Page:United States Statutes at Large Volume 98 Part 3.djvu/1097

 CONCURRENT RESOLUTIONS—JUNE 29, 1984

98 STAT. 3469

"(2) Subparagraph (B) of section 103(m)(2) is amended to read as follows: "(B) is exempt from tax under this title without regard to any provision of law which is not contained in this title and which is not contained in a revenue Act.' "(3) Subsection (m) of section 103 is amended by adding at the end thereof the following new paragraph: "(3) EXCEPTIONS.—The following obligations shall be treated as obligations described in paragraph (1) (without regard to the second sentence thereof): "(A) Any obligation issued pursuant to the Northwest Power Act (16 U.S.C. 839d) as in effect on the date of the enactment of the Tax Reform Act of 1984. "(B) Any obligation issued pursuant to section 608(6)(A) of Public Law 97-468. "(C) Any obligation issued before June 19, 1984, under section 11(b) of the United States Housing Act of 1937." (138) At the end of section 628 of the bill, add the following new subsection: "(h) SMALL ISSUE LIMIT IN CASE OF CERTAIN URBAN DEVELOPMENr

the case of any obligation issued on December 11, 1981, section 103(b)(6)(I) of the Internal Revenue Code of 1954 shall be applied by substituting '$15,000,000' for '$10,000,000' if— "(1) such obligation is part of an issue, "(2) substantially all of the proceeds of such issue are used to provide facilities with respect to which an urban development action grant under section 119 of the Housing and Community Development Act of 1974 was preliminarily approved by the Secretary of Housing and Urban Development on January 10, 1980, and "(3) the Secretary of Housing and Urban Development determines, at the time such grant is approved, that the amount of such grant will equal or exceed 5 percent of the total capital expenditures incurred with respect to such facilities." (139) In paragraph (1) of section 631(c) of the bill, strike out "this section" and insert in lieu thereof "this subtitle". (140) In clause (ii) of section 631(c)(3)(A) of the bill, strike out "significant expenditure" and insert in lieu thereof "significant expenditures". (141) In section 631(c)(4) of the bill, strike out "section 6280')" and insert in lieu thereof "section 628(g)". (142) Strike out paragraphs (1) and (2) of section 631(d) of the bill and insert in lieu thereof the following: "(1) Any property described in paragraph (5), (6), or (7) of 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 under the Internal Revenue Code of 1954 in connection with such property." (143) In subsection (f) of section 631 of the bill— (A) strike out "June 1, 1984" and insert in lieu thereof "June 19, 1984", and (B) strike out "such issues" and insert in lieu thereof "such issue". ACTION GRANTS.—In

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