Page:United States Statutes at Large Volume 102 Part 4.djvu/568

 102 STAT. 3538

26 USC 144 note.

Loans.

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PUBLIC LAW 100-647—NOV. 10, 1988 (B)(i) Subclause 0) of section 144(a)(12XAXii) of the 1986 Code is amended to read as follows: "CD the average maturity date of the issue of which the refunding bond is a part is not later than the average maturity date of the bonds to be refunded by such issue,", (u) Subparagraph (A) of section 144(a)(12) of the 1986 Code is amended by adding at the end thereof the following new sentence: "For purposes of clause (iiXD, average maturity shall be determined in accordance with section 147G>X2XA)." (iii) A refunding bond issued before July 1, 1987, shall be treated as meeting the requirement of subclause (I) of section 144(a)(12XAXii) of the 1986 Code if such bond met the requirement of such subclause as in effect before the amendments made by this subparagraph. (Q Clause (ii) of section 144(a)(12XA) of the 1986 Code is amended by adding "and" at the end of subclause (II), by striking out subclause (m), and by redesignating subclause (TV) as subclause OH). (5) Subparagraph (B) of section 144(b)(l) of the 1986 Code is amended— (A) by striking out "to which part B of title IV of the Higher Education Act of 1965 (relating to guaranteed student loans) does not apply", and (B) by striking out "of such Act" and inserting in lieu thereof "of the Higher Education Act of 1965", and (O by striking out "eligible" and all that follows in such subparagraph and inserting in lieu thereof the following: "eligible. A p n ^ a m shall not be treated as described in this subparagraph if such program is described in subparagraph (A). A bond shall not be treated as a qualified student loan bond if the issue of which such bond is a part meets the private business tests of paragraphs (1) and (2) of section 141(b) (determined by treating 501(c)(3) organizations as governmental units with respect to their activities which do not constitute unrelated trades or businesses, determined by appl3mig section 513(a))." (6) Subclause (1) of section 145a)X2XBXii) of the 1986 Code is amended by striking out "103(b)" and inserting in lieu thereof "103(b)(2)". (7) Qause (i) of section 145a)X2XC) of the 1986 Code is amended by striking out "subparagraph (B)(ii)" and inserting in lieu thereof "subparagraph (B)". (8) Paragraph (4) of section 145(b) of the 1986 Code is amended by striking out "subparagraphs (C) and (D)" and inserting in lieu thereof "subparagraphs (C), (D), and (E)". (9) Subparagraph (A) of section 146(f)(5) of the 1986 Code (as in efTect before the amendments made by section 10631 of the Revenue Act of 1987) is amended to read as follows: "(A) the purpose of issuing exempt facility bonds described in 1 of the paragraphs of section 142(a),". (lOXA) Paragraph (1) of section 1460c) of the 1986 Code is amended by striking out "paragraph (2)" and inserting in lieu thereof "paragraphs (2) and (3)".

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