(a) of the 1986 Code) shall be so treated for purposes of section 55 of such Code unless such bond would not be described in section 103(b)(2) or (o)(2) of the 1954 Code were such bond issued before August 16, 1986. (B) CERTAIN RESTRICTIONS APPLY.—Except as otherwise

expressly provided, sections 103 and 103A of the 1954 Code shall be applied as if the requirements of section 148 and subsections (d) and (g) of section 149 of the 1986 Code were included in each such section. (51) CERTAIN ADDITIONAL PROJECTS.—Section 141(a) of the 1986 Code shall be applied by substituting "25" for "10" each place it appears and by not applying sections 141(a)(3) and 141(c)(l)(B) to bonds substantially all of the proceeds are used for— (A) A project is described in this subparagraph if it consists of a capital improvements program for a metropolitan sewer district, with respect to which a proposition was submitted to voters on August 7, 1984. The aggregate face amount of obligations to which this subparagraph applies shall not exceed $60,000,000. (B) Facilities described in this subparagraph if it consists of additions, extensions, and improvements to the wastewater system for Lakeland, Florida. The aggregate face amount of obligations to which this subparagraph applies shall not exceed $20,000,000. (C) A project is described in this subparagraph if it is the Central Valley Water Reclamation Project in Utah. The aggregate face amount of obligations to which this subparagraph applies shall not exceed $100,000,000. (D) A project is described in this subparagraph if it is a project to construct approximately 26 miles of toll expressways, with respect to which any appeal to validation was filed July 11, 1986. The aggregate face amount of obliga-

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