[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S. 1676 Introduced in Senate (IS)]


104th CONGRESS
  2d Session
                                S. 1676

      To permit the current refunding of certain tax-exempt bonds.


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                   IN THE SENATE OF THE UNITED STATES

                             April 16, 1996

  Mr. Faircloth (for himself and Mr. Helms) introduced the following 
  bill; which was read twice and referred to the Committee on Finance

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                                 A BILL


 
      To permit the current refunding of certain tax-exempt bonds.

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

SECTION 1. CURRENT REFUNDINGS OF CERTAIN TAX-EXEMPT BONDS.

    (a) In General.--Subsection (c) of section 10632 of the Revenue Act 
of 1987 (relating to bonds issued by Indian tribal governments) is 
amended by adding at the end the following new sentence: ``The 
amendments made by this section shall not apply to any obligation 
issued after such date if--
            ``(1) such obligation is issued (or is part of a series of 
        obligations issued) to refund an obligation issued on or before 
        such date,
            ``(2) the average maturity date of the issue of which the 
        refunding obligation is a part is not later than the average 
        maturity date of the obligations to be refunded by such issue,
            ``(3) the amount of the refunding obligation does not 
        exceed the outstanding amount of the refunded obligation, and
            ``(4) the net proceeds of the refunding obligation are used 
        to redeem the refunded obligation not later than 90 days after 
        the date of the issuance of the refunding obligation.
For purposes of paragraph (2), average maturity shall be determined in 
accordance with section 147(b)(2)(A) of the Internal Revenue Code of 
1986.''
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to refunding obligations issued after the date of the enactment 
of this Act.
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