Page:United States Statutes at Large Volume 98 Part 1.djvu/976

 98 STAT. 928

Ante, p. 915. 26 USC 103A, P'*ec. 101.

PUBLIC LAW 98-369—JULY 18, 1984 issued by the Pennsylvania Higher Education Assistance Agency only if such obligations are issued solely for the purpose of refunding student loan bonds outstanding on March 15, 1984. (3) CERTAIN TAX-EXEMPT MORTGAGE SUBSIDY BONDS.—For purposes of applying section 103(o) of the Internal Revenue Code of 1954, the term "consumer loan bond" shall not include any mortgage subsidy bond (within the meaning of section 103A(b) of such Code) to which the amendments made by section 1102 of the Mortgage Subsidy Bond Tax Act of 1980 do not apply. (4) REFUNDING EXCEPTION.—The amendments made by this section shall not apply to any obligation or series of obligations the proceeds of which are used exclusively to refund obligations issued before March 15, 1984, except that— (A) the amount of the refunding obligations may not exceed 101 percent of the aggregate face amount of the refunded obligations, and (B) the maturity date of any refunding obligation may not be later than the date which is 17 years after the date on which the refunded obligation was issued (or, in the case of a series of refundings, the date on which the original obligation was issued). (5)

EXCEPTION

FOR CERTAIN ESTABLISHED PROGRAMS.—The

amendments made by this section shall not apply to any obligation substantially all of the proceeds of which are used to carry out a program established under State law which has been in effect in substantially the same form during the 30-year period ending on the date of enactment of this Act, but only if such proceeds are used to make loans or to fund similar obligations— (A) in the same manner in which, (B) in the same (or lesser) amount per participant, and (C) for the same purposes for which, such program was operated on March 15, 1984. This subparagraph shall not apply to obligations issued on or after March 15, 1987. (6) CERTAIN BONDS FOR RENEWABLE ENERGY PROPERTY.—The

26 USC 103 note.

amendments made by this section shall not apply to any obligations described in section 243 of the Crude Oil Windfall Profit Tax Act of 1980. SEC. 627. LIMITATIONS ON ACQUISITIONS OF LAND, EXISTING FACILITIES, ETC. (a) LIMITATION ON USE FOR LAND ACQUISITION.—Subsection (b) of

Ante, p. 921.

section 103 is amended by adding at the end thereof the following new paragraph: "(16) LIMITATION ON USE FOR LAND ACQUISITION.—

"(A) IN GENERAL.—Paragraphs (4), (5), and (6) shall not apply with respect to any obligation issued as part of an issue if^ "(i) any portion of the proceeds of such issue are to be used (directly or indirectly) for the acquisition of land (or an interest therein) to be used for farming purposes, or "(ii) 25 percent or more of the proceeds of such issue are to be used (directly or indirectly) for the acquisition of land not described in clause (i) (or an interest therein).

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