Page:United States Statutes at Large Volume 123.djvu/369

 123STA T . 3 49PUBLIC LA W 111 –5—FE B.1 7, 2 0 09 mayw a ive a n y port ion o f ana l lo c ation ma d e u nder t h i s su b para g raph .‘ ‘ (B)LARGEMUNIC I P A L I T IE S . —F or purposes of subpara - graph ( A ) , the term ‘large municipality ’ means a munici- pality with a population of more than 10 0,000. ‘‘( C ) D ETERMINATI O NO F LOCAL EMPLO Y MENT D ECLINES.—For purposes of this paragraph, the employ- ment decline of any municipality or county shall be deter- mined in the same manner as determining the S tate employment decline under paragraph ( 2 ),e x cept that in the case of a municipality any portion of which is in a county, such portion shall be treated as part of such munici- pality and not part of such county. ‘‘( 4 ) N ATIONAL LIMITATIONS.— ‘‘(A) R ECO V ERY Z ONE ECONOMIC DEVELOPMENT B ONDS.— T here is a national recovery z one economic development bond limitation of $ 10,000,000,000. ‘‘(B) RECOVERY ZONE FACILITY BONDS.—There is a national recovery zone facility bond limitation of $1 5 ,000,000,000. ‘‘(b) RECOVERY Z ONE.—For purposes of this part, the term ‘recovery zone’ means— ‘‘(1) any area designated by the issuer as having significant poverty, unemployment, rate of home foreclosures, or general distress, ‘‘(2) any area designated by the issuer as economically distressed by reason of the closure or realignment of a military installation pursuant to the Defense Base Closure and Realign- ment Act of 1 9 90, and ‘‘( 3 ) any area for which a designation as an empowerment zone or renewal community is in effect. ‘ ‘ SEC.140 0 U–2 . R EC OV ER YZ O N E ECONO MI C D EVE L O P MEN TB ONDS. ‘‘(a) I N G ENERAL.—In the case of a recovery zone economic development bond— ‘‘(1) such bond shall be treated as a q ualified bond for purposes of section 6 431, and ‘‘(2) subsection (b) of such section shall be applied by sub- stituting ‘45 percent’ for ‘35 percent’. ‘‘(b) RECOVERY ZONE E CONOMIC DEVELOPMENT BOND.— ‘‘(1) IN GENERAL.—For purposes of this section, the term ‘recovery zone economic development bond’ means any build America bond (as defined in section 54AA(d)) issued before J anuary 1, 2011, as part of issue if— ‘‘(A) 100 percent of the excess of— ‘‘(i) the available pro j ect proceeds (as defined in section 54A) of such issue, over ‘‘(ii) the amounts in a reasonably required reserve (within the meaning of section 150(a)(3)) with respect to such issue, are to be used for one or more qualified economic develop- ment purposes, and ‘‘(B) the issuer designates such bond for purposes of this section. ‘‘(2) LIMITATION ON AMOUNT OF BONDS DESIGNATED.—The maximum aggregate face amount of bonds which may be des- ignated by any issuer under paragraph (1) shall not exceed Ap p licab ili ty.