S.Amdt. 2619
What it does: Adds SEC. __. MODIFICATION OF BOND RULE on page 235, between lines 13 and 14
Sen. Kay Bailey Hutchison (R-TX)What it changes
1 change to S. 2020
Adds SEC. __. MODIFICATION OF BOND RULE on page 235, between lines 13 and 14
Adds a sectionPrinted pageInserted: SEC. __. MODIFICATION OF BOND RULE.
Inserted: (a) In General.--In the case of bonds issued after the date of the enactment of this Act and before August 31, 2009--
Inserted: (1) the requirement of paragraph (1) of section 648 of the Deficit Reduction Act of 1984 (98 Stat. 941) shall be treated as met with respect to the securities or obligations referred to in such section if such securities or obligations are held in a fund the annual distributions from which cannot exceed 7 percent of the average fair market value of the assets held in such fund except to the extent distributions are necessary to pay debt service on the bond issue,
Inserted: (2) paragraph (3) of such section shall be applied by substituting "distributions from" for "the investment earnings of" both places it appears, and
Inserted: (3) Paragraph (4) of such section shall be applied by substituting "March 1, 1985" for "October 9, 1969".
Inserted: (b) Increase in Minimum Penalty for Bad Checks and Money Orders.--
Inserted: (1) In general.--Section 6657 (related to bad checks), as amended by section 535, is amended--
Inserted: (A) by striking "$1,250" and inserting "$2,000", and
Inserted: (B) by striking "$25" and inserting "$40".
Inserted: (2) Effective date.--The amendments made by this subsection shall apply to checks or money orders received after the date of the enactment of this Act.
Original wording
On page 235, between lines 13 and 14, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 2619. Mrs. HUTCHISON submitted an amendment intended to be proposed by her to the bill S. 2020, to provide for reconciliation pursuant to section 202(b) of the concurrent resolution on the budget for fiscal year 2006; which was ordered to lie on the table; as follows:
On page 235, between lines 13 and 14, insert the following:
SEC. __. MODIFICATION OF BOND RULE.
(a) In General.--In the case of bonds issued after the date of the enactment of this Act and before August 31, 2009--
(1) the requirement of paragraph (1) of section 648 of the Deficit Reduction Act of 1984 (98 Stat. 941) shall be treated as met with respect to the securities or obligations referred to in such section if such securities or obligations are held in a fund the annual distributions from which cannot exceed 7 percent of the average fair market value of the assets held in such fund except to the extent distributions are necessary to pay debt service on the bond issue,
(2) paragraph (3) of such section shall be applied by substituting “distributions from” for “the investment earnings of” both places it appears, and
(3) Paragraph (4) of such section shall be applied by substituting “March 1, 1985” for “October 9, 1969”.
(b) Increase in Minimum Penalty for Bad Checks and Money Orders.--
(1) In general.--Section 6657 (related to bad checks), as amended by section 535, is amended--
(A) by striking “$1,250” and inserting “$2,000”, and
(B) by striking “$25” and inserting “$40”.
(2) Effective date.--The amendments made by this subsection shall apply to checks or money orders received after the date of the enactment of this Act.
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Senate amendment submitted
November 17, 2005