Page:United States Statutes at Large Volume 94 Part 2.djvu/1402

 94 STAT. 2680

PUBLIC LAW 96-499—DEC. 5, 1980 (A) on April 1, 1979, legislation was pending in a State legislature limiting the authority of local governments within such State to issue tax-exempt obligations for owneroccupied residence under existing home rule authority, and such legislation was enacted on April 26, 1979, (B) there is written evidence (which was in existence before April 25, 1979) that not earlier than June 1, 1978, but before April 25, 1979, the governing body of a local government in such State had taken action authorizing the undertaking of a demographic or related study of the local mortgage market, which study was intended to serve as a basis for issuance of tax exempt obligations for owneroccupied residences, (C) on December 20, 1979, an amount was specified by or for the local government as the range of obligations which it expected to issue with respect to the area under any transitional authority provided by the Act, and (D) a majority of the members of the governing body of the local government certify that the city or county was waiting enactment of the legislation described in subparagraph (A) prior to determining to proceed towards the issuance of taxexempt obligations for owner-occupied residences. then the amendments made by section 1102 shall not apply to obligations issued by such city or county. (2) DOLLAR LIMITS.—The aggregate amount of obligations which may be issued with respect to any area by reason of paragraph (1) may not exceed the maximum amount referred to in paragraph (1)(C) which was specified on December 20, 1979, by or for such local government. (3) TIME LIMITS.—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) are committed by firm commitment letters (similar to those used in owner-financing not provided by tax-exempt bonds) to ownerfinancing before January 1, 1982. (n) CERTAIN ADDITIONAL TRANSITIONAL AUTHORITY.—

(1) IN GENERAL.—The amendments made by sections 1102 and 1103 shall not apply to issues described in the following table: City or county Baltimore, Maryland Port Arthur, Texas Minneapolis, Minnesota Minneapolis-St. Paul, Minnesota. Detroit, Michigan Brevard County, Florida Chicago, Illinois

Ceiling amount

Purpose of issue

$100,000,000 Financing owner-occupied residences. 175,000,000 For financing on New Town In Town project. 25,000,000 Financing owner-occupied residences. 235,000,000 Joint program for financing owner-occupied residences involving some UDAG grants and private financing. 50,000,000 To issue obligations maturing before 1986 for construction on the Riverfront West project. 150,000,000 Financing owner-occupied residences. 235,000,000 For financing on the Presidential Towers project.

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