,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #gegj  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,febru>y #ac1         
#bjbf,mr4 ,bell 7= himself & ,ms4 ,kelly
 ( ,ill9ois7 introduc$ ! foll[+ bill2   
:i* 0 ref]r$ to ! ,committee on ,ways & 
,means  ,a ,,bill  ,to am5d ! ,int]nal  
,rev5ue ,code ( #aihf to all[ c]ta9     
advance refund+ bonds = public s*ool    
di/ricts to be tax-exempt4  #a4 ,%ort   
title ,?is ,act may be cit$ z ! ,re9ve/ 
9 ,public ,s*ools ,act ( #bjbf4  #b4    
,c]ta9 advance refund+ bonds = public   
s*ool di/ricts made tax-exempt  7a7 ,9  
g5]al ,section #adi7;d7 ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$-- 7#a7 9 
p>agraph 7#a71 by /rik+ ,no?+ & ins]t+  
,except z provid$ 9 p>agraph 7#d71 no?+1
 &  7#b7 by add+ at ! end ! foll[+ new  
p>agraph3  7#d7 ,special rule = bonds = 
c]ta9 public s*ool bonds  7,a7 ,9 g5]al 
,9 ! case ( a bond t is-- 7i7 issu$ by a
 /ate or local gov]nm5t1  7ii7 n        
describ$ 9 subp>agraph 7,b71 &  7iii7   
#ajj p]c5t ( ! available project proce$s

 are us$ =-- 7,i7 ! con/ruction1        
rehabilitation1 or repair ( a public    
s*ool facility1 or  7,,ii7 ! acquisition
 ( l& on :i* ! bond-f9anc$ facility is  
to be con/ruct$1  ?is subsection %all be
 appli$ z ?is subsection 0 9 effect on  
,decemb] #ba1 #bjag4  7,b7 ,abusive     
transactions prohibit$ ,an issue is     
describ$ 9 ?is subp>agraph if any bond  
7issu$ z "p ( su* issue7 is issu$ to    
advance refund ano!r bond & a device is 
employ$ 9 connection ) ! issuance ( su* 
issue to obta9 a mat]ial f9ancial       
advantage 7bas$ on arbitrage7 ap>t f    
sav+s attributable to l[] int]e/ rates4 
4  7b7 ,det]m9ation ( initial tempor>y  
p]iod ,section #adh7;f77#d77;,c7 ( su*  
,code is am5d$ by add+ at ! end ! foll[+
 new clause3  7xviii7 ,special rule =   
qualifi$ s*ool con/ruction bonds ,9 !   
case ( a bond describ$ 9 section        
#adi7;d77#d77;,a71 = purposes ( ?is     
subp>agraph1 ! end ( ! initial tempor>y 
p]iod %all be det]m9$ )\t reg>d to      
section #adi7;d77#c77;,a77iv7 7z 9      

effect on ,decemb] #ba1 #bjag74  4  7c7 
,effective date ,! am5dm5ts made by ?is 
section %all apply to advance refund+   
bonds issu$ aft] ! date ( ! enactm5t (  
?is ,act4