Page:United States Statutes at Large Volume 98 Part 1.djvu/963

 PUBLIC LAW 98-369—JULY 18, 1984

98 STAT. 915

"(B) the aggregate face amount of which does not exceed $7,800,000."

Subtitle B—Private Activity Bonds PART I—GENERAL RESTRICTIONS SEC. 621. LIMITATION ON AGGREGATE AMOUNT OF PRIVATE ACTIVITY BONDS. Section 103 (relating to interest on certain governmental obliga- 26 USC 103. tions) is amended by redesignating subsection (n) as subsection (o) Post, p. 926. and by inserting after subsection (m) the following new subsection: "(n) LIMITATION ON AGGREGATE AMOUNT OF PRIVATE ACTIVITY BONDS ISSUED DURING ANY CALENDAR YEAR.—

"(1) IN GENERAL.—A private activity bond issued as part of an issue shall be treated as an obligation not described in subsection (a) if the aggregate amount of private activity bonds issued pursuant to such issue, when added to the aggregate amount of -• private activity bonds previously issued by the issuing authority during the calendar year, exceeds such authority's private activity bond limit for such calendar year. "(2) PRIVATE ACTIVITY BOND LIMIT FOR STATE AGENCIES.—For

purposes of this subsection— "(A) IN GENERAL.—The private activity bond limit for any agency of the State authorized to issue private activity 'Y:.: bonds for any calendar year shall be 50 percent of the State ceiling for such calendar year. o

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"(B)

SPECIAL RULE WHERE STATE HAS MORE THAN

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AGENCY.—If more than 1 agency of the State is authorized to issue private activity bonds, all such agencies shall be treated as a single agency. "(3) PRIVATE ACTIVITY BOND LIMIT FOR OTHER ISSUERS.—For

purposes of this subsection— n "(A) IN GENERAL.—The private activity bond limit for any issuing authority (other than a State agency) for any calendar year shall be an amount which bears the same ratio to 5, 50 percent of the State ceiling for such calendar year as— "(i) the population of the jurisdiction of such issuing ,. authority, bears to "(ii) the population for the entire State. "(B) OVERLAPPING JURISDICTIONS.—For purposes of subparagraph (A)(i), the rules of section 103A^)(3)(B) shall apply. "(4) STATE CEILING.—For purposes of this subsection— "(A) IN GENERAL.—The State ceiling applicable to any State for any calendar year shall be the greater of ^f "(i) an amount equal to $150 multiplied by the State's population, or "(ii) $200,000,000. "(B) PHASE IN OF LIMITATION WHERE AMOUNT OF I 9 8 3 PRIVATE ACTIVITY BONDS EXCEEDS THE C E I U N G. —

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"(i) IN GENERAL.—In the case of any State which has an excess bond amount for 1983, the State ceiling for calendar year 1984 shall be the sum of the State ceiling determined under subparagraph (A) plus 50 percent of the excess bond amount for 1983.

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