,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #dged  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #bi1         
#bjbj,mr4 ,p]due 7= himself & ,mr4      
,cassidy7 introduc$ ! foll[+ bill2 :i* 0
 read twice & ref]r$ to ! ,committee on 
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to e/abli% ,,covid
 ,recov]y ,bonds1 & = o!r purposes4  #a4
 ,,covid ,recov]y ,bonds  7a7 ,9 g5]al  
,*apt] #a ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$ by ins]t+ aft] sub*apt]  
,v ! foll[+ new sub*apt]3  ,w ,,covid   
,recov]y ,bonds  ,sec4 #adjj4 ,,covid   
,recov]y ,bonds4  #adjj4 ,,covid        
,recov]y ,bonds  7a7 ,9 g5]al ,=        
purposes ( ?is title1 any qualifi$      
,,covid recov]y bond %all be treat$ z an
 exempt facility bond4  7b7 ,qualifi$   
,,covid recov]y bond ,= purposes ( ?is  
section1 ! t]m qualifi$ ,,covid recov]y 
bond means any bond issu$ z "p ( an     
issue if-- 7#a7 #ie p]c5t or m ( ! net  
proce$s 7z def9$ 9 section #aej7;a77#c77
 ( su* issue are to be us$ = qualifi$   

project co/s1  7#b7 su* bond is         
designat$ by ! ,/ate = purposes ( ?is   
section by-- 7,a7 9 ! case ( a bond :i* 
is requir$ "u ,/ate law to be approv$ by
 ! bond commission ( su* ,/ate1 su* bond
 commission1 &  7,b7 9 ! case ( any o!r 
bond1 ! ,gov]nor ( su* ,/ate1 &  7#c7 no
 portion ( ! proce$s ( su* issue is to  
be us$ to provide any prop]ty describ$ 9
 section #add7;c77#f77;,b74  7c7        
,limitations on bonds ,! maximum        
aggregate face am\nt ( bonds :i* may be 
designat$ "u ?is section ) respect to   
any ,/ate %all n exce$ ! am\nt ( !      
national ,,covid recov]y bond limitation
 allocat$ to su* ,/ate "u subsection    
7g74  7d7 ,qualifi$ project co/s ,=     
purposes ( ?is section1 ! t]m qualifi$  
project co/s means ! co/ ( acquisition1 
con/ruction1 recon/ruction1 & r5ovation 
( any qualifi$ facility locat$ 9 ! ,/ate
 :i* designat$ ! bonds "u subsection    
7b77#b74  7e7 ,qualifi$ facility ,=     
purposes ( ?is section1 ! t]m qualifi$  
facility means-- 7#a7 any facility      

describ$ 9 section #adb7;a7 7) !        
exception ( any facility describ$ 9     
p>agraph 7#g7 ( su* section71 &  7#b7   
any facility to provide electric en]gy  
or gas1 includ+ facilities = ! g5]ation1
 manufactur+1 /orage1 transportation1 or
 process+ ( electricity or gas4  7f7    
,special rules ,9 apply+ ?is title to   
any qualifi$ ,,covid recov]y bond1 !    
foll[+ modifications %all apply3 7#a7   
,section #adf 7relat+ to volume cap7    
%all n apply4  7#b7 ,section #adg7;d7   
7relat+ to acquisition ( exi/+ prop]ty n
 p]mitt$7 %all be appli$ by sub/itut+   
#ej p]c5t = #ae p]c5t 9 ea* place x     
appe>s4  7#c7 ,section #adh7;f77#d77;,c7
 7relat+ to exception f rebate = c]ta9  
proce$s to be us$ to f9ance con/ruction 
exp5ditures7 %all apply to ! available  
con/ruction proce$s ( bonds :i* are "p (
 an issue describ$ 9 subsection 7b74    
7#d7 ,section #eg7;a77#e7 7relat+ to    
tax-exempt int]e/7 %all n apply4  7g7   
,allocations  7#a7 ,9 g5]al  7,a7 ,g5]al
 allocation ,! ,secret>y %all allocate !

 national ,,covid recov]y bond          
limitation among ! ,/ates 9 ! proportion
 t ea* su* ,/ate's #bjbj population be>s
 to ! aggregate #bjbj population = all (
 ! ,/ates4  7,b7 ,m9imum allocation ,!  
,secret>y %all adju/ ! allocations "u   
subp>agraph 7,a7 = ea* ,/ate to ! ext5t 
necess>y to ensure t no ,/ate receives  
less ?an #j4i p]c5t ( ! national ,,covid
 recov]y bond limitation4  7#b7         
,national limitations ,!re is a national
 ,,covid recov]y bond limitation (      
#dj1jjj1jjj1jjj4  4  7b7 ,cl]ical       
am5dm5t ,! table ( sub*apt]s = *apt] #a 
( ! ,int]nal ,rev5ue ,code ( #aihf is   
am5d$ by ins]t+ aft] ! item relat+ to   
sub*apt] ,v ! foll[+ new item3          
,,sub*apt] ,w--,,covid ,,recov]y        
,,bonds4  7c7 ,effective date ,!        
am5dm5ts made by ?is section %all apply 
to obligations issu$ aft] ! date ( !    
enactm5t ( ?is ,act4  #b4 ,tax-exempt   
f9anc+ ( qualifi$ gov]nm5t build+s  7a7 
,9 g5]al ,section #adb7;a7 ( ! ,int]nal 
,rev5ue ,code ( #aihf is am5d$ by /rik+ 

or at ! end ( p>agraph 7#ad71 by /rik+ !
 p]iod at ! end ( p>agraph 7#ae7 &      
ins]t+ 1 or1 & by add+ at ! end ! foll[+
 new p>agraph3  7#af7 qualifi$ gov]nm5t 
build+s4  4  7b7 ,qualifi$ gov]nm5t     
build+s ,section #adb ( ! ,int]nal      
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new subsection3  7n7  
,qualifi$ gov]nm5tal build+s  7#a7 ,9   
g5]al ,= purposes ( subsection 7a77#af71
 ! t]m qualifi$ gov]nm5tal build+s means
 any build+ or facility t consi/s ( "o  
or m ( ! foll[+3 7,a7 ,an elem5t>y s*ool
 or a second>y s*ool 7)9 ! mean+s giv5  
su* t]ms by section #adaja ( ! ,elem5t>y
 & ,second>y ,education ,act ( #aife    
7#bj ,u4,s4,c4 #hhja71 z 9 effect on !  
date ( ! enactm5t ( ?is subsection74    
7,b7 ,a facility ( a ,/ate college or   
univ]sity us$ = educational purposes4   
7,c7 ,a libr>y ma9ta9$ =1 & op5 to1 !   
g5]al public4  7,d7 ,a c\rt ( law4  7,e7
 ,a hospital or heal? c>e facility4     
7,f7 ,a laboratory or rese>* facility   
us$ by a gov]nm5tal unit4  7,g7 ,a      

public safety facility 7includ+ police1 
fire1 enhanc$ #iaa1 em]g5cy or disa/]   
managem5t1 & ambulance or em]g5cy m$ical
 s]vice facilities & jails &            
correctional facilities74  7,h7 ,an     
(fice = employees ( a gov]nm5tal unit4  
,su* t]m %all include any equipm5t1     
functionally relat$ & subord9ate        
facility1 or l& 7& any real prop]ty     
rights appurt5ant !reto7 ) respect to   
any su* build+ or facility4  7#b7       
,specifically exclud$ facilities ,su*   
t]m %all n include-- 7,a7 a build+ or   
facility ! prim>y purpose ( :i* is "o ( 
! foll[+3 retail food & bev]age s]vices1
 or ! provision ( recreation or         
ent]ta9m5t1 or  7,b7 any build+ or      
facility t includes any ( ! foll[+3 any 
private or comm]cial golf c\rse1 c\ntry 
club1 massage p>lor1 t5nis club1 skat+  
facility 7includ+ roll] skat+1          
skatebo>d1 & ice skat+71 racquet sports 
facility 7includ+ any h&ball or         
racquetball c\rt71 hot tub facility1    
suntan facility1 racetrack1 conv5tion   

c5t]1 or sports /adium or ar5a4  7#c7   
,(fice space ,subsection 7b77#b7 %all n 
apply ) respect to any qualifi$         
gov]nm5tal build+4  7#d7 ,no            
depreciation or inve/m5t cr$it ,no      
depreciation1 amortization1 or bus9ess  
cr$it "u section #ch %all be all[$ )    
respect to any facility describ$ 9      
subsection 7a77#af7 :i* has be5 f9anc$  
by ! net proce$s ( ! issue4  4  7c7     
,gov]nm5tally own$ requirem5t ,section  
#adb7;b77#a77;,a7 ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ by /rik+ or 7#ab7
 & ins]t+ 7#ab71 or 7#af74  7d7         
,exemption f volume cap on private      
activity bonds ,section #adf7;g77#c7 ( !
 ,int]nal ,rev5ue ,code ( #aihf is am5d$
 by /rik+ or 7#ae7 & ins]t+ 7#ae71 or   
7#af74  7e7 ,effective date ,! am5dm5ts 
made by ?is section %all apply to bonds 
issu$ aft] ! date ( ! enactm5t ( ?is    
,act4