,i  #aae? ,,congress  #b;d ,session  ,h4
 ,r4 #fbgf  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,june #bh1 #bjah,mr4  
,bi%op ( ,mi*igan introduc$ ! foll[+    
bill2 :i* 0 ref]r$ to ! ,committee on   
,ways & ,means  ,a ,,bill  ,to am5d !   
,int]nal ,rev5ue ,code ( #aihf to modify
 ! treatm5t ( use ( public infra/ructure
 prop]ty = ! private bus9ess use te/ =  
private activity bonds1 & = o!r         
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,/r5g!n+ ,p5sions ?r\gh    
,inve/m5t 9 ,infra/ructure ,act4  #b4   
,treatm5t ( use ( public infra/ructure  
prop]ty = private bus9ess use te/ =     
private activity bonds  7a7 ,use by     
public p5sion funds treat$ z gov]nm5t   
use ,section #ada7;b7 ( ! ,int]nal      
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new p>agraph3  7#aj7  
,use by public p5sion funds n treat$ z  
private bus9ess use  7,a7 ,9 g5]al ,=   
purposes ( ?is "p1 use by a public      
p5sion fund ( public infra/ructure      
prop]ty %all n be treat$ z private      

bus9ess use4  7,b7 ,def9itions ,=       
purposes ( ?is p>agraph-- 7i7 ,public   
p5sion fund ,! t]m public p5sion fund   
means a p5sion fund e/abli%$ or ma9ta9$ 
= employees or =m] employees ( a ,/ate1 
political subdivision ( a ,/ate1 or an  
ag5cy or in/rum5tality !re(4  7ii7      
,public infra/ructure prop]ty ,! t]m    
public infra/ructure prop]ty means      
prop]ty ) ! foll[+ *>act]i/ics3 7,i7    
,consi/s ( roads1 bridges1 tunnels1     
docks1 :>ves1 ports1 h>bors1 airports1  
rail /ations1 mass transit or commut+   
c5t]s1 wat] infra/ructure 7includ+      
sewage1 wa/e wat]1 /orm wat]1 & solid   
wa/e treatm5t71 heat+1 cool+1 or        
electric utility production1 municipal  
build+s1 or o!r real or tangible prop]ty
 t is us$ = an ess5tial gov]nm5t        
function 7)9 ! mean+ ( section #aae74   
7,,ii7 ,provides s]vices to ! g5]al     
public or is available = g5]al public   
use4  7,,iii7 ,if rates are *>g$ = use (
 or s]vices provid$ by su* prop]ty1 su* 
rates are subject to ,/ate or local     

gov]nm5tal regulatory or contractual    
control1 limitation1 or approval4  4    
7b7 ,effective date ,! am5dm5t made by  
?is section %all apply ) respect to use 
aft] ! date ( enactm5t ( ?is ,act4  #c4 
,public infra/ructure prop]ty n treat$ z
 inve/m5t prop]ty = arbitrage bonds  7a7
 ,9 g5]al ,section #adh7;b7 ( ! ,int]nal
 ,rev5ue ,code ( #aihf is am5d$ by add+ 
at ! end ! foll[+ new p>agraph3  7#e7   
,public infra/ructure prop]ty n treat$ z
 inve/m5t-type prop]ty ,! t]m           
inve/m5t-type prop]ty %all n include    
public infra/ructure prop]ty 7z def9$ 9 
section #ada7;b77#aj774  4  7b7         
,effective date ,! am5dm5t made by ?is  
section %all apply ) respect to         
transactions aft] ! date ( ! enactm5t ( 
?is ,act4