Page:United States Statutes at Large Volume 119.djvu/1011

 PUBLIC LAW 109–58—AUG. 8, 2005

119 STAT. 993

‘‘(2) the sum of the credits allowable under this part (other than subpart C and this section). ‘‘(d) CLEAN RENEWABLE ENERGY BOND.—For purposes of this section— ‘‘(1) IN GENERAL.—The term ‘clean renewable energy bond’ means any bond issued as part of an issue if— ‘‘(A) the bond is issued by a qualified issuer pursuant to an allocation by the Secretary to such issuer of a portion of the national clean renewable energy bond limitation under subsection (f)(2), ‘‘(B) 95 percent or more of the proceeds of such issue are to be used for capital expenditures incurred by qualified borrowers for one or more qualified projects, ‘‘(C) the qualified issuer designates such bond for purposes of this section and the bond is in registered form, and ‘‘(D) the issue meets the requirements of subsection (h). ‘‘(2) QUALIFIED PROJECT; SPECIAL USE RULES.— ‘‘(A) IN GENERAL.—The term ‘qualified project’ means any qualified facility (as determined under section 45(d) without regard to paragraph (10) and to any placed in service date) owned by a qualified borrower. ‘‘(B) REFINANCING RULES.—For purposes of paragraph (1)(B), a qualified project may be refinanced with proceeds of a clean renewable energy bond only if the indebtedness being refinanced (including any obligation directly or indirectly refinanced by such indebtedness) was originally incurred by a qualified borrower after the date of the enactment of this section. ‘‘(C) REIMBURSEMENT.—For purposes of paragraph (1)(B), a clean renewable energy bond may be issued to reimburse a qualified borrower for amounts paid after the date of the enactment of this section with respect to a qualified project, but only if— ‘‘(i) prior to the payment of the original expenditure, the qualified borrower declared its intent to reimburse such expenditure with the proceeds of a clean renewable energy bond, ‘‘(ii) not later than 60 days after payment of the original expenditure, the qualified issuer adopts an official intent to reimburse the original expenditure with such proceeds, and ‘‘(iii) the reimbursement is made not later than 18 months after the date the original expenditure is paid. ‘‘(D) TREATMENT OF CHANGES IN USE.—For purposes of paragraph (1)(B), the proceeds of an issue shall not be treated as used for a qualified project to the extent that a qualified borrower or qualified issuer takes any action within its control which causes such proceeds not to be used for a qualified project. The Secretary shall prescribe regulations specifying remedial actions that may be taken (including conditions to taking such remedial actions) to prevent an action described in the preceding sentence from causing a bond to fail to be a clean renewable energy bond.

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