Page:United States Statutes at Large Volume 98 Part 1.djvu/962

 98 STAT. 914

PUBLIC LAW 98-369—JULY 18, 1984 Fiscal Year: 1984 1985 1986 1987 and thereafter

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26 USC 103A ^0*^6.

Percentage: 15 20 25 30.

(2) QUALIFIED VETERANS' MORTGAGE BONDS.—The term "qualified veterans' mortgage bonds" has the meaning given to such term by section 103A(c)(3) of the Internal Revenue Code of 1954. SEC. 614. ELIMINATION OF CERTAIN EXCEPTIONS TO THE APPLICATION OF THE MORTGAGE SUBSIDY BOND TAX ACT OF 1980. Section 1104 of the Mortgage Subsidy Bond Tax Act of 1980 is amended by adding at the end thereof the following new subsections: "(p) MOST EXCEPTIONS NOT TO APPLY TO BONDS ISSUED AFTER DECEMBER 31, 1984.—In addition to any obligations to which the

26 USC 103A, prec. 101.

amendments made by section 1102 apply by reason of the provisions of this section, the amendments made by section 1102 shall apply, notwithstanding any other provision of this section (other than subsection (n)), to obligations issued after December 31, 1984, all or a major portion of the proceeds of which are used to finance new mortgages on single-family residences that are owner occupied. "(q) REDUCTION OF STATE CEILING BY AMOUNT OF SPECIAL MORTGAGE BONDS ISSUED BEFORE 1985.—

"(1) IN GENERAL.—Notwithstanding any other provision of this section (other than subsections (n) and (r)), any obligation— "(A) which is part of an issue all or a major portion of the proceeds of which are used to finance new mortgages in single-family residences that are owner occupied, "(B) which were issued by issuing authorities in such State after June 15, 1984, and before January 1, 1985, and "(C) to which the amendments made by section 1102 do not apply by reason of any provision of this section other than subsection (n), shall, for purposes of applying the Internal Revenue Code of 26 USC 1 et seq. 1954, be treated as an obligation which is not described in section 103(a) of such Code if the aggregate face amount of such issue exceeds the portion of the State ceiling that is allocated by the State to such issue prior to the date of issuance of such issue. "(2) APPLICATION OF SECTION 103A (g).—For purposes of applying section 103A(g) of such (Dode, the State ceiling for calendar year 1984 shall be reduced by the aggregate amount allocated by the State to any issues described in paragraph (1). "(3) STATE CEILING.—For purposes of this subsection, the term 'State ceiling' has the meaning given to such term by section 103A(g)(4) of the Internal Revenue Code of 1954. "(r) EXCEPTIONS TO SUBSECTION (q).—Subsection (q) shall not apply with respect to— "(1) obligations— "(A) the proceeds of which are used to finance the River Place Project located in Minneapolis, Minnesota, and "(B) the aggregate face amount of which does not exceed $55,000,000, or "(2) obligations— "(A) the proceeds of which are used to finance the Waseca, Minnesota project, and

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