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15-5-601. Bonds affected — Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-601. Bonds affected — Definitions.
(a) This subchapter shall be effective for the calendar year 2001 and thereafter and may be relied upon by issuers of affected bonds, beneficiaries of the proceeds from and owners of the bonds, and other participants in the issuance of the bonds with respect to all affected bonds issued on and after January 1, 2001.
(b) As used in this subchapter:
(1) “Affected bonds” means bonds subject to the state ceiling; and
(2) “Qualified housing issues” shall have the same meaning as used in 26 U.S.C. § 146(d)(5)(B)(ii), as it existed on January 1, 2009;
(3) “State ceiling” shall have the same meaning as used in 26 U.S.C. § 146, as it existed on January 1, 2001; and
(4) “2008 Housing Act Volume Cap” means the temporary increase in annual private activity volume cap provided to the state by the Housing and Economic Recovery Act of 2008, Pub. L. No. 110-289.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-601
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:15-5-601
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 1b7495c0bf5be72b76ca04d32246a5e458e77515144d39340e293720d6f9b467
Source location: content.xml paragraph 8258
Stored source content
15-5-601. Bonds affected — Definitions.
(a) This subchapter shall be effective for the calendar year 2001 and thereafter and may be relied upon by issuers of affected bonds, beneficiaries of the proceeds from and owners of the bonds, and other participants in the issuance of the bonds with respect to all affected bonds issued on and after January 1, 2001.
(b) As used in this subchapter:
(1) “Affected bonds” means bonds subject to the state ceiling; and
(2) “Qualified housing issues” shall have the same meaning as used in 26 U.S.C. § 146(d)(5)(B)(ii), as it existed on January 1, 2009;
(3) “State ceiling” shall have the same meaning as used in 26 U.S.C. § 146, as it existed on January 1, 2001; and
(4) “2008 Housing Act Volume Cap” means the temporary increase in annual private activity volume cap provided to the state by the Housing and Economic Recovery Act of 2008, Pub. L. No. 110-289.
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Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** A private activity bond issued as part of an issue meets the requirements of this section if the aggregate face amount of the private activity bonds issued pursuant to such issue, when added to the aggregate face amount of tax-exempt private activity bonds previously issued by the issuing authority during the calendar year, does not exceed such authority’s volume cap for such calendar year.
**(b) Volume cap for State agencies** For purposes of this section—
(1) **In general** — The volume cap for any agency of the State authorized to issue tax-exempt private activity bonds for any calendar year shall be 50 percent of the State ceiling for such calendar year.
(2) **Special rule where State has more than 1 agency** — If more than 1 agency of the State is authorized to issue tax-exempt private activity bonds, all such agencies shall be treated as a single agency.
**(c) Volume cap for other issuers** For purposes of this section—
(1) **In general** — The volume cap for any issuing authority (other than a State agency) for any calendar year shall be an amount which bears the same ratio to 50 percent of the State ceiling for such calendar year as—
(A) the population of the jurisdiction of such issuing authority, bears to
(B) the population of the entire State.
(2) **Overlapping jurisdictions** — For purposes of paragraph (1)(A), if an area is within the jurisdiction of 2 or more governmental units, such area shall be treated as only within the jurisdiction of the unit having jurisdiction over the smallest geographical area unless such unit agrees to surrender all or part of such jurisdiction for such calendar year to the unit with overlapping jurisdiction which has the next smallest geographical area.
**(d) State ceiling** For purposes of thi
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 146
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 146. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 686
TITLE 26—INTERNAL REVENUE CODE
§ 146
(2) such issue is an issue of exempt facility
bonds, or qualified redevelopment bonds, to
which section 146 applies.
(Added Pub. L. 99–514, title XIII, § 1301(b), Oct. 22,
1986, 100 Stat. 2629; amended Pub. L. 100–647, title
I, § 1013(a)(6)–(8), title V, § 5053(a), Nov. 10, 1988,
102 Stat. 3538, 3677; Pub. L. 101–239, title VII,
§ 7815(f), Dec. 19, 1989, 103 Stat. 2419; Pub. L.
101–508, title XI, § 11813(b)(7), Nov. 5, 1990, 104
Stat. 1388–551; Pub. L. 105–34, title II, § 222, Aug.
5, 1997, 111 Stat. 818; Pub. L. 115–97, title I,
§ 13402(b)(2), Dec. 22, 2017, 131 Stat. 2134.)
Editorial Notes
REFERENCES IN TEXT
The date of the enactment of the Tax Reform Act of
1986, referred to in subsec. (b)(2)(B)(ii)(I), is the date of
enactment of Pub. L. 99–514, which was approved Oct.
22, 1986.
The date of the enactment of this paragraph, referred
to in subsec. (b)(5), is the date of enactment of Pub. L.
105–34, which was approved Aug. 5, 1997.
PRIOR PROVISIONS
A prior section 145, act Aug. 16, 1954, ch. 736, 68A Stat.
42, made a cross reference to section 36 of this title,
prior to repeal by Pub. L. 95–30, title I, § 101(d)(1), May
23, 1977, 91 Stat. 133, applicable to taxable years begin-
ning after Dec. 31, 1976.
AMENDMENTS
2017—Subsec. (d)(4). Pub. L. 115–97 substituted ‘‘of sec-
tion 47(c)(1)(B)’’ for ‘‘of section 47(c)(1)(C)’’ in subpars.
(A) and (B) and ‘‘section 47(c)(1)(B)(i)’’ for ‘‘section
47(c)(1)(C)(i)’’ in subpar. (B).
1997—Subsec. (b)(5). Pub. L. 105–34 added par. (5).
1990—Subsec. (d)(4). Pub. L. 101–508 substituted ‘‘sec-
tion 47(c)(1)(C)’’ for ‘‘section 48(g)(1)(C)’’ wherever ap-
pearing
and
‘‘section
47(c)(1)(C)(i)’’
for
‘‘section
48(g)(1)(C)(i)’’.
1989—Subsec. (d)(3), (4). Pub. L.
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 146
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 146. This identifies an authority to review, not proof of applicability.