,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #aaig  ,,in ,,the ,,house ,,of  
,,representatives  ,march #ad1 #bjac    
,mr4 ,ross introduced the following     
bill2 which was referred to the         
,committee on ,ways and ,means  ,a      
,,bill  ,to waive the arbitrage rules   
for certain bonds issued in #aiij and   
partially defeased in #aiif4  #a4       
,waiver of arbitrage rules for certain  
bonds  7a7 ,in general ,section #adh of 
the ,internal ,revenue ,code of #aihf   
shall not apply to an issue of bonds    
that were partially defeased1 described 
in subsection 7b71 if--  7#a7 such bonds
 are redeemed by the governmental unit  
that issued them within #ij days of the 
sale of the escrow securities1 and  7#b7
 any net profit remaining after the     
proceeds of the sale of the escrow      
securities have been applied to such    
redemption is used by the issuer for an 
essential governmental function within  
twelve months of such redemption4  7b7  
,bonds described ,bonds described in    

this subsection are bonds issued on     
,january #d1 #aiij1 that were partially 
defeased on ,july #ai1 #aiif1 with      
revenues of a municipally owned electric
 and water system4