[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3904 Introduced in House (IH)]

103d CONGRESS
  2d Session
                                H. R. 3904

To provide that certain service or management contracts will not result 
in municipal water or wastewater facilities being treated as used in a 
    private business use for purposes of the limitations on private 
                            activity bonds.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 24, 1994

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

_______________________________________________________________________

                                 A BILL


 
To provide that certain service or management contracts will not result 
in municipal water or wastewater facilities being treated as used in a 
    private business use for purposes of the limitations on private 
                            activity bonds.

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

SECTION 1. TREATMENT OF CERTAIN SERVICE OR MANAGEMENT CONTRACTS.

    (a) General Rule.--The provisions of services under a service or 
management contract shall not result in any municipal water or 
wastewater facility being treated as used in a private business use for 
purposes of section 141 of the Internal Revenue Code of 1986 if the 
requirements of section 5 of Revenue Procedure 93-19 are satisfied, 
except that, for purposes of this subsection, such Revenue Procedure 
shall be applied--
            (1) by substituting ``fifteen'' for ``five'' in section 
        5.03, and
            (2) as if it did not contain section 5.04.
    (b) Effective Date.--The provisions of subsection (a) shall take 
effect on the date of the enactment of this Act.

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