H.R. 1197
To waive the arbitrage rules for certain bonds issued in 1990 and partially defeased in 1996.
Referred to the House Committee on Ways and Means.
Sponsor
Rep. Ross, Dennis A. [R-FL-15]
Bill Details
- Update Date
- Nov 15, 2022
- Origin Chamber
- House
- Bill Type
- HR
- Bill Number
- 1,197
- Congress
- 113
- Introduced Date
- Mar 14, 2013
- Policy Area
- Taxation
- Is Law
- No
Referred to the House Committee on Ways and Means.
Source: House floor actions
Introduced in House
Source: Library of Congress
Introduced in House
Source: Library of Congress
Provides that bond arbitrage requirements shall not apply to an issue of bonds that were partially defeased (made void) if: (1) such bonds are redeemed by the governmental issuer within 90 days of the sale of the escrow securities, and (2) any net profit remaining after the proceeds of the sale of the escrow securities have been applied to such redemption is used by the issuer for an essential governmental function within 12 months of such redemption. Makes this waiver applicable to bonds issued on January 4, 1990, that were partially defeased on July 19, 1996, with revenues of a municipally-owned electric and water system.
Ways and Means Committee
Introduced in House
Mar 14, 2013