Page:United States Statutes at Large Volume 102 Part 4.djvu/588

 102 STAT. 3558

PUBLIC LAW 100-647—NOV. 10, 1988 (51) Subparagraph (I) of section 1317(33) of the Reform Act is amended by striking out "November 11, 1985" gind inserting in lieu thereof "November 1, 1985". (52) Subparagraph (J) of section 1317(3) of the Reform Act is amended by striking out "October 29" in clause (iv) and inserting in lieu thereof "November 5". (h) AMENDMENTS RELATED TO SECTION 1318 OF THE REFORM ACT.—

26 USC 141 note. Section 1318 of the Reform Act (relating to definitions, etc., relating to effective dates and transitional rules) is amended— (1) by inserting "(a) DEFINITIONS.—" before "For purposes of this subtitle—", and (2) by adding at the end thereof the following new subsections: "(b) MINIMUM TAX TREATMENT.—

"(1) IN GENERAL.—Any bond described in paragraph (2) shall not be treated as a private activity bond for purposes of section 57 of the 1986 Clode unless such bond would (if issued on August 7, 1986) be— "(A) an industrial development bond (as defined in section 103(b)(2) of the 1954 Code), or "(B) a private loan bond (as defined in section 103(o)(2)(A) of the 1954 Code, without regard to any exception from such definition other them section 103(o)(2)(C) of such (Dode). "(2) BONDS DESCRIBED.—For purposes of paragraph (1), a bond is described in this paragraph if— "(A) the amendments made by section 1301 do not apply to such bond by reason of section 1312 or 1316(g), "(B) any provision of section 1317 applies to such bond, or "(C) the proceeds of such bond are used to refund any bond referred to in subparagraph (A) or (B) (or any bond which is part of a series of refundings of such a bond) if the requirements of paragraphs (1), (2), and (3) of subsection (c) are met with respect to the refunding bond. "(c) CURRENT REFUNDINGS NOT TAKEN INTO ACCOUNT IN APPLYING AGGREGATE LIMIT ON BONDS TO WHICH TRANSITIONAL RULES

APPLY.—The limitation on the aggregate face amount of bonds to which any provision of section 1316(g) or 1317 applies shall not be reduced by the face amount of any bond the proceeds of which are to be used exclusively to refund any bond to which such provision applies (or any bond which is part of a series of refundings of such bond) if— "(1) 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, "(2) the amount of the refunding bond does not exceed the outstanding amount of the refunded bond, and "(3) the net proceeds of the refunding bond are used to redeem the refunded bond not later than 90 days after the date of the issuance of the refunding bond. For purposes of paragraph (1), average maturity shall be determined in accordemce with section 147(b)(2)(A) of the 1986 Code. No limitation in section 1316(g) or 1317 on the period during which bonds may be issued under such section shall apply to any refunding bond which meets the requirements of this subsection. "(d) SPECIAL RULE PERMITTING CARRYFORWARD OF VOLUME CAP FOR CERTAIN TRANSITIONED PROJECTS.—A bond to which section 1312

or 1317 applies shall be treated as having a carryforward purpose described in section 146(fK5) of the 1986 (Jode, and the requirement

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