To permit refunding of certain bonds.

Amends the Revenue Act of 1987, title X of the Omnibus Budget Reconciliation Act of 1987, with respect to bonds issued by Indian tribal governments to declare that, if certain conditions are met, its provisions do not apply to any bond whose proceeds are used exclusively to refund a bond that was part of a specified issue of a Special Obligation Revenue Bonds Series 1986, issued by a recognized tribe of Indians.

[Congressional Bills 103th Congress]
[From the U.S. Government Printing Office]
[H.R. 4397 Introduced in House (IH)]

103d CONGRESS
  2d Session
                                H. R. 4397

                 To permit refunding of certain bonds.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 11, 1994

 Mr. Taylor of North Carolina introduced the following bill; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
                 To permit refunding of certain bonds.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. REFUNDING OF CERTAIN BONDS PERMITTED.

    (a) In General.--The amendments made by section 10632 of the 
Revenue Act of 1987 (Public Law 100-203) shall not apply to any bond 
the proceeds of which are used exclusively to refund (including advance 
refund) a bond that was part of the $31,750,000 issue of Special 
Obligation Revenue Bonds Series 1986 issued by a recognized tribe of 
Indians between September 24, 1986 and September 26, 1986, (or to a 
bond that is part of a series of refundings of such bond); provided 
if--
            (1) the amount of the refunding bond does not exceed the 
        amount necessary to retire the refunded bond; and
            (2) the average maturity of the issue of which the 
        refunding bond is a part does not exceed the average maturity 
        of the original issue.
    (b) Effective Date.--Subsection (a) shall apply to bonds issued 
after the date of enactment of this Act.

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