96 STAT. 472
PUBLIC LAW 97-248—SEPT. 3, 1982 (A) CONSTRUCTION OR BINDING AGREEMENT.—The amendments made by this section shall not apply with respect to facilities the original use of which commences with the taxpayer and— (i) the construction, reconstruction, or rehabilitation of which began before July 1, 1982, or (ii) with respect to which a binding agreement to incur significant expenditures was entered into before July 1, 1982. (B) REFUNDING.—
(i) IN GENERAL.—Except as provided in clause (ii), in the case of property placed in service after December 31, 1982 which is financed by the proceeds of an obligation which is issued solely to refund another obligation which was issued before July 1, 1982, the amendments made by this section shall apply only with respect to the basis in such property which has not been recovered before the date such refunding obligation is issued, (ii) SIGNIFICANT EXPENDITURES.—In the case of facilities the original use of which commences with the taxpayer and with respect to which significant expenditures are made before January 1, 1983, the amendments made by this section shall not apply with respect to such facilities to the extent such facilities are financed by the proceeds of an obligation issued solely to refund another obligation which was issued before July 1, 1982. In the case of an inducement resolution adopted by an issuing authority before July 1, 1982, for purposes of applying subparagraphs (A)(i) and (B)(ii) with respect to obligations described in such resolution, the term "facilities" means the facilities described in such resolution. (3) CERTAIN PROJECTS FOR RESIDENTIAL REAL PROPERTY.—For
Ante, p. 470. 26 USC 103A note. Post, pp. 477, 599.
95 Stat. 349.
purposes of clause (i) of section 168(f)(12)(C) of the Internal Revenue Code of 1954 (as added by this section), any obligation issued to finance a project described in the table contained in paragraph (1) of section 1104(n) of the Mortgage Subsidy Bond Tax Act of 1980 shall be treated as an obligation described in section 103(b)(4)(A) of the Internal Revenue Code of 1954. SEC. 217. MISCELLANEOUS. (a) EXEMPT OBLIGATIONS FOR LOCAL DISTRICT HEATING AND COOLING FACILITIES.—
(1) IN GENERAL.—Paragraph (4) of section 103(b) (relating to certain exempt activities) is amended— (A) by striking out "or" at the end of subparagraph (H), (B) by striking out the period at the end of subparagraph (I), and inserting in lieu thereof ", or", and (C) by inserting after subparagraph (I) the following new subparagraph: "(J) local district heating or cooling facilities." (2) LOCAL DISTRICT HEATING OR COOLING FACILITIES DEFINED.—
95 Stat. 349.
Subsection (b) of section 103 is amended by redesignating paragraph (10) as paragraph (13) and by inserting after paragraph (9) the following new paragraph: "(10) LOCAL DISTRICT HEATING OR COOLING FACILITY,—For purposes of this section—
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