Page:United States Statutes at Large Volume 123.djvu/375

 123STA T . 3 5 5 PUBLIC LA W 111 – 5 —FE B.1 7, 2 0 0 9‘ ‘ (I I )TREATM E N T OF REF U N DI N GB OND S.—Forpu rpo se so f su bcla use (I) , a refu ndi n g bond ( wh e t her a current or ad v ance refunding) shall be treated as issued on the date of the issuance of the refunded bond (or in the case of a series of refundings, the original bond). ‘‘(III) EXC E P TION FOR CERTAIN REFUNDING BONDS.— S ubclause (II) shall not appl y to any refunding bond which is issued to refund any bond which was issued after D ece m ber 31, 20 03, and before J anuary 1, 200 9 . ’ ’. (c) EFFECTI V E DATE.—The amendments made by this section shall apply to obligations issued after December 31, 200 8 . SEC.1504 . MODIF IC AT IO N TO H I G HS P EED INTE R CIT Y RAI L FACILITY B ONDS. (a) IN G ENERA L .— P aragraph (1) of section 1 4 2(i) is amended by stri k ing ‘‘operate at speeds in e x cess of’’ and inserting ‘‘be capable of attaining a maximum speed in excess of’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to obligations issued after the date of the enactment of this A ct. PARTI I —DEL A Y I N APPLI C ATI O NO FW IT H- HOLDIN G TA X ON GO V ERN M ENT CONTRAC- TOR S SEC. 1511. DELAY IN APPLICATION OF W ITHHOLDING TA X ON GO V ERN - MENT CONTRACTORS. Subsection (b) of section 5 11 of the Tax Increase Prevention and R econciliation Act of 2005 is amended by striking ‘‘December 31, 2010’’ and inserting ‘‘December 31, 2011’’. PART III—TAX CREDIT B ONDS FOR SCHOOLS SEC. 15 2 1. QU ALIFIED SCHOOL CONSTRUCTION BONDS. (a) IN GENERAL.—Subpart I of part I V of subchapter A of chapter 1 is amended by adding at the end the following new section

‘SEC. 54F. QUALIFIED SCHOOL CONSTRUCTION BONDS. ‘‘(a) Q UALIFIED SC H OOL C ONSTRUCTION B OND.—For purposes of this subchapter, the term ‘ q ualified school construction bond’ means any bond issued as part of an issue if— ‘‘(1) 100 percent of the available pro j ect proceeds of such issue are to be used for the construction, rehabilitation, or repair of a public school facility or for the acquisition of land on which such a facility is to be constructed with part of the proceeds of such issue, ‘‘(2) the bond is issued by a State or local government within the jurisdiction of which such school is located, and ‘‘(3) the issuer designates such bond for purposes of this section. ‘‘(b) L IMITATION ON AMOUNT OF BONDS DESIGNATED.—The max - imum aggregate face amount of bonds issued during any calendar year which may be designated under subsection (a) by any issuer 26USC340 2 . 26 USC 3402 note . 26 USC 1 42 note. 26 USC 142. 26 USC 5 6 note.