' 116 STAT. 38 PUBLIC LAW 107-147—MAR. 9, 2002 bond (determined without regard to paragraph (1)), if the issuer elects to so treat such portion. " (e) ADVANCE REFUNDINGS OF CERTAIN TAX-EXEMPT BONDS.— "(1) IN GENERAL. —With respect to a bond described in paragraph (2) issued as part of an issue 90 percent (95 percent in the case of a bond described in paragraph (2)(C)) or more of the net proceeds (as defined in section 150(a)(3)) of which were used to finance facilities located within the City of New York, New York (or property which is functionally related and subordinate to facilities located within the City of New York for the furnishing of water), one additional advanced refunding after the date of the enactment of this section and before January 1, 2005, shall be allowed under the applicable rules of section 149(d) if— "(A) the Governor or the Mayor designates the advance refunding bond for purposes of this subsection, and "(B) the requirements of paragraph (4) are met. "(2) BONDS DESCRIBED. —^A bond is described in this paragraph if such bond was outstanding on September 11, 2001, and is— "(A) a State or local bond (as defined in section 103(c)(1)) which is a general obligation of the City of New York, New York, "(B) a State or local bond (as so defined) other than a private activity bond (as defined in section 141(a)) issued by the New York Municipal Water Finance Authority or the Metropolitan Transportation Authority of the State of New York, or "(C) a qualified 501(c)(3) bond (as defined in section 145(a)) which is a qualified hospital bond (as defined in section 145(c)) issued by or on behalf of the State of New York or the City of New York, New York. "(3) AGGREGATE LIMIT.— For purposes of paragraph (1), the maximum aggregate face amount of bonds which may be designated under this subsection by the Governor shall not exceed $4,500,000,000 and the maximum aggregate face amount of bonds which may be designated under this subsection by the Mayor shall not exceed $4,500,000,000. "(4) ADDITIONAL REQUIREMENTS. —The requirements of this paragraph are met with respect to any advance refunding of a bond described in paragraph (2) if— "(A) no advance refundings of such bond would be allowed under any provision of law after September 11, 2001, "(B) the advance refunding bond is the only other outstanding bond with respect to the refunded bond, and "(C) the requirements of section 148 are met with respect to all bonds issued under this subsection. "(f) INCREASE IN EXPENSING UNDER SECTION 179.— "(1) IN GENERAL.— For purposes of section 179— "(A) the limitation under section 179(b)(1) shall be increased by the lesser of— "(i) $35,000, or "(ii) the cost of section 179 property which is qualified New York Liberty Zone property placed in service during the taxable year, and
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