Laserfiche WebLink
TAX EQUITY AND FISCAL RESPONSIBILITY ACT OF 1982 <br />6. Small issue composite bonds are explicitly <br />permitted as long as all facilities in an issue <br />are located in the same state and no user (in- <br />cluding franchises) finances more than one <br />facility in the same issue. <br />7. Certain research and development expenditures <br />are excluded from the calculation of the capital <br />expenditure limits for small issue IRBs. <br />8. Bonds can additionally be used for the following <br />purposes: (a) gas distribution facilities in <br />service areas consisting of no more than a city <br />and a contiguous county; (b) local district <br />heating and cooling facilities; (c) acquisition <br />of existing pollution control facilities by a <br />regional pollution control authority which it <br />will operate; (d) advance refunding bonds for <br />certain Ponds of the Port Authority of St. Paul; <br />and (e) - °"` =as used in providing mass trans- <br />portation services. <br />9. $1 million or smaller "clean limit" bonds cannot <br />be issued as part of any other tax - exempt obli- <br />gations. <br />10. Small issues IRB's cannot be issued after December 31, <br />1986. <br />11. <br />In general, the above provisions apply to bonds <br />issued after December 31, 1982. Item #2 applies <br />to property placed in service after December 31, <br />1982 to the extent it is financed by bonds issued <br />after June 30, 1982. Items #6,8,9, and 10 are <br />effective after the date of enactment of the Act. <br />Certain exceptions are made for refunding bonds. <br />12. After December 31, 1982, all tax - exempt obligations <br />must be issued in registered form except those not <br />offered for public sale or less than 1 year in <br />maturity. <br />