Page:United States Statutes at Large Volume 98 Part 1.djvu/964

 98 STAT. 916

PUBLIC LAW 98-369—JULY 18, 1984 "(ii) EXCESS BOND AMOUNT FOR 1983.—For purposes of

clause (i), the excess bond amount for 1983 in any State is the excess (if any) o— f ^ "(I) the aggregate amount of private activity bonds issued by issuing authorities in such State during the first 9 months of calendar year 1983 multiplied by Va, over "(II) the State ceiling determined under subparagraph (A) for calendar year 1984. "(C) ADJUSTMENT OF CEIUNG TO REFLECT PARTIAL TERMINATION OF SMALL ISSUE EXEMPTION.—In the case of calendar

years after 1986, subparagraph (A) shall be applied by substituting '$100' for '$150. "(5) SPECIAL RULE FOR STATES WITH CONSTITUTIONAL HOME

RULE CITIES.—In the case of any State with 1 or more constitutional home rule cities (as defined in section 103A(g)(5)(C)), the rules of paragraph (5) of section 103A(g) shall apply for purposes of this subsection. "(6) STATE MAY PROVIDE FOR DIFFERENT ALLOCATION.—

"(A) IN GENERAL.—A State may, by law provide a different formula for allocating the State ceiling among the governmental units in such State having authority to issue private activity bonds. "(B) INTERIM AUTHORITY FOR GOVERNOR.—

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"(i) IN GENERAL.—The Governor of any State may proclaim a different formula for allocating the State ceiling among the governmental units in such State having authority to issue private activity bonds. "(ii) TERMINATION OF AUTHORITY.—The authority provided in clause (i) shall not apply after the earlier of— "(I) the first day of the first calendar year beginning after the legislature has met in regular session for more than 60 days after the date of the enactment of this paragraph, or "(II) the effective date of any State legislation with respect to the allocation of the State ceiling. "(C) STATE MAY NOT ALTER ALLOCATION TO CONSTITUTIONAL

HOME RULE CITIES.—The rules of paragraph (6)(C) of section 103A(g) shall apply for purposes of this paragraph. "(7) PRIVATE ACTIVITY BOND.—For purposes of this subsection— "(A) IN GENERAL.—Except as otherwise provided in the paragraph, the term 'private activity bond' means any obligation the interest on which is exempt from tax under subsection (a) and which is— "(i) an industrial development bond, or "(ii) a student loan bond. "(B) EXCEPTION FOR MULTIFAMILY HOUSING.—The term 'private activity bond' shall not include any obligation described in subsection (b)(4)(A) nor any housing program obligation under section 11(b) of the United States Housing 42 USC 14371.

Act of 1937. "(C) EXCEPTION FOR CERTAIN FACILITIES DESCRIBED I N SECTION 103(b)(4)(c) OR (D). —

"(i) IN GENERAL.—The term 'private activity bond' shall not include any obligation described in subparagraph (C) or (D) of subsection (b)(4), but only if the

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