98 STAT. 918
PUBLIC LAW 98-369—JULY 18, 1984 "(ii) specify the portion of the excess described in subparagraph (A) which is to be a carr3rforward for each such project. "(C) U S E OF CARRYFORWARD.—
"(i) IN GENERAL.—If any issuing authority elects a carryforward under subparagraph (A) with respect to any carryforward project, any private activity bonds issued by such authority with respect to such project during the 3 calendar years (or, in the case of a project described in subsection (b)(4)(F), 6 calendar years) following the calendar year in which the carryforward arose shall not be taken into account under paragraph (1) to the extent the amount of such bonds do not exceed the amount of the carryforward elected for such project. "(ii) ORDER IN WHICH CARRYFORWARD USED.—Carry-
forwards elected with respect to any project shall be used in the order of the calendar years in which they arose. "(D) ELECTION.—Any election made under this paragraph shall be made at such time and in such manner as the Secretary shall by regulations prescribe. Any such election (and any specification contained therein), once made, shall be irrevocable. "(E) CARRYFORWARD PROJECT.—For purposes of this paragraph, the term 'carr5rforward project' means— "(i) any project described in paragraph (4) or (5) of subsection (b), and "(ii) the purpose of issuing student loan bonds. "(11)
TREATMENT
OF
QUALIFIED
SCHOLARSHIP
FUNDING
BONDS.—In the case of a qualified scholarship funding bond (as defined in subsection (e)), such bond shall be treated for purposes of this subsection as issued by a State or local issuing authority (whichever is appropriate). "(12) CERTIFICATION OF NO CONSIDERATION FOR ALLOCATION.—
"(A) IN GENERAL.—Any private activity bond allocated any portion of the State limit shall not be exempt from tax under subsection (a) unless the public official if any responsible for such allocation certifies under penalty of perjury that the allocation was not made in consideration of any bribe, gift, gratuity, or direct or indirect contribution to any political campaign. "(B)
26 USC 103.
ANY CRIMINAL PENALTY MADE APPLICABLE.—Any
person willfully making an allocation described in subparagraph (A) in consideration of any bribe, gift, gratuity, or direct or indirect contribution to any politicad campaign shall be subject to criminal penalty to the same extent as if such allocation were a willful attempt to evade tax imposed by this title." SEC. 622. TAX EXEMPTION DENIED WHERE OBLIGATION DIRECTLY OR INDIRECTLY GUARANTEED BY FEDERAL GOVERNMENT. Subsection (h) of section 103 (relating to certain obligations which must not be guaranteed or subsidized under a energy program) is amended to read as follows: "(h) OBLIGATION MUST NOT B E GUARANTEED, ETC.—
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