Page:United States Statutes at Large Volume 94 Part 2.djvu/1396

 94 STAT. 2674

PUBLIC LAW 96-499—DEC. 5, 1980 (iii) before July 31, 1979, the Supreme Court of such State held that the counties were so authorized, and (iv) there is written evidence (which was in existence before April 25, 1979) that before April 25, 1979, the governing body of a county in such State had taken action indicating an intent to issue (or to establish a program for issuing) tax-exempt obligations to finance owner-occupied residences, then the amendments made by section 1102 shall not apply to obligations issued by the public trust for such county. (B) DOLLAR LIMIT.—The aggregate amount of obligations which may be issued with respect to any county by reason of subparagraph (A) may not exceed $50,000,000. (2) STATE LEGISLATION ENACTED BEFORE J U N E 8, 1979, WHERE LOCALITY HAD ESTABLISHED INCOME LIMITATIONS BEFORE APRIL 25,

1979.— (A) IN GENERAL.—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) there is written evidence (which was in existence before April 25, 1979) that before April 25, 1979, the governing body of the local governmental unit had taken action indicating to its delegation to the State legislature what the income limitation would be for individuals who would be eligible for mortgages under the program, and (iii) before June 8, 1979, the legislation referred to in clause (i) was enacted, then the amendments made by section 1102 shall not apply to obligations issued by the local governmental unit. (B) DOLLAR LIMIT.—The aggregate amount of obligations which may be issued with respect to any local governmental area by reason of subparagraph (A) may not exceed $150,000,000. (3) RESOLUTIONS BEFORE CITY COUNCIL BEFORE ENACTMENT OF STATE AUTHORIZING LEGISLATION.—

(A) IN GENERAL.—If^

(i) before April 25, 1979, 2 resolutions were submitted to a city council the first of which would create an urban residential finance authority and the second of which would authorize the appointment of the members of such authority, (ii) at the time such resolutions were submitted. State authorizing legislation had not been enacted, (iii) before April 25, 1979, the State authorizing legislation was enacted, and (iv) after April 24, 1979, and before May 17, 1979, a resolution was adopted by the city council which created an urban residential finance authority and which authorized the appointment of members of the authority, then the amendments made by section 1102 shall not apply with respect to obligations issued on behalf of such city. (B) DOLLAR LIMIT.—The aggregate amount of obligations which may be issued with respect to any city by reason of subparagraph (A) may not exceed $50,000,000.

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