Page:United States Statutes at Large Volume 107 Part 1.djvu/574

 107 STAT. 548 PUBLIC LAW 103-66 -^AUG. 10, 1993 "(b) EMPOWERMENT ZONE; ENTERPRISE COMMUNITY. — For purposes of this title, the terms 'empowerment zone' and 'enterprise community* mean areas designated as such under section 1391. EMPOWERMENT ZONES AND ENTERPRISE COMMUNITIES "Sec. 1394. Tax-exempt enterprise zone facility bonds. "SEC. 1394. TAX -EXEMPT ENTERPRISE ZONE FACILITY BONDS. "(a) IN GENERAL.— For purposes of part IV of subchapter B of this chapter (relating to tax exemption requirements for State and local bonds), the term 'exempt facility bond' includes any bond issued as part of an issue 95 percent or more of the net proceeds (as definea in section 150(a)(3)) of which are to be used to provide any enterprise zone facility. "(b) ENTERPRISE ZONE FACILITY.— For purposes of this section— "(1) IN GENERAL. —The term 'enterprise zone facility means any qualified zone property the principal user of which is an enterprise zone business, and any land which is functionally related and subordinate to such property. "(2) QUALIFIED ZONE PROPERTY. —The term 'qualified zone pTopeity* has the meaning given such term by section 1397C; except that the references to empowerment zones shall be treated as including references to enterprise communities. "(3) ENTERPRISE ZONE BUSINESS. —The term 'enterprise zone business' has the meaning given to such term by section 1397B, except that— "(A) references to empowerment zones shall be treated as including references to enterprise communities, and "(B) such term includes any trades or businesses which would qualify as an enterprise zone business (determined after the modification of subparagraph (A)) if such trades or businesses were separately incorporated, "(c) LIMITATION ON AMOUNT OF BONDS. — "(1) IN GENERAL. —Subsection (a) shall not apply to any issue if the aggregate amount of outstanding enterprise zone facility bonds allocable to any person (taking mto account siuch issue) exceeds— "(A) $3,000,000 with respect to any 1 empowerment zone or enterprise community, or "(B) $20,000,000 with respect to all empowerment zones and enterprise communities. "(2) AGGREGATE ENTERPRISE ZONE FACILITY BOND BENE- FIT.— For purposes of subparagraph (A), the aggregate amount of outstanding enterprise zone facility bonds allocable to any person shall be determined under rules similar to the rules of section 144(a)(10), taking into account only bonds to which subsection (a) applies. "(d) ACQUISITION OF LAND AND EXISTING PROPERTY PER- MITTED.— The requirements of sections 147(c)(l)(A) and 147(d) shall not apply to any bond described in subsection (a). "(e) PENALTY FOR CEASING TO MEET REQUIREMENTS. — "(1) FAILURES CORRECTED. —An issue which fails to meet 1 or more of the requirements of subsections (a) and (b) shall be treated as meeting such requirements if—
 * PART II—TAX -EXEMPT FACILITY BONDS FOR

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