Page:United States Statutes at Large Volume 119.djvu/2599

 PUBLIC LAW 109–135—DEC. 21, 2005

119 STAT. 2581

bond described in paragraph (1) or (2) of section 142(a), one advance refunding after the date of the enactment of this section and before January 1, 2011, shall be allowed under the applicable rules of section 149(d) (notwithstanding paragraph (2) thereof) if the requirements of subparagraphs (A) and (B) of paragraph (1) are met. ‘‘(3) BONDS DESCRIBED.—A bond is described in this paragraph if such bond was outstanding on August 28, 2005, and is issued by the State of Alabama, Louisiana, or Mississippi, or a political subdivision thereof. ‘‘(4) AGGREGATE LIMIT.—The maximum aggregate face amount of bonds which may be designated under this subsection by the Governor of a State shall not exceed— ‘‘(A) $4,500,000,000 in the case of the State of Louisiana, ‘‘(B) $2,250,000,000 in the case of the State of Mississippi, and ‘‘(C) $1,125,000,000 in the case of the State of Alabama. ‘‘(5) ADDITIONAL REQUIREMENTS.—The requirements of this paragraph are met with respect to any advance refunding of a bond described in paragraph (3) if— ‘‘(A) no advance refundings of such bond would be allowed under this title on or after August 28, 2005, ‘‘(B) the advance refunding bond is the only other outstanding bond with respect to the refunded bond, and ‘‘(C) the requirements of section 148 are met with respect to all bonds issued under this subsection. ‘‘(6) USE OF PROCEEDS REQUIREMENT.—This subsection shall not apply to any advance refunding of a bond which is issued as part of an issue if any portion of the proceeds of such issue (or any prior issue) was (or is to be) used to provide any property described in section 144(c)(6)(B). ‘‘(c) LOW-INCOME HOUSING CREDIT.— ‘‘(1) ADDITIONAL HOUSING CREDIT DOLLAR AMOUNT FOR GULF OPPORTUNITY ZONE.— ‘‘(A) IN GENERAL.—For purposes of section 42, in the case of calendar years 2006, 2007, and 2008, the State housing credit ceiling of each State, any portion of which is located in the Gulf Opportunity Zone, shall be increased by the lesser of— ‘‘(i) the aggregate housing credit dollar amount allocated by the State housing credit agency of such State to buildings located in the Gulf Opportunity Zone for such calendar year, or ‘‘(ii) the Gulf Opportunity housing amount for such State for such calendar year. ‘‘(B) GULF OPPORTUNITY HOUSING AMOUNT.—For purposes of subparagraph (A), the term ‘Gulf Opportunity housing amount’ means, for any calendar year, the amount equal to the product of $18.00 multiplied by the portion of the State population which is in the Gulf Opportunity Zone (as determined on the basis of the most recent census estimate of resident population released by the Bureau of Census before August 28, 2005). ‘‘(C) ALLOCATIONS TREATED AS MADE FIRST FROM ADDITIONAL ALLOCATION AMOUNT FOR PURPOSES OF DETERMINING CARRYOVER.—For purposes of determining the

VerDate 14-DEC-2004

07:21 Oct 30, 2006

Jkt 039194

PO 00003

Frm 00049

Fmt 6580

Sfmt 6581

E:\PUBLAW\PUBL003.119

APPS06

PsN: PUBL003

�