§ 1318. DEFINITIONS, ETC., RELATING TO EFFECTIVE DATES AND TRANSITIONAL RULES.

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Definitions .— For purposes of this subtitle— code .— The term ‘1954 Code’ means the Internal Revenue Code of 1954 as in effect on the day before the date of the enactment of this Act [ Oct. 22, 1986 ]. code .— The term ‘1986 Code’ means the Internal Revenue Code of 1986 as amended by this Act [see Tables for classification]. Bond .— The term ‘bond’ includes any obligation. Advance refund .— A bond shall be treated as issued to advance refund another bond if it is issued more than 90 days before the redemption of the refunded bond.

Net proceeds .— The term ‘net proceeds’ has the meaning given such term by section 150(a) of the 1986 Code. Continued application of the 1954 code .— Nothing in this subtitle shall be construed to exempt any bond from any provision of the 1954 Code by reason of a delay in (or exemption from) the application of any amendment made by subtitle A [sections 1301 to 1303 of Pub. L. 99–514 , enacting this section and sections 142 to 150 and 7703 of this title, amending sections 2, 22, 25, 32, 86, 103, 105, 152, 153, 163, 172, 194, 269A, 414, 879, 1016, 1398, 3402, 4701, 4940, 4942, 4988, 6362, 6652, and 7871 of this title, repealing sections 103A, 1391 to 1397, and 6039B of this title, omitting former section 143 of this title , enacting provisions set out as notes under this section and sections 148 and 501 of this title, and amending provisions set out as a note under section 103A of this title ].

Treatment as exempt facility .— Any bond which is treated as an exempt facility bond by section 1316 or 1317 shall not fail to be so treated by reason of subsection

(b)of section 142 of the 1986 Code. Application of future legislation to transitioned bonds .— In the case of any bond to which the amendments made by section 1301 [for classification see section 1311(a) of this note] do not apply by reason of a provision of this Act [see Tables for classification], any amendment of the 1986 Code (and any other provision applicable to such Code) included in any law enacted after October 22, 1986 , shall be treated as included in section 103 and section 103A (as appropriate) of the 1954 Code with respect to such bond unless— such law expressly provides that such amendment (or other provision) shall not apply to such bond, or such amendment (or other provision) applies to a provision of the 1986 Code— for which there is no corresponding provision in section 103 and section 103A (as appropriate) of the 1954 Code, and which is not otherwise treated as included in such sections 103 and 103A with respect to such bond. Minimum Tax Treatment.— In general .— Any bond described in paragraph

(2)shall not be treated as a private activity bond for purposes of section 57 of the 1986 Code unless such bond would (if issued on August 7, 1986 ) be— an industrial development bond (as defined in section 103(b)(2) of the 1954 Code), or a private loan bond (as defined in section 103( o )(2)(A) of the 1954 Code, without regard to any exception from such definition other than section 103( o )(2)(C) of such Code). Bonds described .— For purposes of paragraph (1), a bond is described in this paragraph if— the amendments made by section 1301 [for classification see section 1311(a) of this note] do not apply to such bond by reason of section 1312 or 1316(g), any provision of section 1317 applies to such bond, or the proceeds of such bond are used to refund any bond referred to in subparagraph

(A)or

(B)(or any bond which is part of a series of refundings of such a bond) if the requirements of paragraphs (1), (2), and

(3)of subsection

(c)are met with respect to the refunding bond. Current Refundings Not Taken Into Account in Applying Aggregate Limit on Bonds to Which Transitional Rules Apply .— The limitation on the aggregate face amount of bonds to which any provision of section 1316(g) or 1317 applies shall not be reduced by the face amount of any bond the proceeds of which are to be used exclusively to refund any bond to which such provision applies (or any bond which is part of a series of refundings of such bond) if— the average maturity date of the issue of which the refunding bond is a part is not later than the average maturity date of the bonds to be refunded by such issue, the amount of the refunding bond does not exceed the outstanding amount of the refunded bond, and the net proceeds of the refunding bond are used to redeem the refunded bond not later than 90 days after the date of the issuance of the refunding bond. For purposes of paragraph (1), average maturity shall be determined in accordance with section 147(b)(2)(A) of the 1986 Code. No limitation in section 1316(g) or 1317 on the period during which bonds may be issued under such section shall apply to any refunding bond which meets the requirements of this subsection. Special Rule Permitting Carryforward of Volume Cap for Certain Transitioned Projects .— A bond to which section 1312 or 1317 applies shall be treated as having a carryforward purpose described in section 146(f)(5) of the 1986 Code, and the requirement of section 146(f)(2)(A) of the 1986 Code shall be treated as met if such project is identified with reasonable specificity. The preceding sentence shall not apply so as to permit a carryforward with respect to any qualified small issue bond.”

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Pub. L. 99-514

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§ 1318

DEFINITIONS, ETC., RELATING TO EFFECTIVE DATES AND TRANSITIONAL RULES.

Pub. L.Pub. L. 99-514

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