Page:United States Statutes at Large Volume 102 Part 4.djvu/58

 102 STAT. 3028

PUBLIC LAW 100-597—NOV. 3, 1988

Public Law 100-597 100th Congress An Act Nov. 3, 1988 [8.1863]

To amend the bankruptcy law to provide for special revenue bonds, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. DEFINITION OF MUNICIPALITY.

Section 101(31) of title 11, United States Code, is amended— (1) in subparagraph (A)— (A) by inserting "and a municipality" after "partnership"; and (B) in clause (ii) by striking "and" at the end; (2) in subparagraph (B)(ii) by adding "and" at the end; and (3) by adding at the end the following: "(C) with reference to a municipality, financial condition such that the municipality is— "(i) generally not paying its debts as they become due unless such debts are the subject of a bona fide dispute; or "(ii) unable to pay its debts as they become due;". SEC. 2. WHO MAY BE A DEBTOR.

Section 109(c)(3) of title 11, United States Code, is amended by striking "or unable to meet such entity's debts as such debts mature". SEC. 3. APPLICABILITY OF SECTIONS.

Section 901(a) of title 11, United States Code, is amended by inserting "1129(a)(6)," after "1129(a)(3),". SEC. 4. DEFINITION OF SPECIAL REVENUES.

Section 902 of title 11, United States Code, is amended— (1) by redesignating paragraphs (2), (3), and (4) as paragraphs (3), (4), and (5), respectively; and (2) by inserting after paragraph (1) the following: "(2) 'special revenues means— "(A) receipts derived from the ownership, operation, or disposition of projects or systems of the debtor that are primarily used or intended to be used primarily to provide transportation, utility, or other services, including the proceeds of borrowings to finance the projects or systems; "(B) special excise taxes imposed on particular activities or transactions; "(C) incremental tax receipts from the benefited area in the case of tax-increment financing; "(D) other revenues or receipts derived from particular functions of the debtor, whether or not the debtor has other functions; or

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