PUBLIC LAW 99-514—OCT. 22, 1986
100 STAT. 2687
(ii) on March 7, 1986, the county commissioners voted to create a county convention facilities authority and to submit to county voters a ¥2 cent sales and use tax to finance such facility. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $150,000,000. (C) A sports or convention facility is described in this sulsparagraph if^ (i) a feasibility consultant and a design consultant were hired prior to October 1980 with respect to such facility, (ii) a feasibility report dated October 1980 with respect to such facility was presented to a city or county in which such facility is to be located, and (iii) on September 7, 1982, a joint city/county resolution appointed a committee which was charged with the task of independently reviewing the studies and present need for the facility. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $60,000,000. (D) A sports or convention facility is described in this subparagraph if— (i) such facility is a multipurpose coliseum facility for which, before January 1, 1985, a city, an auditorium district created by the State legislature within which such facility will be located, and a limited partnership executed an enforceable contract, (ii) significant governmental action regarding such facility was taken before May 23, 1983, and (iii) inducement resolutions were passed for issuance of bonds with respect to such facility on May 26, 1986. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $25,000,000. (9) PARKING FACILITIES.—A bond issued as part of an issue 95 percent or more of the net proceeds of which are to be used to provide a parking facility (within the meaning of section 103a)X4XD) of the 1954 Code) shall be treated as an exempt facility bond for purposes of part IV of subchapter B of chapter 1 of the 1986 Code if such facility is described in any of the following subparagraphs: (A) A facility is described in this subparagraph if— (i) there was an inducement resolution on March 9, 1984, for the issuance of bonds with respect to such facility, and (ii) such resolution was extended by resolutions passed on August 14, 1984, April 2, 1985, August 13, 1985, and July 8, 1986. The aggregate face smiount of bonds to which this subparagraph applies shall not exceed $30,000,000. (B) A facility is described in this subparagraph if^ (i) such facility is for a university medical school, (ii) the last parcel of land necessary for such facility was purchased on February 4, 1985, and (iii) the amount of bonds to be issued with respect to such facility was increased by the State legislature of the State in which the facility is to be located as part of its 1983-1984 general appropriations act.
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