102 STAT. 3556

PUBLIC LAW 100-647—NOV. 10,1988

California.
Washington.

subparagraph (A) thereof) shall be taken into account in
determining whether such section applies to any later issue.
"(O) In the case of any refunding bond—
"(i) to which any subparagraph of this paragraph
applies, and
"(ii) to which the last sentence of section 1313(cX2)
applies,
such bond shall be treated as having such subparagraph
apply (and the refunding bond shall be treated for purposes
of such section as issued before January 1,1986, and as not
being an advance refunding) unless the issuer elects the
opposite result."
 (36)	Paragraph (36) of section 1317 of the Reform Act is
amended by striking out "$80,000,000" and inserting in lieu
thereof "$400,000,000".
 (37)	Paragraph (38) of section 1317 of the Reform Act is
amended by striking out "and sections 148 and 149".
(38)	Paragraphs (39) and (40) of section 1317 of the Reform Act
are amended to read as follows:
"(39) certain bonds treated as qualified 50l(cX3) bonds.—
A bond issued as part of an issue shall be treated for purposes of
part IV of subchapter B of chapter 1 of the 1986 Code as a
qualified 501(cX3) bond if—
"(A) such bond would not (if issued on August 15,1986) be
an industrial development bond (as defined in section
103(bX2) of the 1954 Code), and
"(B) such issue was approved by city voters on January
19, 1985, for construction or renovation of facilities for the
cultural and performing arts.
The aggregate face amount of bonds to which this paragraph
applies shall not exceed $5,000,000.
"(40) certain library bonds.—In the case of a bond issued
before January 1, 1986, by the City of Los Angeles Community
Redevelopment Agency to provide the library and related struc-
tures associated with the City of Los Angeles Central Library
Project, the ownership and use of the land and facilities associ-
ated with such project by persons which are not governmental
units (or payments from such persons) shall not adversely affect
the exclusion from gross income under section 103 of the 1954
Code of interest on such bonds."
(39)	Paragraph (41) of section 1317 of the Reform Act is
amended to read as follows:
"(41) certain refunding obligations for certain powtsr
facilities.—With respect to 2 net billed nuclear power facilities
located in the State of Washington on which construction has
been suspended, the requirements of section 147(b) of the 1986
Code shall be treated as satisfied with respect to refunding
bonds issued before 1992 if—
"(A) each refunding bond has a maturity date not later
than the maturity date of the refunded bond, and
"(B) the facilities have not been placed in service as of the
date of issuance of the refunding bond.
The aggregate face amount of bonds to which this paragraph
applies shall not exceed $2,000,000,000. Section 146 of the 1986
Code and the last paragraph of this section shall not apply to
bonds to which this paragraph applies."