12 2 STA T .384 2 PUBLIC LA W 11 0– 343 —O CT. 3 , 2008 ‘ ‘ (3)theis s u e rd esi gna tes su c h bo nd f or p urposes of this section . ‘‘(b) REDUC ED CR ED ITAMO U N T. —T he annua l credit deter m ined under section 54 A(b) w ith respect to an yq ualified energy conser v a - tion bond shall be 70 percent of the amount so determined without regard to this subsection. ‘‘(c) L IMIT A TION ON AMOUNT O FB OND SD ESI G NATED.—The ma x - imum aggregate face amount of bonds which may be designated under subsection (a) by any issuer shall not exceed the limitation amount allocated to such issuer under subsection (e). ‘‘(d) N ATIONA L LIMITATION ON AMOUNT OF BONDS DES- IGNATED.—There is a national qualified energy conservation bond limitation of $8 00 , 000,000. ‘‘(e) ALLOCATIONS.— ‘‘( 1 ) I N GENERAL.—The limitation applicable under sub- section (d) shall be allocated by the S ecretary among the States in proportion to the population of the States. ‘‘( 2 ) ALLOCATIONS TO LARGEST LOCAL GO V ERNMENTS.— ‘‘(A) IN GENERAL.—In the case of any State in which there is a large local government, each such local govern- ment shall be allocated a portion of such State ’ s allocation which bears the same ratio to the State’s allocation (deter- mined without regard to this subparagraph) as the popu- lation of such large local government bears to the popu- lation of such State. ‘‘(B) ALLOCATION OF UNUSED LIMITATION TO STATE.— The amount allocated under this subsection to a large local government may be reallocated by such local govern- ment to the State in which such local government is located. ‘‘(C) LARGE LOCAL GOVERNMENT.— F or purposes of this section, the term ‘large local government’ means any municipality or county if such municipality or county has a population of 100,000 or more. ‘‘(3) ALLOCATION TO ISSUERS
RESTRICTION ON P RIVATE ACTIVIT YB ONDS.—Any allocation under this subsection to a State or large local government shall be allocated by such State or large local government to issuers within the State in a manner that results in not less than 70 percent of the allocation to such State or large local government being used to designate bonds which are not private activity bonds. ‘‘(f) Q UALIFIED CONSERVATION P URPOSE.—For purposes of this section— ‘‘(1) IN GENERAL.—The term ‘qualified conservation purpose’ means any of the following
‘‘(A) Capital expenditures incurred for purposes of— ‘‘(i) reducing energy consumption in publicly-owned buildings by at least 20 percent, ‘‘(ii) implementing green community programs, ‘‘(iii) rural development involving the production of electricity from renewable energy resources, or ‘‘(iv) any qualified facility (as determined under section 45(d) without regard to paragraphs (8) and (10) thereof and without regard to any placed in service date). ‘‘(B) E xpenditures with respect to research facilities, and research grants, to support research in—
�
