Page:United States Statutes at Large Volume 111 Part 1.djvu/912

 Ill STAT. 888 PUBLIC LAW 105-34—AUG. 5, 1997 "(1) IN GENERAL.—In the case of a new empowerment zone facility bond— "(A) such bond shall not be treated as a private activity bond for purposes of section 146, and "(B) subsection (c) of this section shall not apply. "(2) LIMITATION ON AMOUNT OF BONDS. — " (A) IN GENERAL. —Paragraph (1) shall apply to a new empowerment zone facility bond only if such bond is designated for purposes of this subsection by the local government which nominated the area to which such bond relates. " (B) LIMITATION ON BONDS DESIGNATED.—The aggregate face amount of bonds which may be designated under subparagraph (A) with respect to any empowerment zone shall not exceed— "(i) $60,000,000 if such zone is in a rural area, "(ii) $130,000,000 if such zone is in an urban area and the zone has a population of less than 100,000, and "(iii) $230,000,000 if such zone is in an urban area and the zone has a population of at least 100,000. "(C) SPECIAL RULES.— " (i) COORDINATION WITH LIMITATION IN SUBSECTION (c).— Bonds to which paragraph (1) applies shall not be taken into account in applying the limitation of subsection (c) to other bonds. " (ii) CURRENT REFUNDING NOT TAKEN INTO ACCOUNT.— In the case of a refunding (or series of refundings) of a bond designated under this paragraph, the refunding obligation shall be treated as designated under this paragraph (and shall not be teiken into account in applying subparagraph (B)) if— "(I) the amount of the refunding bond does not exceed the outstanding amount of the refunded bond, and "(II) the refunded bond is redeemed not later than 90 days after the date of issuance of the refunding bond. "(3) NEW EMPOWERMENT ZONE FACILITY BOND.— For purposes of this subsection, the term 'new empowerment zone facility bond' means any bond which would be described in subsection (a) if only empowerment zones designated under section 1391(g) were taken into account under sections 1397B and 1397C.". 26 USC 1394 (b) EFFECTIVE DATE. —The amendment made by this section note. shall apply to obligations issued after the date of the enactment of this Act. SEC. 954. MODIFICATION TO ELIGIBILITY CRITERIA FOR DESIGNATION OF FUTURE ENTERPRISE ZONES IN ALASKA OR HAWAH. Section 1392 (relating to eligibility criteria) is amended by adding at the end the following new subsection: "(d) SPECIAL ELIGIBILITY FOR NOMINATED AREAS LOCATED IN ALASKA OR HAWAII.—A nominated area in Alaska or Hawaii shall be treated as meeting the requirements of paragraphs (2), (3), suid (4) of subsection (a) if for each census tract or block group within such area 20 percent or more of the families have income

�