PUBLIC LAW 100-647—NOV. 10, 1988
102 STAT. 3543
requirements of paragraph (1) shall not be treated as private activity bonds except for purposes of sections 147(f) and 149(d)." (B) The amendment made by subparagraph (A) shall apply to 26 USC 150 note, bonds issued after October 21, 1988. (25) Clause (ii) of section 1301(f)(2)(C) of the Reform Act is 26 USC 25. amended to read as follows: "(ii) Clause (ii) of section 25(c)(2)(A) is amended by striking out all that follows 'an amount of and inserting in lieu thereof 'private activity bonds which it may otherwise issue during such calendar year under section 146,'." (26) Subsection (h) of section 25 of the 1986 Code (relating to credit for interest on certain home mortgages) is amended by striking out "1987" and inserting in lieu thereof "1988". (27) The date contained in section 143(a)(l)(B) of the 1986 Code 26 USC 143 note, shall be treated as contained in section 103A(c)(l)(B) of the Internal Revenue Code of 1954, as in effect on the day before the date of the enactment of the Reform Act, for purposes of any bond issued to refund a bond to which such 103A(c)(l) applies. (28XA) Subparagraph (A) of section 146(i)(2) of the 1986 Code is amended to read as follows: "(A) the average maturity date of the qualified student loan bonds to be refunded by the issue of which the refunding bond is a part, or". (B) Subparagraph (A) of section 146(i)(3) of the 1986 Code is amended to read as follows: "(A) the average maturity date of the qualified mortgage bonds to be refunded by the issue of which the refunding bond is a part, or". (C) Subsection (i) of section 146 of the 1986 Code is amended by redesignating paragraph (4) as paragraph (5) and by inserting after paragraph (3) the following new paragraph: (4) AVERAGE MATURITY.—For purposes of paragraphs (2) and (3), avereige maturity shall be determined in accordance with section 147(b)(2)(A)." (29) Subparagraph (D) of section 147(0(2) of the 1986 Code is amended by striking out "the maturity date" and all that follows and inserting in lieu thereof "the average maturity date of the issue of which the refunding bond is a part is later than the average maturity date of the bonds to be refunded by such issue. For purposes of the preceding sentence, average maturity shall be determined in accordance with subsection (b)(2)(A). (30) Subparagraph (A) of section 150(b)(l) of the 1986 Code is amended by inserting before the period "and before the date such residence is again the principal residence of at least 1 of the mortggigors who received such financing". (31) Subparagraph (A) of section 150(b)(2) of the 1986 Code is amended by striking out "described paragraph" and inserting in lieu thereof "described in paragraph". (32) Paragraph (2) of section 150(b) of the 1986 Code is amended by adding at the end thereof the following: "If the provisions of prior law corresponding to section 142(d) apply to a refunded bond, such provisions shall apply (in lieu of section 142(d)) to the refunding bond." (33) Subsection (b) of section 150 of the 1986 Code is amended by adding at the end thereof the following new paragraph: "(6) SMALL ISSUE BONDS WHICH EXCEED CAPITAL EXPENDITURE
LIMITATION.—In the case of any financing provided from the
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