THE ACT OF JUNE 29, 1949 AN ACT To amend the National Bank Act and the Bretton Woods Agreements Act, and for other purposes. (Chapter 276, 63 Stat. 298) * SEC. 3. [22 U.S.C. 286k-2] The Securities and Exchange Commission acting in consultation with the National Advisory Council on International Monetary and Financial Problems is authorized to suspend the provisions of section 15(a) of the Bretton Woods Agreements Act at any time as to any or all securities issued or guaranteed by the Bank the period of such suspension. The Commission shall include in its annual reports to Congress such information as it shall deem advisable with regard to the operations and effect of this Act and in connection therewith shall include any views submitted for such purpose by an association of dealers registered with the Commission. AFRICAN DEVELOPMENT BANK ACT (Pub L. 97-35, Title XIII, Subtitle B, Part 3, August 13, 1981, 95 Stat. 741) SECURITIES ISSUED BY THE BANK SEC. 1341. [22 U.S.C. 290i-9] (a) Any securities issued by the Bank (including any guarantee by the Bank, whether or not limited in scope) in connection with the raising of funds for inclusion in the Bank's ordinary capital resources as defined in article 9 of the agreement and any securities guaranteed by the Bank as to both principal and interest to which the commitment in article 7, paragraph 4(a) of the agreement is expressly applicable, shall be deemed to be exempted securities within the meaning of section 3(a)(2) of the Securities Act of 1933 (15 U.S.C. 77c) and section 3(a)(12) of the Securities Exchange Act of 1934. (15 U.S.C. 78c). The Bank shall file with the Securities and Exchange Commission such annual and other reports with regard to such securities as the Commission shall determine to be appropriate in view of the special character of the Bank and its operations as necessary in the public interest or for the protection of investors. (b) The Securities and Exchange Commission, acting in consultation with such agency or officer as the President shall designate, is authorized to suspend the provisions of subsection (a) at any time as to any or all securities issued or guaranteed by the Bank during the period of such suspension. The Commission shall include in its annual reports to Congress such information as it shall deem advisable with regard to the operations and effect of this section and in connection therewith shall include any views submitted for such purpose by any association of dealers registered with the Commission. .INTERNAL REVENUE CODE OF 1954 1 [The United States Code citations for the following Internal Revenue Code sections correspond to the section numbers given below.] Subtitle A-Income Taxes CHAPTER 1-NORMAL TAXES AND SURTAXES Subchapter B-Computation of Taxable Income PART III-ITEMS SPECIFICALLY EXCLUDED FROM GROSS INCOME SEC. 103. INTEREST ON CERTAIN GOVERNMENTAL OBLIGATIONS. (a) GENERAL RULE.-Gross income does not include interest on(1) the obligations of a State, a Territory, or a possession of the United States, or any political subdivision of any of the foregoing, or of the District of Columbia; and (2) qualified scholarship funding bonds. (b) INDUSTRIAL DEVELOPMENT BONDS. (1) SUBSECTION (a)(1) or (2) NOT TO APPLY.-Except as otherwise provided in this subsection, any industrial development bond shall be treated as an obligation not described in subsection (a)(1) or (2). (2) INDUSTRIAL DEVELOPMENT BOND.-For purposes of this section, the term "industrial development bond" means any obligation (A) which is issued as part of an issue all or a major portion of the proceeds of which are to be used directly or indirectly in any trade or business carried on by any person who is not an except person (within the meaning of paragraph (3)), and The following provisions of the Internal Revenue Code of 1954 do not reflect extensive amendments made by the Tax Reform Act of 1986 (and later amendments). The amended provisions do not contain the definitions and other matters to which references are made in the securities laws. For current provisions of the Internal Revenue Code of 1986 corresponding to these provisions, see title 26, U.S.C. (B) the payment of the principal or interest on which (under the terms of such obligation or any underlying arrangement) is, in whole or in major part (i) secured by any interest in property used or to be used in a trade or business or in payments in respect of such property, or (ii) to be derived from payments in respect of property, or borrowed money, used or to be used in a trade of business. (3) EXEMPT PERSON.-For purposes of paragraph (2)(A), the term "exempt person" means (A) a governmental unit, or (B) an organization described in section 501(c)(3) and exempt from tax under section 501(a) (but only with respect to a trade or business carried on by such organization which is not an unrelated trade or business, determined by applying section 513(a) to such organization). (4) CERTAIN EXEMPT ACTIVITIES.-Paragraph (1) shall not apply to any obligation which is issued as part of an issue substantially all of the proceeds of which are to be used to provide (A) projects for residential rental property if at all times during the qualified project period (i) 15 percent or more in the case of targeted area projects, or (ii) 20 percent or more in the case of any other project, of the units in each project are to be occupied by individuals of low or moderate income, (B) sports facilities, (C) convention or trade show facilities, (D) airports, docks, wharves, mass commuting facilities, parking facilities, or storage or training facilities directly related to any of the foregoing, (E) sewage or solid waste disposal facilities or facilities for the local furnishing of electric energy or gas, (F) air or water pollution control facilities, (G) facilities for the furnishing of water for any purpose if (i) the water is or will be made available to members of the general public (including electric utility, industrial, agricultural, or commercial users), and (ii) either the facilities are operated by a governmental unit or the rates for the furnishing or sale of the water have been established or approved by a State or political subdivision thereof, by an agency or instrumentality of the United States, or by a public service or public utility commission or other similar body of any State or political subdivision thereof, (H) qualified hydroelectric generating facilities, For purposes of subparagraph (E), the local furnishing of electric energy or gas from a facility shall include furnishing solely within the area consisting of a city and 1 contiguous county. For purposes of subparagraph (A), any property shall not be treated as failing to be residential rental property merely because part of the building in which such property is located is used for purposes other than residential rental purposes. (5) INDUSTRIAL PARKS.-Paragraph (1) shall not apply to any obligation issued as part of an issue substantially all of the proceeds of which are to be used for the acquisition or development of land as the site for an industrial park. For purposes of the preceding sentence, the term "development of land" includes the provision of water, sewage, drainage, or similar facilities, or of transportation, power, or communication facilities, which are incidental to use of the site as an industrial park, but, except with respect to such facilities, does not include the provision of structures or buildings. (6) EXEMPTION FOR CERTAIN SMALL ISSUES. (A) IN GENERAL.-Paragraph (1) shall not apply to any obligation issued as part of an issue the aggregate authorized face amount of which is $1,000,000 or less and substantially all of the proceeds of which are to be used (i) for the acquisition, construction, reconstruction, or improvement of land or property of a character subject to the allowance for depreciation, or (ii) to redeem part or all of a prior issue which was issued for purposes described in clause (i) or this clause. (B) CERTAIN PRIOR ISSUES TAKEN INTO ACCOUNT.—If— (i) the proceeds of two or more issues of obligations (whether or not the issuer of each such issue is the same) are or will be used primarily with respect to facilities located in the same incorporated municipality or located in the same county (but not in any incorporated municipality), (ii) the principal user of such facilities is or will be the same person or two or more related persons, and (iii) but for this subparagraph, subparagraph (A) would apply to each such issue, then, for purposes of subparagraph (A), in determining the aggregate face amount of any later issue there shall be taken into account the face amount of obligations issued under all prior such issues and outstanding at the time of such later issue (not including as outstanding any obligation which is to be redeemed from the proceeds of the later issue). (C) RELATED PERSONS.-For purposes of this paragraph and paragraph (13), a person is a related person to another person if— (i) the relationship between such persons would result in a disallowance of losses under section 267 or 707(b), or (ii) such persons are members of the same controlled group of corporations (as defined in section 1563(a), |