Page:United States Statutes at Large Volume 96 Part 1.djvu/511

 PUBLIC LAW 97-248—SEPT. 3, 1982

96 STAT. 469

"(ii) all or substantially all of the proceeds of which are to be used to finance such facility or to refund previous financing under such plan. "(D) REFUNDING OBLIGATIONS.—No approval under subparagraph (A) shall be necessary with respect to any obligation which is issued to refund an obligation approved under subparagraph (A) (or treated as approved under subparagraph (C)) unless the maturity date of such obligation is later than the maturity date of the obligation to be refunded. "(E) APPLICABLE ELECTED REPRESENTATIVE.—For purposes

of this paragraph— "(i) IN GENERAL.—The term 'applicable elected representative' means with respect to any governmental unit— "(I) an elected legislative body of such unit, or "(II) the chief elected executive officer, the chief elected State legal officer of the executive branch, or any other elected official of such unit designated for purposes of this paragraph by such chief elected executive officer or by State law. "(ii) N o APPLICABLE ELECTED REPRESENTATIVE.—If (but

for this clause) a governmental unit has no applicable elected representative, the applicable elected representative for purposes of clause (i) shall be the applicable elected representative of the governmental unit— "(I) which is the next higher governmental unit with such a representative, and "(II) from which the authority of the governmental unit with no such representative is derived." (b) INFORMATION REPORTING.—

(1) IN GENERAL.—Section 103 is amended by redesignating 26 USC 103. subsection (1) as subsection (m) and by adding at the end thereof the following new subsection: "(1) INFORMATION BONDS.—

REPORTING

REQUIREMENTS

FOR

CERTAIN

"(1) IN GENERAL.—Notwithstanding subsection (b), any industrial development bond or any other obligation which is issued as part of an issue all or a major portion of the proceeds of which are to be used directly or indirectly— "(A) to finance loans to individuals for educational expenses, or "(B) by an organization described in section 501(c)(3) which is exempt from taxation by reason of section 501(a), shall be treated as an obligation not described in paragraph (1) or (2) of subsection (a) unless such bond satisfies the requirements of paragraph (2). "(2) INFORMATION REPORTING REQUIREMENT.—An obligation satisfies the requirement of this paragraph if the issuer submits to the Secretary, not later than the 15th day of the 2nd calendar month after the close of the calendar quarter in which the obligation is issued, a statement concerning the issue of which the obligation is a part which contains— "(A) the name and address of the issuer, "(B) the date of issue, the amount of lendable proceeds of the issue, and the stated interest rate, term, and face amount of each obligation which is part of the issue,

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