Page:United States Statutes at Large Volume 98 Part 1.djvu/973

 PUBLIC LAW 98-369—JULY 18, 1984 (i) IN GENERAL.—For purposes of this paragraph, the term "qualified date" means the earlier of— (I) the date on which the Higher Education Act of 1965 expires, or (II) the date, after the date of enactment of this Act, on which the Higher Education Act of 1965 is reauthorized. (ii) PUBLICATiON OF REGULATIONS.—Notwithstanding clause (i), the qualified date shall not be a date which is prior to the date that is 6 months after the date on which the regulations prescribed under paragraph (1) are published in the Federal Register. (C) REFUNDING OBLIGATIONS.—Regulations prescribed by the Secretary under paragraph (1) shall not apply to any obligation issued exclusively to refund any qualified student loan bond which was issued before the qualified date, except that the requirements of subparagraphs (A) and (B) of section 626(b)(4) of this Act must be met with respect to such refunding. (D) FULFILLMENT OF COMMITMENTS.—Regulations prescribed by the Secretary under paragraph (1) shall not apply to any obligations which are needed to fulfill written commitments to acquire or finance student loans which are originated after June 30, 1984, and before the qualified date, but only if— (i) such commitments are binding on the qualified date, and (ii) the amount of such commitments is consistent with practices of the issuer which were in effect on March 15, 1984, with respect to establishing secondary markets for student loans.

98 STAT. 925

20 USC 1001 note.

Federal Register, publication.

Post, p. 926.

(b) ARBITRAGE LIMITATION ON STUDENT LOAN BONDS WHICH ARE NOT QUALIFIED STUDENT LOAN BONDS.—Under regulations pre-

scribed by the Secretary of the Treasury or his delegate, any student loan bond (other than a qualified student loan bond) issued after December 31, 1985, shall be treated as an obligation not described in subsection (a)(1) or (2) of section 103 of the Internal Revenue Code of 1954 unless the issue of which such obligation is a part meets requirements similar to those of sections 103(c)(6) and 103A(i) of such Code.

Ante, p. 922.

(c) ISSUANCE OF STUDENT LOAN BONDS WHICH ARE NOT TAX-

EXEMPT.—Any issuer who may issue obligations described in section 103(a) of the Internal Revenue Code of 1954 may elect to issue student loan bonds which are not described in such section 103(a) of such Code without prejudice to— (1) the status of any other obligations issued, or to be issued, by such issuer as obligations described in section 103(a) of such Code, or (2) the status of the issuer as an organization exempt from taxation under such Code. (d) FEDERAL EXECUTIVE BRANCH JURISDICTION OVER TAX-EXEMPT

STATUS.—For purposes of Federal law, any determination by the executive branch of the Federal Government of whether interest on any obligation is exempt from taxation under the Internal Revenue Code of 1954 shall be exclusively within the jurisdiction of the 26 USC 1 et seq. Department of the Treasury. (e) STUDY ON TAX-EXEMPT STUDENT LOAN BONDS.—

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