PUBLIC LAW 99-514—OCT. 22, 1986
100 STAT. 2701
(A) such bond is issued to provide a sports or convention facility described in section 103(b)(4)(B) or (C) of the 1954 Code, (B) such bond is not described in section 103(b)(2) or (o)(2)(A) of such Code, (C) legislation by a State legislature in connection with such facility was enacted on July 19, 1985, and was designated Chapter 375 of the Laws of 1985, and (D) legislation by a State legislature in connection with the appropriation of funds to a State public benefit corporation for loans in connection with the construction of such facility was enacted on April 17, 1985, and was designated Chapter 41 of the Laws of 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $35,000,000. (27) SMALL ISSUE TERMINATION.—Section 144(a)(12) of the
1986
Code shall not apply to any bond issued as part of an issue 95 percent or more of the net proceeds of which are to be used to provide a facility described in any of the following subparagraphs: (A) A facility is described in this subparagraph if— (i) the facility is a hotel and office facility located in a State capital, (ii) the economic development corporation of the city in which the facility is located adopted an initial inducement resolution on October 30, 1985, and (iii) a feasibility consultant was retained on February 21, 1986, with respect to such facility. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $10,000,000. (B) A facility is described in this subparagraph if such facility is financed by bonds issued by a State finance authority which was created in April 1985 by Act 1062 of the State General Assembly, and the Bond Guarantee Act (Act 505 of 1985) allowed such authority to pledge the interest from investment of the State's general fund as a guarantee for bonds issued by such authority. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $75,000,000. (C) A facility is described in this subparagraph if such facility is a downtown mall and parking project for Holland, Michigan, with respect to which an initial agreement was formulated with the city in May 1985 and a formal memorandum of understanding was executed on July 2, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $18,200,000. (D) A facility is described in this subparagraph if such facility is a downtown mall and parking ramp project for Traverse City, Michigan, with respect to which a final development agreement was signed in June 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $21,500,000. (E) A facility is described in this subparagraph if such facility is the rehabilitation of the Heritage Hotel in Marquette, Michigan. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $5,000,000.
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