[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2642 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 2642

  To provide for financing of certain recreational facilities in the 
                    White Mountain National Forest.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 15, 1993

  Mr. Swett introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To provide for financing of certain recreational facilities in the 
                    White Mountain National Forest.

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

SECTION 1. FINANCING AUTHORIZED.

    (a) In General.--A bond issued as part of an issue 95 percent or 
more of the net proceeds of which are to be used to provide sports 
facilities (within the meaning of section 103(b)(4)(B) of the Internal 
Revenue Code of 1954) shall be treated as an exempt facility bond for 
purposes of part IV of subchapter B of chapter 1 of the Internal 
Revenue Code of 1986 if such facilities meet the following 
requirements:
            (1) The facilities are located in or in the immediate 
        vicinity of the White Mountain National Forest and are part of 
        a single recreational complex located in one town.
            (2) A portion of the facilities are described in a 
        resolution adopted by a State industrial development authority 
        on July 17, 1985.
    (b) Clarification of Resolution.--The resolution described in 
subsection (a)(2) shall be treated as if it describes all of the sports 
facilities in or to be in the recreational complex described in 
subsection (a)(1) and such facilities shall be treated as if they were 
a single facility the acquisition and construction of which began 
before September 2, 1972, and which is not now substantially complete.
    (c) Limitation.--The aggregate face amount of bonds that may be 
issued under this section (excluding current refundings) shall not 
exceed $40,000,000.
    (d) Effective Date.--This section shall take effect on the date of 
the enactment of this Act. This section shall not apply to any bond 
(excluding current refundings) issued after September 30, 2003.

                                 <all>