PUBLIC LAW 99-514—OCT. 22, 1986
100 STAT. 2887
(ii) such authority issues obligations for such facility before January 1, 1988, and (iii) expenditures have been made for the development of such facility before October 19, 1983, (B) i f (i) such facility is operated by the South Eastern Public Service Authority of Virginia, and (ii) on December 20, 1984, the Internal Revenue Service issued a ruling concluding that a portion of the obligations with respect to such facility would not be treated as federally guaranteed under section 103(h) of such Code by reason of the transitional rule contained in section 631(c)(3)(A)(i) of the Tax Reform Act of 1984, ,::-
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•;v.
(C)i^
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(i) a political subdivision of a State took formal action on April 1, 1980, to commit development funds for such facility, (ii) such facility has a contract to sell steam to a naval base, (iii) such political subdivision issues obligations for such facility before January 1, 1988, and (iv) expenditures have been made for the development of such facility before October 19, 1983, or (D) i f (i) such facility is a thermal transfer facility, (ii) is to be built and operated by the Elk Regional Resource Authority, and (iii) is to be on land leased from the United States Air Force at Arnold Engineering Development Center near Tullahoma, Tennessee. (3) LIMITATIONS.—
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(A) In the case of a solid waste disposal facility described in paragraph (2)(A), the aggregate face amount of obligations to which paragraph (1) applies shall not exceed $65,000,000. (B) In the case of a solid waste disposal facility described in paragraph (2)(B), the aggregate face amount of obligations to which paragraph (1) applies shall not exceed $20,000,000. Such amount shall be in addition to the amount permitted under the Internal Revenue Service ruling referred to in paragraph (2)(B)(ii). (C) In the case of a solid waste disposal facility described in paragraph (2)(C), the aggregate face amount of obligations to which paragraph (1) applies shall not exceed $75,000,000. (D) In the case of a solid waste disposal facility described in paragraph (2)(D), the aggregate face amount of obligations to which paragraph (1) applies shall not exceed $25,000,000.
SEC. 1866. TRANSITIONAL RULE FOR LIMIT ON SMALL ISSUE EXCEPTION.
The amendment made by section 623 of the Tax Reform Act of 1984 shall not apply to any obligation issued to refund another taxexempt IDB to which the amendment made by such section 623 did not apply if— (1) the refunding obligation has a maturity date not later than the maturity date of the refunded obligation,
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