Page:United States Statutes at Large Volume 98 Part 1.djvu/977

 PUBLIC LAW 98-369—JULY 18, 1984

98 STAT. 929

In the case of an obligation described in paragraph (5) (relating to industrial parks), clause (i) shall be applied by substituting '50 percent' for '25 percent'. "(B) EXCEPTION FOR FIRST-TIME FARMERS.—

"(i) IN GENERAL.—If the requirements of clause (ii) are met with respect to any land, subparagraph (A) shall not apply to such land, and paragraph (17) shall not apply to property located thereon or to property to be acquired within 1 year to be used in farming, but only to the extent of expenditures (financed with the proceeds of the issue) not in excess of $250,000. "(ii)

ACQUISITION BY FIRST-TIME FARMERS.—The

re-

quirements of this clause are met with respect to any land if^ "(I) such land is to be used for farming purposes, and "(II) such land is to be acquired by an individual who is a first-time farmer, who will be the principal user of such land, and who will materially and substantially participate on the farm of which such land is a part in the operation of such farm. "(iii) FIRST-TIME FARMER.—For purposes of this subparagraph, the term 'first-time farmer' means any individual if such individual has not at any time had any direct or indirect ownership interest in substantial farmland in the operation of which such individual materially participated. For purposes of this subparagraph, any ownership or material participation by an individual's spouse or minor child shall be treated as ownership and material participation by the individual. "(iv) FARM.—For purposes of this subparagraph, the term 'farm' has the meaning given such term by section 6420(c)(2). "(v) SUBSTANTIAL FARMLAND.—The term 'substantial farmland' means any parcel of land unless— "(I) such parcel is smaller than 15 percent of the median size of a farm in the county in which such parcel is located, and (II) the fair market value of the land does not at any time while held by the individual exceed $125,000. "(C) EXCEPTION FOR CERTAIN LAND ACQUIRED FOR ENVIRONMENTAL PURPOSES.—Any land acquired by a public agency

in connection with an airport, mass transit, or port development project which consists of facilities described in paragraph (4)(D) shall not be taken into account under subparagraph (A) if— "(i) such land is acquired for a noise abatement, wetland preservation, future use, or other public purpose, and "(ii) there is not other significant use of such land." (b) ACQUISITION OF EXISTING PROPERTY NOT PERMITTED.—Subsec-

tion (b) of section 103 (relating to industrial development bonds) is Ante, p. 928. amended by adding at the end thereof the following new paragraph: "(17)

ACQUISITION OF EXISTING PROPERTY NOT PERMITTED.—

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