,,ii  #aai? ,,congress  #b;d ,session   
,s4 #cgfa  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,febru>y #c1 #bjbf,mr4 
,grassley 7= himself1 ,mr4 ,wel*1 & ,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 exempt        
qualifi$ /ud5t loan bonds f ! volume cap
 & ! alt]native m9imum tax4  #a4 ,%ort  
title ,?is ,act may be cit$ z ! ,/ud5t  
,loan ,bond ,expansion ,act ( #bjbf4    
#b4 ,qualifi$ /ud5t loan bonds exempt f 
volume cap & alt]native m9imum tax  7a7 
,exemption f volume cap  7#a7 ,9 g5]al  
,section #adf7;g7 ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ by r$esignat+    
p>agraphs 7#b7 ?r\gh 7#f7 z p>agraphs   
7#c7 ?r\gh 7#g71 respectively1 & by     
ins]t+ aft] p>agraph 7#a7 ! foll[+ new  
p>agraph3  7#b7 any qualifi$ /ud5t loan 
bond1  4  7#b7 ,special rule =          
application ( pool$ f9anc+ bond rules   
,section #adi7;f77#f7 ( su* ,code is    
am5d$ by add+ at ! end ! foll[+ new     

subp>agraph3  7,c7 ,special rule =      
qualifi$ /ud5t loan bonds ,= purposes ( 
subp>agraph 7,a71 9 ! case ( any        
qualifi$ /ud5t loan bond1 ! t]m ultimate
 borr[] %all n include any /ud5t borr[]4
  4  7#c7 ,con=m+ am5dm5t ,section      
#adf7;g7 ( su* ,code is am5d$ by /rik+  
,p>agraphs 7#d7 & 7#e7 9 ! la/ s5t5ce & 
ins]t+ ,p>agraphs 7#e7 & 7#f74  7b7     
,exemption f alt]native m9imum tax      
,section #eg7;a77#e77;,c7 ( ! ,int]nal  
,rev5ue ,code ( #aihf is am5d$ by       
r$esignat+ clauses 7iv71 7v71 & 7vi7 z  
clauses 7v71 7vi71 & 7vii71             
respectively1 & by ins]t+ aft] clause   
7iii7 ! foll[+ new clause3  7iv7        
,exception = qualifi$ /ud5t loan bonds  
,= purposes ( clause 7i71 ! t]m private 
activity bond %all n include any bond   
issu$ aft] ! date ( ! enactm5t ( ?is    
clause if su* bond is a qualifi$ /ud5t  
loan bond 7z def9$ 9 section #add7;b774 
,! prec$+ s5t5ce %all n apply to any    
refund+ bond unless su* prec$+ s5t5ce   
appli$ to ! refund$ bond 7or 9 ! case ( 

a s]ies ( refund+s1 ! orig9al bond74  4 
7c7 ,effective dates ,! am5dm5ts made by
 ?is section %all apply to obligations  
issu$ aft] ! date ( ! enactm5t ( ?is    
,act4