Sec. 204. Exempt-facility bonds for sewage and water supply facilities
146 words·~1 min read·
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Paragraph
(3)of section 146(g) of the Internal Revenue Code of 1986 is amended by inserting (4), (5), after (2), . Paragraphs
(2)and (3)(B) of section 146(k) are both amended by striking (4), (5), (6), or and inserting
(6). Subsection
(c)of section 7871 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: Paragraph
(2)shall not apply to an exempt facility bond 95 percent or more of the net proceeds (as defined in section 150(a)(3)) of which are to be used to provide facilities described in paragraph
(4)or
(5)of section 142(a). . Paragraph
(2)of section 7871(c) is amended by striking paragraph
(3)and inserting paragraphs
(3)and
(4). The amendments made by this section shall apply to obligations issued on or after the date of the enactment of this Act.