Exception for bonds issued in 2009 and 2010
(I) In general
(I)In general#
For purposes of clause (i), the term “private activity bond” shall not include any bond issued after December 31, 2008 , and before January 1, 2011 .
(II)Treatment of refunding bonds#
For purposes of subclause (I), a refunding bond (whether a current or advance refunding) shall be treated as issued on the date of the issuance of the refunded bond (or in the case of a series of refundings, the original bond).
(III)Exception for certain refunding bonds#
Subclause (II) shall not apply to any refunding bond which is issued to refund any bond which was issued after December 31, 2003 , and before January 1, 2009 .