Page:United States Statutes at Large Volume 118.djvu/1569

 118 STAT. 1539 PUBLIC LAW 108–357—OCT. 22, 2004 ‘‘(B) LOCAL GOVERNMENT.—The term ‘local government’ has the meaning given such term by section 1393(a)(5). ‘‘(C) NET BENEFIT OF TAX EXEMPT FINANCING.—The term ‘net benefit of tax exempt financing’ means the present value of the interest savings (determined by a calculation established by the Secretary) which result from the tax exempt status of the bonds. ‘‘(7) AGGREGATE FACE AMOUNT OF TAX EXEMPT FINANCING.— ‘‘(A) IN GENERAL.—An issue shall not be treated as an issue described in subsection (a)(14) if the aggregate face amount of bonds issued by the State or local govern ment pursuant thereto for a project (when added to the aggregate face amount of bonds previously so issued for such project) exceeds an amount designated by the Sec retary as part of the designation. ‘‘(B) LIMITATION ON AMOUNT OF BONDS.—The Secretary may not allocate authority to issue qualified green building and sustainable design project bonds in an aggregate face amount exceeding $2,000,000,000. ‘‘(8) TERMINATION.—Subsection (a)(14) shall not apply with respect to any bond issued after September 30, 2009. ‘‘(9) TREATMENT OF CURRENT REFUNDING BONDS.—Para graphs (7)(B) and (8) shall not apply to any bond (or series of bonds) issued to refund a bond issued under subsection (a)(14) before October 1, 2009, if— ‘‘(A) 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, ‘‘(B) the amount of the refunding bond does not exceed the outstanding amount of the refunded bond, and ‘‘(C) 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 subparagraph (A), average maturity shall be determined in accordance with section 147(b)(2)(A).’’. (c) EXEMPTION FROM GENERAL STATE VOLUME CAPS.—Para graph (3) of section 146(g) (relating to exception for certain bonds) is amended— (1) by striking ‘‘or (13)’’ and inserting ‘‘(13), or (14)’’, and (2) by striking ‘‘and qualified public educational facilities’’ and inserting ‘‘qualified public educational facilities, and quali fied green building and sustainable design projects’’. (d) ACCOUNTABILITY.—Each issuer shall maintain, on behalf of each project, an interest bearing reserve account equal to 1 percent of the net proceeds of any bond issued under this section for such project. Not later than 5 years after the date of issuance, the Secretary of the Treasury, after consultation with the Adminis trator of the Environmental Protection Agency, shall determine whether the project financed with such bonds has substantially complied with the terms and conditions described in section 142(l)(4) of the Internal Revenue Code of 1986 (as added by this section). If the Secretary, after such consultation, certifies that the project has substantially complied with such terms and conditions and meets the commitments set forth in the application for such project described in section 142(l)(4) of such Code, amounts in the reserve account, including all interest, shall be released to the project. If the Secretary determines that the project has not substantially Deadline. 26 USC 142 note.

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