Page:United States Statutes at Large Volume 96 Part 1.djvu/510

 96 STAT. 468

PUBLIC LAW 97-248—SEPT. 3, 1982 ing any handball or racquetball court), hot tub facility, suntan facility, or racetrack."

26 USC 103 note.

(f) EFFECTIVE D A T E S. — (1) COMPOSITE ISSUES; SMALL ISSUE EXEMPTION.—The amend-

ments made by subsections (a) and (b) shall apply to obligations issued after the date of the enactment of this Act. (2) TERMINATION.—The amendment made by subsection (c) shall take effect on the date of the enactment of this Act. (3) RESEARCH EXPENDITURES.—The amendment made by subsection (d) shall apply with respect to expenditures made after the date of the enactment of this Act. (4) CERTAIN FACILITIES.—The amendment made by subsection (e) shall apply to obligations issued after December 31, 1982. SEC. 215. PUBLIC APPROVAL AND INFORMATION REPORTING REQUIREMENTS APPLICABLE TO PRIVATE ACTIVITY BONDS.

Post, p. 596.

(a) PuBuc APPROVAL.—Section 103 (relating to interest on certain governmental obligations) is amended by redesignating subsection (k) as subsection (1) and by inserting after subsection (j) the following new subsection: "(k) PUBLIC APPROVAL FOR INDUSTRIAL DEVELOPMENT BONDS.—

"(1) IN GENERAL.—Notwithstanding subsection (b), an industrial development bond shall be treated as an obligation not described in subsection (a) unless the requirements of paragraph (2) of this subsection are satisfied. "(2) PUBLIC APPROVAL REQUIREMENT.—

"(A) IN GENERAL.—An obligation shall satisfy the requirements of this paragraph if such obligation is issued as a part of an issue which has been approved by— "(i) the governmental unit— "(I) which issued such obligation, or "(II) on behalf of which such obligation was issued, and "(ii) each governmental unit having jurisdiction over the area in which any facility, with respect to which financing is to be provided from the proceeds of such issue, is located (except that if more than 1 governmental unit within a State has jurisdiction over the entire area within such State in which such facility is located, only 1 such unit need approve such issue). "(B) APPROVAL BY A GOVERNMENTAL UNIT.—For purposes

of subparagraph (A), an issue shall be treated as having been approved by any governmental unit if such issue is approved— "(i) by the applicable elected representative of such governmental unit after a public hearing following reasonable public notice, or "(ii) by voter referendum of such governmental unit. "(C) SPECIAL RULES FOR APPROVAL OF FACILITY.—If there has been public approval under subparagraph (A) of the plan of financing a facility, such approval shall constitute approval under subparagraph (A) for any issue— "(i) which is issued pursuant to such plan within 3 years after the date of the first issue pursuant to the approval, and

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