Page:United States Statutes at Large Volume 98 Part 1.djvu/982

 98 STAT. 934

PUBLIC LAW 98-369—JULY 18, 1984 ^y ^ '

clause (i) shall be applied by substituting '1988' for '1986'. "(iii) MANUFACTURING FACILITY.—For purposes of this subparagraph, the term 'manufacturing facility' means any facility which is used in the manufacturing or production of tangible personal property (including the processing resulting in a change in the condition of such property).

26 USC 103 note. SEC. 631. EFFECTIVE DATES. (a) PRIVATE ACTIVITY BOND CAP.—

Ante, p. 915.

(1) IN GENERAL.—Except as otherwise provided in this subsection, the amendment made by section 621 shall apply to obligations issued after December 31, 1983. (2)

INDUCEMENT RESOLUTION BEFORE JUNE 19,

1984.—The

amendment made by section 621 shall not apply to any issue of obligations if— (A) there was an inducement resolution (or other compa^ rable preliminary approval) for the issue before June 19, 1984, and (B) the issue is issued before January 1, 1985. (3) CERTAIN PROJECTS PREUMINARILY APPROVED BEFORE OCTO-

BER 19, 1983, GIVEN APPROVAL.—If—

Ante, p. 915.

(A) there was an inducement resolution (or other comparable preliminary approval) for a project before October 19, 1983, by any issuing authority, (B) a substantial user of such project notifies the issuing authority within 30 days after the date of the enactment of this Act that it intends to claim its rights under this paragraph, and (C) construction of such project began before October 19, 1983, or the substantial user was under a binding contract on such date to incur significant expenditures with respect to such project, such issuing authority shall allocate its share of the limitation Under section 103(n) of such Code for the calendar year during which the obligations were to be issued pursuant to such resolution (or other approval) first to such project. If the amount of obligations required by all projects which meet the requirements of the preceding sentence exceeds the issuing authority's share of the limitation under section 103(n) of such Code, priority under the preceding sentence shall be provided first to those projects for which substantial expenditures were incurred before October 19, 1983. If any issuing authority fails to meet the requirements of this paragraph, the limitation under section 103(n) of such Code for the issuing authority for the calendar year following such failure shall be reduced by the amount of obligations with respect to which such failure occurred. (3) EXCEPTION FOR CERTAIN BONDS FOR A CONVENTION CENTER

AND RESOURCE RECOVERY PROJECT.—In the case of any city, if— (A) the city council of such city authorized a feasibility study for a convention center on June 10, 1982, and (B) on November 4, 1983, a municipal authority acting for such city accepted a proposal for the construction of a facility that is capable of generating steam and electricity through the combustion of municipal waste.

�