Page:United States Statutes at Large Volume 94 Part 2.djvu/1394

 94 STAT. 2672

PUBLIC LAW 96-499—DEC. 5, 1980 any local governmental area by reason of subparagraph (A) may not exceed— (i) $35,000,000, reduced by (ii) the aggregate amount of obligations which are issued (before, on, or after the issue under this paragraph) by local governmental units with respect to such area after April 24, 1979, and to which the amendments made by this subtitle do not apply solely by reason of this subsection (determined without regard to the application of subparagraph (A) of this paragraph). (C) MORTGAGE REQUIREMENTS.—Subparagraph (A) shall not apply with respect to any issue unless such issue meets the requirements of paragraph (3)(A) of subsection (c). (5) CERTAIN LOCAL ACTION PURSUANT TO LEGISLATION ENACTED BEFORE SEPTEMBER 29, 1979.—

(A) IN GENERAL.—For purposes of paragraph (1), if^ (i) on April 25, 1979, legislation was pending in a State legislature authorizing a local governmental unit to issue tax-exempt obligations for owner-occupied residences, (ii) before September 29, 1979, such legislation was enacted, and (iii) any action with respect to the issuance of such obligations by the local governing body would have met the requirements of paragraph (1) if such legislation had been in effect when that action was taken, then such legislation shall be treated as in effect at the time when such action was taken. (B) DOLLAR LIMIT FOR LOCAL GOVERNMENTAL UNITS.—The

(c)

aggregate amount of obligations which may be issued by local governmental units with respect to the area comprising any local governmental area by reason of subparagraph (A) may not exceed the lesser of— (i) the aggregate amount authorized by the legislation referred to in subparagraph (A), or (ii) $150,000,000. (C) MORTGAGE REQUIREMENTS.—Subparagraph (A) shall not apply with respect to any issue unless such issue meets the requirements of paragraph (3)(A) of subsection (c). $150,000,000 EXCEPTION FOR STATE HOUSING FINANCE

AGENCIES.—

(1) IN GENERAL.—To the extent of the limit set forth in paragraph (2), the amendments made by this subtitle shall not apply to obligations issued by a State housing finance agency. (2) DOLLAR LIMIT FOR STATE HOUSING FINANCE AGENCIES.—The

aggregate amount of obligations which may be issued by State housing finance agencies with respect to any State by reason of paragraph (1) may not exceed— (A) $150,000,000, reduced by (B) the aggregate amount of obligations which are issued (before, on, or after the issue under this subsection) by the housing finance agencies of such State after April 24, 1979, to finance owner-occupied residences and to which the amendments made by this subtitle do not apply solely by reason of subsection (b). (3) COMMITMENTS.—Paragraph (1) shall not apply with respect to any issue unless substantially all of the proceeds of such issue (exclusive of issuance costs and a reasonably required reserve)—

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