PUBLIC LAW 98-369—JULY 18, 1984 "(1) IN GENERAL.—An obligation shall not be treated as an obligation described in subsection (a) if such obligation is federally guaranteed. "(2) FEDERALLY GUARANTEED DEFINED.—For purposes of paragraph (1), an obligation is federally guaranteed if— "(A) the payment of principal or interest with respect to such obligation is guaranted (in whole or in part) by the United States (or any agency or instrumentality thereof), "(B) such obligation is issued as part of an issue and a significant portion of the proceeds of such issue are to be— "(i) used in making loans the payment of principal or interest with respect to which are to be guaranteed (in whole or in part) by the United States (or any agency or instrumentality thereof), or "(ii) invested (directly or indirectly) in federally insured deposits or accounts, or "(C) the payment of principal or interest on such obligation is otherwise indirectly guaranteed (in whole or in part^ by the United States (or an agency or instrumentality thereof).
98 STAT. 919
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"(3) EXCEPTIONS.— "(A) CERTAIN INSURANCE PROGRAMS.—An obligation shall
not be treated as federally guaranteed by reason of— "(i) any guarantee by the Federal Housing Administration, the Veterans' Administration, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or the Government National Mortgage Association, "(ii) any guarantee of student loans and any guarantee by the Student Loan Marketing Association to finance student loans, "(iii) any guarantee by the Small Business Administration with respect to qualified contracts for pollution control facilities (within the meaning of section 404(a) of the Small Business Investment Act of 1958, as in 15 USC 694-1. effect on the date of the enactment of the Tax Reform Act of 1984) if— "(I) the Administrator of the Small Business Administration charges a fee for making such guarantee, and "(II) the amount of such fee equals or exceeds 1 percent of the amount guaranteed, or "(iv) any guarantee by the Bonneville Power Authority pursuant to the Northwest Power Act (16 U.S.C. 839d) as in effect on the date of the enactment of the Tax Reform Act of 1984 with respect to any obligation issued before July 1, 1989. "(B) DEBT SERVICE, ETC.—Paragraph (1) shall not apply to— "(i) proceeds of the issue invested for an initial temporary period until such proceeds are needed for the purpose for which such issue was issued, "(ii) investments of a bona fide debt service fund, "(iii) investments of a reserve which meet the requirements of subsection (c)(4)(B), "(iv) investments in obligations issued by the United States Treasury, or
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