Page:United States Statutes at Large Volume 98 Part 1.djvu/984

 98 STAT. 936

PUBLIC LAW 98-369—JULY 18, 1984 obligation issued pursuant to a binding contract in effect on March 4, 1983. (3) EXCEPTIONS.— (A) CONSTRUCTION OR BINDING AGREEMENT.—The

Ante, p. 915.

amendments made by this subtitle (other than section 621) shall not apply to obligations with respect to facilities— (i) the original use of which commences with the taxpayer and the construction, reconstruction, or rehabilitation of which began before October 19, 1983, or (ii) with respect to which a binding contract to incur significant expenditures was entered into before October 19, 1983. (B) FACILITIES.—Subparagraph (C) of subsection (b)(2)(A) shall apply for purposes of subparagraph (A) of this paragraph.

(4) REPEAL OF ADVANCE REFUNDING OF QUALIFIED PUBLIC FA-

Ante, p. 931.

ciLiTiES.—The amendment made by section 628(g) shall apply to refunding obligations issued after the date of the enactment of this Act; except that if substantially all the proceeds of the refunded issue were used to provide airports or docks, such amendment shall only apply to refunding obligations issued after December 31, 1984. In the case of any refunding obligation with respect to the Alabama State Docks Department or the Dade County Florida Airport, the preceding sentence shall be applied by substituting "December 31, 1985" for "December 31, 1984". (d) PROVISIONS OF THIS SUBTITLE NOT TO APPLY TO CERTAIN PROP-

ERTY.—The amendments made by this subtitle shall not apply to any property (and shall not apply to obligations issued to finance such property) if such property is described in any of the following paragraphs: (1) Any property described in paragraph (5), (6), or (7) of Ante, p. 509. section 31(g) of this Act. (2) Any property described in paragraph (4), (8), or (17) of section 31(g) of this Act but only if the obligation is issued before January 1, 1985, and only if before June 19, 1984, the issuer had evidenced an intent to issue obligations exempt from taxation 26 USC 1 et seq. Under the Internal Revenue Code of 1954 in connection with such property. (3) Any property described in paragraph (3) of section 216(b) of 96 Stat. 470. the Tax Equity and Fiscal Responsibility Act of 1982. (4) Any solid waste disposal facility described in section 103(b)(4)(E) of the Internal Revenue Code of 1954 if— (A) a State public authority created pursuant to State legislation which took effect on June 18, 1973, took formal action before October 19, 1983, to commit development funds for such facility. (B) such authority issues obligations for any such facility before January 1, 1987, and (C) expenditures have been made for the development of any such facility before October 19, 1983. (e) DETERMINATION OF SIGNIFICANT EXPENDITURE.—

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(1) IN GENERAL.—For purposes of this section, the term "significant expenditures" means expenditures which equal or exceed the lesser of— (A) $15,000,000, or _ (B) 20 percent of the estimated cost of the facilities.

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