Page:United States Statutes at Large Volume 102 Part 4.djvu/586

 PUBLIC LAW 100-647—NOV. 10, 1988

102 STAT. 3556

subparagraph (A) thereof) shall be taken into account in determining whether such section applies to any later issue. "(O) In the case of any refunding bond— "(i) to which any subparagraph of this paragraph applies, and "(ii) to which the last sentence of section 1313(c)(2) applies, such bond shall be treated as having such subparagraph apply (and the refunding bond shall be treated for purposes of such section as issued before January 1, 1986, and as not being an advance refunding) unless the issuer elects the opposite result." (36) Paragraph (36) of section 1317 of the Reform Act is amended by striking out "$80,000,000" and inserting in lieu thereof "$400,000,000". (37) Paragraph (38) of section 1317 of the Reform Act is amended by striking out "and sections 148 and 149". (38) Paragraphs (39) and (40) of section 1317 of the Reform Act are amended to read as follows: "(39) CERTAIN BONDS TREATED AS QUALIFIED 501(CX3) BONDS.—

California.

Washington.

A bond issued as part of an issue shall be treated for purposes of part IV of subchapter B of chapter 1 of the 1986 Code as a qualified 501(c)(3) bond if— "(A) such bond would not (if issued on August 15, 1986) be an industrial development bond (as defined in section 103(b)(2) of the 1954 Code), and "(B) such issue was approved by city voters on January 19, 1985, for construction or renovation of facilities for the cultural and performing arts. The aggregate face amount of bonds to which this paragraph applies shall not exceed $5,000,000. "(40) CERTAIN UBRARY BONDS.—In the case of a bond issued before January 1, 1986, by the City of Los Angeles Community Redevelopment Agency to provide the library and related structures associated with the City of Los Angeles Central Library Project, the ownership and use of the land and facilities associated with such project by persons which are not governmental units (or payments from such persons) shall not adversely affect the exclusion from gross income under section 103 of the 1954 Code of interest on such bonds." (39) Paragraph (41) of section 1317 of the Reform Act is amended to read as follows: "(41)

CERTAIN REFUNDING OBLIGATIONS FOR CERTAIN POWER

FACILITIES.—With respect to 2 net billed nuclear power facilities located in the State of Washington on which construction has been suspended, the requirements of section 147(b) of the 1986 Code shall be treated as satisfied with respect to refunding bonds issued before 1992 if— "(A) each refunding bond has a maturity date not later than the maturity date of the refunded bond, and "(B) the facilities have not been placed in service as of the date of issuance of the refunding bond. The aggregate face amount of bonds to which this paragraph applies shall not exceed $2,000,000,000. Section 146 of the 1986 Code and the last paragraph of this section shall not apply to bonds to which this paragraph applies."

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