H.R. 2661 · 109th Congress
To amend the Deficit Reduction Act of 1984 to clarify the Permanent University Fund arbitrage exception and…
Full title
To amend the Deficit Reduction Act of 1984 to clarify the Permanent University Fund arbitrage exception and to increase from 20 percent to 30 percent the amount of securities and obligations benefitting from the exception.
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
BradySponsor1 cosponsor · 1 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Amends the Deficit Reduction Act of 1984 to modify the special arbitrage rule pertaining to specified securities or obligations held in a fund which cannot be used under state law restrictions continuously in effect since October 9, 1969, to pay debt service on the bond issue or to finance the facilities that are to be financed with the proceeds of the…
What it does: CRS summary · Introduced in House · May 26, 2005
Amends the Deficit Reduction Act of 1984 to modify the special arbitrage rule pertaining to specified securities or obligations held in a fund which cannot be used under state law restrictions continuously in effect since October 9, 1969, to pay debt service on the bond issue or to finance the facilities that are to be financed with the proceeds of the bonds. Changes the effective date of such state law restrictions from October 9, 1969, to March 1, 1985, and requires that they be continuously in effect only through the bond issue's date of issue.
Extends such rule, as an alternative, to specified securities or obligations held in a fund whose annual distributions cannot exceed 7% of the average fair market value of the assets held in the fund, except to the extent distributions are necessary to pay debt service on the bond issue.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To amend the Deficit Reduction Act of 1984 to clarify the Permanent University Fund arbitrage exception and to increase from 20 percent to 30 percent the amount of securities and obligations benefitting from the exception.
Latest action (May 26, 2005): Referred to the House Committee on Ways and Means.
Policy area: Finance and Financial Sector · Origin: House · Introduced: May 26, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.