Page:United States Statutes at Large Volume 119.djvu/1985

 PUBLIC LAW 109–59—AUG. 10, 2005

119 STAT. 1967

(1) IN GENERAL.—Any obligation issued by a corporation described in subsection (a) at least 95 percent of the net proceeds (as defined in section 150(a) of the Internal Revenue Code of 1986) of which are to be used to provide for the acquisition, construction, or improvement of railroad transportation infrastructure (including railroad terminal facilities)— (A) shall be treated as a State or local bond (within the meaning of section 103(c) of such Code), and (B) shall not be treated as a private activity bond (within the meaning of section 103(b)(1) of such Code) solely by reason of the ownership or use of such railroad transportation infrastructure by the corporation. (2) NO INFERENCE.—Except as provided in paragraph (1), nothing in this subsection shall be construed to affect the treatment of the private use of proceeds or property financed with obligations issued by the corporation for purposes of section 103 of the Internal Revenue Code of 1986 and part IV of subchapter B of such Code. (d) DEFINITIONS.—For purposes of this section: (1) REAL ESTATE INVESTMENT TRUST.—The term ‘‘real estate investment trust’’ has the meaning given such term by section 856(a) of the Internal Revenue Code of 1986. (2) NON-OPERATING CLASS III RAILROAD.—The term ‘‘nonoperating class III railroad’’ has the meaning given such term by part A of subtitle IV of title 49, United States Code (49 U.S.C. 10101 et seq.), and the regulations thereunder. (3) STATE.—The term ‘‘State’’ includes— (A) the District of Columbia and any possession of the United States, and (B) any authority, agency, or public corporation of a State. (e) APPLICABILITY.— (1) IN GENERAL.—Except as provided in paragraph (2), this section shall apply on and after the date on which a State becomes the owner of all of the outstanding stock of a corporation described in subsection (a) through action of such corporation’s board of directors. (2) EXCEPTION.—This section shall not apply to any State which— (A) becomes the owner of all of the voting stock of a corporation described in subsection (a) after December 31, 2003, or (B) becomes the owner of all of the outstanding stock of a corporation described in subsection (a) after December 31, 2006. SEC. 11147. LIMITATION ON TRANSFERS TO THE LEAKING UNDERGROUND STORAGE TANK TRUST FUND.

(a) IN GENERAL.—Section 9508 is amended by adding at the end the following new subsection: ‘‘(e) LIMITATION ON TRANSFERS TO LEAKING UNDERGROUND STORAGE TANK TRUST FUND.— ‘‘(1) IN GENERAL.—Except as provided in paragraph (2), no amount may be appropriated to the Leaking Underground Storage Tank Trust Fund on and after the date of any expenditure from the Leaking Underground Storage Tank Trust Fund which is not permitted by this section. The determination of

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