Certain bonds issued before September 1, 1986
For purposes of this subparagraph, a bond issued before September 1, 1986 , shall be treated as issued before August 8, 1986 , unless such bond would be a private activity bond if—
(I)#
paragraphs (1) and (2) of section 141(b) were applied by substituting “25 percent” for “10 percent” each place it appears,
(II)#
paragraphs (3), (4), and (5) of section 141(b) did not apply, and
(III)#
subparagraph (B) of section 141(c)(1) did not apply.