Sec. 7. Letters of credit on tax exempt bonds
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(iv)of section 149(b)(3)(A) of the Internal Revenue Code of 1986 is amended by striking a bond during the period beginning on the date of the enactment of this clause and ending on December 31, 2010 and inserting a municipal bond (as defined in section 75(b)(1)) on or after the date of enactment of the . Federal Home Loan Banks’ Mission Implementation Act Subparagraph
(E)of section 149(b)(3) of the Internal Revenue Code of 1986 is amended by striking which are at least and all that follows through the period and inserting as are established by the Director of the Federal Housing Finance Agency from time to time. . The amendments made by this section shall apply to guarantees made after the date of enactment of this Act. Effective on the date that is 2 years after the date on which the Federal Emergency Management Agency terminates the emergency declared on March 13, 2020 by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 4121 et seq. ) relating to the Coronavirus Disease 2019 (COVID–19) pandemic, section 149(b)(3) of the Internal Revenue Code of 1986 is amended— in subparagraph (A)(iv), by striking a municipal bond (as defined in section 75(b)(1)) on or after the date of enactment of the and inserting Federal Home Loan Banks’ Mission Implementation Act a bond during the period beginning on the date of the enactment of this clause and ending on December 31, 2010 ; and in subparagraph (E), by striking as are established by the Director of the Federal Housing Finance Agency from time to time and inserting which are at least as stringent as such requirements which apply under regulations applicable to such guarantees by Federal home loan banks as in effect on April 9, 2008 .
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Sec. 7
Letters of credit on tax exempt bonds
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