102 STAT. 3558

PUBLIC LAW 100-647—NOV. 10, 1988

(51) Subparagraph (I) of section 1317(33) of the Reform Act is
amended by striking out "November 11, 1985" and inserting in
lieu thereof "November 1,1985".

(52) Subparagraph (J) of section 1317(3) of the Reform Act is
amended by striking out "October 29" in clause (iv) and insert-
ing in lieu thereof "November 5".

(h) AMENDMENTS RELATED TO SECTION 1318 OF THE REFORM ACT.—
26 USC141 note. Section 1318 of the Reform Act (relating to definitions, etc., relating
to effective dates and transitional rules) is amended—

(1) by inserting "(a) DEFINITIONS.—" before "For purposes of
this subtitle^—", and

(2) by adding at the end thereof the following new subsections:
"(b) MINIMUM TAX TREATMENT.—

"(1) IN GENERAL.—Any bond described in paragraph (2) shall
not be treated as a private activity bond for purposes of section
57 of the 1986 Code unless such bond would (if issued on August
7,1986) be—

"(A) an industrial development bond (as defined in sec-
tion 103(bX2) of the 1954 Code), or

"(B) a private loan bond (as defined in section 103(oX2)(A)
of the 1954 Code, without regard to any exception from such
definition other than section 103(o)(2XC) of such Code).
"(2) BONDS DESCRIBED.—For purposes of paragraph (1), a bond
is described in this paragraph if—

"(A) the amendments made by section 1301 do not apply

to such bond by reason of section 1312 or 1316(g),

"(B) any provision of section 1317 applies to such bond, or

"(C) the proceeds of such bond are used to refund any

bond referred to in Subparagraph (A) or (B) (or any bond

which is part of a series of refundings of such a bond) if the

requirements of paragraphs (1), (2), and (3) of subsection (c)

are met with respect to the refunding bond.

"(c) CURRENT REFUNDINGS Nor TAKEN INTO ACCOUNT IN APPLYING

AGGREGATE LIMIT ON BONDS TO WHICH TRANSITIONAL RULES

APPLY.—The limitation on the aggregate face amount of bonds to

which any provision of section 1316(g) or 1317 applies shall not be

reduced by the face amount of any bond the proceeds of which are to

be used exclusively to refund any bond to which such provision

applies (or any bond which is part of a series of refundings of such

bond) if—

"(1) the average maturity date of the issue of which the
refunding bond is a part is not later than the average maturity
date of the bonds to be refunded by such issue,

"(2) the amount of the refunding bond does not exceed the
outstanding amount of the refunded bond, and

"(3) the net proceeds of the refunding bond are used to redeem
the refunded bond not later than 90 days after the date of the
issuance of the refunding bond.

For purposes of paragraph (1), average maturity shall be determined
in accordance with section 147(bX2XA) of the 1986 Code. No limita-
tion in section 1316(g) or 1317 on the period during which bonds may
be issued under such section shall apply to any refunding bond
which meets the requirements of this subsection.

"(d) SPECIAL RULE PERMITTING CARRYFORWARD OF VOLUME CAP
FOR CERTAIN TRANSITIONED PROJECTS.—A bond to which section 1312
or 1317 applies shall be treated as having a carryforward purpose
described in section 146(fX5) of the 1986 Code, and the requirement