Page:United States Statutes at Large Volume 102 Part 4.djvu/579

 PUBLIC LAW 100-647—NOV. 10, 1988

102 STAT. 3549

carryforward purpose described in section 14G(f)(5) of such Code" after "the 1986 Code". (B) The amendment made by subparagraph (A) shall apply 26 USC 141 note. only with respect to carr3rforwards of volume cap for years after 1986. (2) Subsection (c) of section 1316 of the Reform Act is amended 26 USC 141 note, by adding at the end thereof the following new paragraph: "(4) APPLICATION OF SECTION 147(b).—A bond to which this subsection applies (other than a refunding bond) shall be treated as meeting the requirements of section 147(b) of the 1986 Code if the average maturity (determined in accordance with section 147(b)(2)(A) of such Code) of the issue of which such bond is a part does not exceed 20 years. A bond issued to refund (or which is part of a series of bonds issued to refund) a bond described in the preceding sentence shall be treated as meeting the requirements of such section if the refunding bond has a maturity date not later than the date which is 20 years after the date on which the original bond was issued." (3) Paragraph (1) of section 1316(e) of the Reform Act is (A) by inserting "(and section 103(h)(2)(B)(ii) of the 1954 Code)" after "1986 (Dode" the first place it appears, and (B) by inserting "(and section 103(b)(16) of the 1954 Code)" after "1986 Code in the last sentence. (4) Paragraph (2) of section 1316(g) of the Reform Act is amended— (A) by striking out "described in the paragraph (3)" in subparagraph (A) and inserting in lieu thereof issued to provide a facility described in paragraph (3)", and (B) by striking out "which paragraph (3)" in subparagraph (C) and inserting in lieu thereof "which such paragraph (3)". (5) Paragraph (6) of section 1316(g) of the Reform Act is amended by inserting "(and the provisions of section 1314)" after "section 1301". (6) Paragraph (7) of section 1316(g) of the Reform Act is amended to read as follows: "(7) In the case of a bond described in section 632(d) of the Tax Reform Act of 1984— "(A) section 141 of the 1986 Code shall be applied without regard to subsection (a)(2) and paragraphs (4) and (5) of subsection (b), "(B) paragraphs (1) and (2) of section 141(b) of the 1986 Code shall be applied by substituting '25 percent' for '10 percent' each place it appears, and "(C) section 1490?) of the 1986 Code shall not apply. This paragraph shall not apply to any bond issued after December 31, 1990.'^ (7)(A) Subparagraph (A) of section 1316(g)(8) of the Reform Act is amended by inserting "and as having a carryforward purpose described in section 146(f)(5) of such Code" after "the 1986 Code" (B) The amendment made by subparagraph (A) shall apply 26 USC 141 note. only with respect to carryforwards of volume cap for years after 1986. (8) Paragraph (2) of section 1316(j) of the Reform Act is amended to read as follows:

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