Page:United States Statutes at Large Volume 102 Part 4.djvu/584

 102 STAT. 3554

PUBLIC L A W 100-647—NOV. 10, 1988 (B) by striking out "103A(g)(5)(C)l" and inserting in lieu thereof "103A(g)(5)(C)". (24) Paragraph (22) of section 1317 of the Reform Act is amended to read as follows: "(22) DOWNTOWN REDEVELOPMENT PROJECT.—Subsection (b) of

section 626 of the Tax Reform Act of 1984 is amended by adding at the end thereof the following new paragraph: " '(7) EXCEPTION FOR CERTAIN DOWNTOWN REDEVELOPMENT

PROJECT.—The amendments made by this section shall not apply to any obligation which is issued as part of an issue 95 percent or more of the proceeds of which are to be used to provide a project to acquire and redevelop a downtown area if— " '(A) on August 15, 1985, a downtown redevelopment authority adopted a resolution to issue obligations for such project, " '(B) before September 26, 1985, the city expended, or entered into binding contracts to expend, more than $10,000,000 in connection with such project, and " '(C) the State supreme court issued a ruling regarding the proposed financing structure for such project on December 11, 1985. The aggregate face amount of obligations to which this paragraph applies shall not exceed $85,000,000 and such obligations must be issued before January 1, 1992.' " (25) Subparagraph (A) of section 1317(24) of the Reform Act is amended by adding at the end thereof the following: "The last paragraph of this section shall not apply to the treatment under the Drecedinsf sentence (26XA) Clause (i) of section 1317(25XA) of the Reform Act is amended by striking out "3 counties" and inserting in lieu thereof "1 or more of 3 counties". (B) Clause (i) of section 1317(25XB) of the Reform Act is amended by adding at the end thereof the following new sentence: "For purposes of applying section 146(k) of the 1986 Code, the public utility facility described in subparagraph (A) shall be treated as described in paragraph (2) of such section and such paragraph shall be applied without regard to the requirement that the issuer establish that a States share of the use of a facility (or its output) will equal or exceed the State's share of the private activity bonds issued to finance the facility." (27) Subparagraph (I) of section 1317(27) of the Reform Act is amended by adding at the end thereof the following: "For purposes of determining whether any bond to which this subparagraph applies is a qualified small issue bond, there shall not be taken into account under section 144(a) of the 1986 Code capital expenditures with respect to any facility of the United States Government and there shall not be taken into account any bond allocable to the United States Government." (28) Clause (i) of section 1317(29XB) of the Reform Act is amended by striking out all that follows "1993" and inserting in lieu thereof ", by the State of (Connecticut, and". (29) Subparagraph (D) of section 1317(29) of the Reform Act is amended by striking out "the net proceeds" and inserting in lieu thereof "the proceeds". (30) Section 1317(33XAXii) of the Reform Act is amended— (A) by striking out "on" and inserting in lieu thereof "dated' each place it appears, and

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