Page:United States Statutes at Large Volume 102 Part 4.djvu/757

 PUBLIC LAW 100-647—NOV. 10, 1988

102 STAT. 3727

out "the earliest of the maturity date of the issue, the date 6 months after such date of issuance," and inserting in lieu thereof "the earlier of the date 6 months softer such date of issuance." (b) DUE DATE FOR LAST INSTALLMENT OF ARBITRAGE REBATE.—Para-

graph (3) of section 148(f) of the 1986 Code is amended by adding at the end thereof the following new sentence: "In the case of a tax and revenue anticipation bond, the last installment shall not be required to be made before the date 8 months after the date of issuance of the issue of which the bond is a part." (c) EFFECTIVE DATE.—The amendments made by this section shall 26 USC 148 note. apply to bonds issued after the date of the enactment of this Act. SEC 6178. AMENDMENT TO MORTGAGE BOND PURCHASE PRICE REGULATIONS.

The Secretary of the Treasury or his del^ate shall amend the r^ulations relating to mortgage bond purchase price requirements, with respect to any lease with a remaining term of at least 35 years and a specified ground rent for at least the first 10 years of such term but not for the entire term, to provide for a capitalized value of such lease equal to the present value of the current ground rent projected over the remaining term of the lease and discounted at 3 percent or such other discount rate as the Secretary establishes. If such amendment is not made before the date of the enactment of this Act, such r^ulations shall be considered to include such amendment with respect to bonds issued after such date. SEC 6179. APPLICATION OF SECURITY INTEREST TEST TO BOND FINANCING OF HAZARDOUS WASTE CLEAN-UP ACTIVITIES.

Before January 1, 1989, the Secretary of the Treasury or his del^;ate shall issue guidance concerning the application of the private security or payment test under section 141(b)(2) of the Internal Revenue Code of 1986 to tax-exempt bond financing by State and local governments of hazardous waste clean-up activities conducted by such governments where some of the activities occur on privately owned land. SEC 6180. TAX-EXEMPT FINANCING FOR CERTAIN RAIL FACILITIES.

(a) IN GENERAL.—Subsection (a) of section 142 of the 1986 Code (relating to exempt facility bonds) is amended— (1) by striking out "or" at tjhe end of paragraph (9), (2) by striking out the period at the end of paragraph (10) and inserting in lieu thereof ", or", and (3) by adding at the end thereof the following new paragraph: "(11) high-speed intercity rail facilities." (b) DEFINITION AND SPECIAL RULES FOR HIGH-SPEED INTERCITY RAIL FACILITIES.—

(1) IN GENERAL.—Section 142 of the 1986 Code is amended by adding at the end thereof the following new subsection: "(i) HIGH-SPEED INTERCITY RAIL FACILITIES.—

"(1) For purposes of subsection (a)(ll), the term 'high-speed intercity rsul facilities' means any facility (not including rolling stock) for the fixed guideway rail transportation of passengers and their baggage between metropolitan statistical areas (within the meaning of section 143(k)(2)(B)) using vehicles that are reasonably expected to operate at speeds in excess of 150 miles per hour between scheduled stops, but only if such facility

26 USC 141 note.

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