Provides that the simultaneous reduction of interest rates on certain port authority bonds shall not affect the tax-exempt status of such interest, nor cause them to be treated as arbitrage bonds under the Internal Revenue Code by reason of the failure to reduce interest rates on loans made with bond proceeds before the date of such simultaneous reduction.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Reported by the Committee on Ways and Means. H. Rept. 102-734.
Reported by the Committee on Ways and Means. H. Rept. 102-734.
Placed on the Union Calendar, Calendar No. 425.
Mr. Gibbons moved to suspend the rules and pass the bill.
Considered under suspension of the rules.
DEBATE - The House proceeded with forty minutes of debate.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.
On motion to suspend the rules and pass the bill Agreed to by voice vote.
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and read twice and referred to the Committee on Finance.
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