102 STAT. 3448
26 USC 265 note.
PUBLIC LAW 100-647—NOV. 10, 1988 "(HI) the refunding obligation has a maturity date which is not later than the date which is 30 years after the date the original qualified taxexempt obligation was issued. Subclause (11) shall not apply if the average maturity of the issue of which the original qualifi^ tax-exempt obligation was a part (and of the issue of which the obligations to be refunded are a part) is 3 years or less. For purposes of this clause, average maturity shall be determined in accordance with section 147(b)(2)(A). "(iii) CERTAIN OBLIGATIONS MAY NOT BE DESIGNATED O DEEMED DESIGNATED.—No obligation issued as part R of an issue may be designated under this paragraph (or may be treated as designated under clause (ii)) if— "(I) any obligation issued as part of such issue is issued to refund another obligation, and "(II) the aggregate face amount of such issue exceeds $10,000,000. "(E) AGGREGATION OP ISSUERS.—For purposes of subparagraphs (C) and (D)— "(i) an issuer and all entities which issue obligations on behalf of such issuer shall be treated as 1 issuer, "(ii) all obligations issued by a subordinate entity shall, for purposes of applying subparagraphs (C) and (D) to each other entity to which such entity is subordinate, be treated as issued by such other entity, and "(iii) an entity formed (or, to the extent provided by the Secretary, availed of) to avoid the purposes of subparagraph (C) or (D) and all entities benefiting thereby shall be treated as 1 issuer. "(F) TREATMENT OF COMPOSITE ISSUES.—In the case of an obligation which is issued as part of a direct or indirect composite issue, such obligation shall not be treated as a qualified tax-exempt obligation unless— "(i) the requirements of this paragraph are met with respect to such composite issue (determined by treating such composite issue as a single issue), and "(ii) the requirements of this paragraph are met with respect to each separate lot of obligations which are part of the issue (determined by treating each such separate lot as a separate issue)." (B) In the case of any obligation issued after August 7, 1986, and before January 1, 1987, the time for msdking a designation with respect to such obligation under section 265(b)(3)(B)(iii) of the 1986 Code shall not expire before January 1, 1989. (C)If(i) an obligation is issued on or after January 1, 1986, and on or before August 7, 1986, (ii) when such obl^ation was issued, the issuer made a designation that it intended to qualify under section 802(e)(3) of H.R. 3838 of the 99th Congress as passed by the House of Representatives, and (iii) the issuer makes an election under this subparagraph with respect to such obligation, for purposes of section 265(b)(3) of the 1986 Code, such obligation shall be treated as issued on August 8, 1986.
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