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 USC150 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(cX2)(A) is amended by strik-
ing 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 lien 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 refund-
ing 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 insert-
ing after paragraph (3) the following new paragraph:
'(4) average maturity.—For purposes of paragraphs (2) and
(3), average maturity shall be determined in accordance with
section 147(b)(2)(A)."
 (29)	Subparagraph (D) of section 147(fX2) 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 (bX2XA).
 (30)	Subparagraph (A) of section 150(bXD 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 mortgagors 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 amend-
ed 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