Page:United States Statutes at Large Volume 92 Part 3.djvu/1272

 92 STAT. 3 9 0 4

CONCURRENT RESOLUTIONS—OCT. 15, 1978 (1) After section 333, insert the following: "SEC. 334. ADVANCE REFUNDING OF INDUSTRIAL DEVELOPMENT BONDS FOR CERTAIN PUBLIC WORKS. " (a) IN GENERAL.—Siibsection (b) of section 103 (relating to industrial development bonds) is amended by redesignating paragraph (7) as paragraph (8) and by inserting after paragraph (6) the following new paragraph: " ' (7) ADVANCE REFUNDING OF QUALIFIED PUBLIC FACILITIES.—

(A) IN GENERAL.—Paragraph (1) shall not apply to a refunding issue if substantially all the proceeds of the refunded issue were used to provide a qualified public facility. '"(B)

QUALIFIED PUBLIC FACILITY DEFINED.—For purposes

of subparagraph (A), the term "qualified public facility" means facilities described in subparagraph (C) or (D) of paragraph (4) which are generally available to the general public' "(b)

OBLIGATION M A T N O T B E H E L D BY SUBSTANTIAL U S E R. — P a r a -

g r a p h (8) of section 103(b) (as redesignated by subsection (a)) is amended by striking out ' and (6) ' and inserting in lieu thereof ' (6), and (7) '. " (c) EFFECTIVE D A T E. — The amendments made by this section shall apply to obligations issued after the date of the enactment of this Act." (2) by inserting in the table of contents after the item relating to section 333 the following new item: "Sec. 334. Advance refunding of industrial development bonds for qualified public facilities." Passed October 15, 1978.

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