102 STAT. 3540
26 USC 148 note.
PUBLIC LAW 100-647—NOV. 10, 1988 treated (at the election of the issuer) as 1 issue for purposes of the preceding sentence if no bond which is part of any issue in such series has a maturity of more than 270 days or is a private activity bond." (16XA) Subclause (I) of section 148(f)(4)(B)(iii) of the 1986 Code (relating to safe harbor for determining when proceeds of tax or revenue anticipation bonds are expended) is amended by striking out "aggregate face amount of such issue" and inserting in lieu thereof "proceeds of such issue". (B) The amendment made by subparagraph (A) shall apply to bonds issued after June 30, 1987. (17XA) Subparagraph (C) of section 148(f)(4) of the 1986 Code is amended— (i) by striking out the heading and inserting in lieu thereof: "(C) EXCEPTION FOR GOVERNMENTAL $5,000,000 OR LESS OF BONDS.— "(i) IN GENERAL.—",
UNITS
ISSUING
(ii) by redesignating clauses (i) through (iv) as subclauses (I) through (IV), respectively, and moving the margins of such subclauses 2 ems to the right, and (iii) by striking out the last sentence and inserting in lieu thereof the following new clauses: "(ii) AGGREGATION OF ISSUERS.—For purposes of subclause (IV) of clause (i)— "(I) an issuer and all entities which issue bonds on behalf of such issuer shall be treated as 1 issuer, "(n) all bonds issued by a subordinate entity shall, for purposes of applying such subclause to each other entity to which such entity is subordinate, be treated as issued by such other entity, and "(IQ) an entity formed (or, to the extent provided by the Secretary, availed of) to avoid the purposes of such subclause (TV) and all other entities benefiting thereby shall be treated as 1 issuer, "(iii) (SKTAIN REFUNDING BONDS NOT TAKEN INTO ACCOUNT IN DETERMINING SMALL ISSUER STATUS.—There
shall not be taken into account under subclause (IV) of clause (i) any bond issued to refund (other than to advance refund) any bond to the extent the amount of the refunding bond does not exceed the outstanding amount of the refunded bond. "(iv) CERTAIN ISSUES ISSUED BY SUBORDINATE GOVERNMENTAL UNITS, ETC., EXEBfFT FROM REBATE REQUIRE-
MENT.—An issue issued by a subordinate entity of a governmental unit with general taxing powers shall be treated as described in clause (i)CD if the aggr^ate face amount of such issue does not exceed the lesser of— "a) $5,000,000, or "(II) the amount which, when added to the aggregate face amount of other issues issued by such entity, does not exceed the portion of the $5,000,000 limitation under clause dXTV) which such governmental unit allocates to such entity. For purposes of the preceding sentence, an entity which issues bonds on behalf of a governmental unit with general taxing powers shall be treated as a
�
