Page:United States Statutes at Large Volume 94 Part 2.djvu/1401

 PUBLIC LAW 96-499—DEC. 5, 1980

94 STAT. 2679

authorizing tax-exempt obligations for use only in redevelopment areas) for such project, subject to revisions to be made, and (C) a revised proposal was submitted to the redevelopment agency and city council containing the revisions. The 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 this paragraph may not exceed $20,000,000. (i) REGISTRATION REQUIREMENTS.—

(1) IN GENERAL.—Notwithstanding any other provision of this section, the amendments made by sections 1102 and 1103, insofar as they require obligations to be in registered form, shall apply to obligations issued after December 31, 1981. (2) BONDS UNDER TRANSITIONAL RULES.—Any obligation issued after December 31, 1981, by reason of this section shall be in registered form. (j) ADVANCE REFUNDING.—Notwithstanding any other provision of this section— (1) subsection (n) of section 103A of the Internal Revenue Code of 1954 (as added by section 1102) shall apply to obligations issued after the date of the enactment of this Act to refund obligations issued before, on, or after such date of enactment, and (2) this section shall not apply to obligations issued after such date of enactment for the advance refunding of obligations issued before, on, or after such date of enactment. (k) TRANSITIONAL RULE FOR LOW- AND MODERATE-INCOME REQUIRE-

MENT.—In the case of obligations issued after April 24, 1979, and before January 1, 1984, the period for which the low- and moderateincome requirements of section 103(b)(4)(A) of the Internal Revenue Code of 1954 (as amended by section 1103 of this subtitle) is required to be met shall be 20 years. (1) SUBSTITUTION OF GOVERNMENTAL INSTRUMENTALITY FOR CITY.— (1) IN GENERAL.—If—

(A) a corporation was created on June 17, 1971, pursuant to State law to provide financing for the construction and rehabilitation of low-income housing, (B) pursuant to a State law enacted in 1955 a city has made loans to housing developers from the proceeds of short-term bonds and notes issued by the city, and has secured 50-year inortgages from the developers, and (C) the corporation agrees to acquire from the city certain of the loans referred to in subparagraph (B) by issuing obligations which will be secured by mortgages referred to in subparagraph (B) on 12 projects (11 of which projects are subsidized with interest-reduction subsidies under section 236 of the National Housing Act), 12 USC I7l5z-i. then the amendments made by this subtitle shall not apply to obligations issued by the corporation to acquire the loans (and mortgages) referred to in subparagraph (C). (2) DOLLAR LIMIT.—The aggregate amount of obligations to which paragraph (1) applies shall not exceed $135,000,000. (3) TIME LIMIT.—Paragraph (1) shall not apply to any obligation issued after December 31, 1980. (m) STATE LEGISLATION WAS PENDING ON APRIL 1, 1979, AND ENACTED ON APRIL 26, 1979, WHERE LOCALITY HAD TAKEN ACTION TO UNDERTAKE A STUDY OF LOCAL MORTGAGE MARKET.— (1) IN GENERAL.—If—

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