101 STAT. 1330-456
PUBLIC LAW 100-203—DEC. 22, 1987
Ji;qi> o Icf' "(i) paragraph (2) shall not apply, 9(i "•' "(ii) such obligation shall be treated for purposes of '<i < this title as a qualified small issue bond, and oi "(iii) section 146 shall not apply. fc
"(B)
OBLIGATIONS TO WHICH PARAGRAPH APPLIES.—This
paragraph shall apply to any obligation issued as part of an o:. i issue if— "(i) 95 percent or more of the net proceeds of the Oi)5r.^ issue are to be used for the acquisition, construction, > V !%'fiq, -; reconstruction, or improvement of property which is of a character subject to the allowance for depreciation n'H rx ':;: and which is part of a manufacturing facility (as defined in section 144(a)(12XC)), oi "(ii) such issue is issued by an Indian tribal governiioi. ment or a subdivision thereof, aidj o it "(iii) 95 percent or more of the net proceeds of the 001issue are to be used to finance property which— "\ "(I) is to be located on land which, throughout the 5-year period ending on the date of issuance of such issue, is part of the qualified Indian lands of •^jh zpii(m the issuer, and "(II) is to be owned and operated by such issuer, ctr;; ^: OBU ff2 "(iv) such obligation would not be a private activity -sasHi.:;i bond without regard to subparagraph (C), ^br "(v) it is reasonably expected (at the time of issuance bf* of the issue) that the employment requirement of subparagraph (D)(i) will be m e t with respect to the »;/? f /cf >L facility to be financed by the n e t proceeds of the issue, and "(vi) no principal user of such facility will be a person .ti, ^ (or group of persons) described in section 144(a)(6)(B). For purposes of clause (iii), section 150(a)(5) shall apply. 19?- »i "(C) PRIVATE ACTIVITY BOND RULES TO APPLY.—An obligation to which this paragraph applies (other than an obligaB '{d i: tion described in paragraph (D) shall be treated for purposes of this title as a private activity bond. dWJ
"(D) EMPLOYMENT REQUIREMENTS.—
"(i) IN GENERAL.—The employment requirements of no BVQ'-•:.,'• this subparagraph are met with respect to a facility financed by the net proceeds of an issue if, as of the rfiog "• 5s close of each calendar year in the testing period, the aggregate face amount of all outstanding tax-exempt private activity bonds issued to provide financing for the establishment which includes such facility is not j..»T'# ' j;; >;. more than 20 times greater than the aggregate wages (as defined by section 3121(a)) paid during the precedi'ls: ing calendar year to individuals (who are enrolled M-. members of the Indian tribe of the issuer or the spouse of any such member) for services rendered at such establishment, o*
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"(ii) FAILURE TO MEET REQUIREMENTS.— "(I) IN GENERAL.—If, as of the close of any cal-
endar year in the testing period, the requirements of this subparagraph are not met with respect to an establishment, section 103 shall cease to apply to interest received or accrued (on all private activity bonds issued to provide financing for the
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