H.R. 1197 · 113th Congress
To waive the arbitrage rules for certain bonds issued in 1990 and partially defeased in 1996.
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Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
RossSponsorNo cosponsors.
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…
What it does: CRS summary · Introduced in House · Mar 14, 2013
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To waive the arbitrage rules for certain bonds issued in 1990 and partially defeased in 1996.
Latest action (Mar 14, 2013): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Mar 14, 2013
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.