S.Amdt. 4774

SA 4774. Ms. STABENOW submitted an amendment intended to be proposed
to amendment SA 4753 proposed by Mr. Reid (for himself and Mr.
McConnell) to the bill H.R. 4853, to amend the Internal Revenue Code of
1986 to extend the funding and expenditure authority of the Airport and
Airway Trust Fund, to amend title 49, United States Code, to extend
authorizations for the airport improvement program, and for other
purposes; which was ordered to lie on the table; as follows:

On page 28, between lines 3 and 4, insert:

SEC. 403. EXTENSION AND ADDITIONAL ALLOCATIONS OF RECOVERY
ZONE BOND AUTHORITY.

(a) Extension of Recovery Zone Bond Authority.--Section
1400U-2(b)(1) and section 1400U-3(b)(1)(B) are each amended
by striking ``January 1, 2011'' and inserting ``January 1,
2012''.
(b) Additional Allocations of Recovery Zone Bond Authority
Based on Unemployment.--Section 1400U-1 is amended by adding
at the end the following new subsection:
``(c) Allocation of 2010 Recovery Zone Bond Limitations
Based on Unemployment.--
``(1) In general.--The Secretary shall allocate the 2010
national recovery zone economic development bond limitation
and the 2010 national recovery zone facility bond limitation
among the States in the proportion that each such State's
2009 unemployment number bears to the aggregate of the 2009
unemployment numbers for all of the States.
``(2) Minimum allocation.--The Secretary shall adjust the
allocations under paragraph (1) for each State to the extent
necessary to ensure that no State (prior to any reduction
under paragraph (3)) receives less than 0.9 percent of the
2010 national recovery zone economic development bond
limitation and 0.9 percent of the 2010 national recovery zone
facility bond limitation.
``(3) Allocations by states.--
``(A) In general.--Each State with respect to which an
allocation is made under paragraph (1) shall reallocate such
allocation among the counties and large municipalities (as
defined in subsection (a)(3)(B)) in such State in the
proportion that each such county's or municipality's 2009
unemployment number bears to the aggregate of the 2009
unemployment numbers for all the counties and large
municipalities (as so defined) in such State.
``(B) 2010 allocation reduced by amount of previous
allocation.--Each State shall reduce (but not below zero)--
``(i) the amount of the 2010 national recovery zone
economic development bond limitation allocated to each county
or large municipality (as so defined) in such State by the
amount of the national recovery zone economic development
bond limitation allocated to such county or large
municipality under subsection (a)(3)(A) (determined without
regard to any waiver thereof), and
``(ii) the amount of the 2010 national recovery zone
facility bond limitation allocated to each county or large
municipality (as so defined) in such State by the amount of
the national recovery zone facility bond limitation allocated
to such county or large municipality under subsection
(a)(3)(A) (determined without regard to any waiver thereof).
``(C) Waiver of suballocations.--A county or municipality
may waive any portion of an allocation made under this
paragraph. A county or municipality shall be treated as
having waived any portion of an allocation made under this
paragraph which has not been allocated to a bond issued
before May 1, 2011. Any allocation waived (or treated as
waived) under this subparagraph may be used or reallocated by
the State.
``(D) Special rule for a municipality in a county.--In the
case of any large municipality any portion of which is in a
county, such portion shall be treated as part of such
municipality and not part of such county.
``(4) 2009 unemployment number.--For purposes of this
subsection, the term `2009 unemployment number' means, with
respect to any State, county or municipality, the number of
individuals in such State, county, or municipality who were
determined to be unemployed by the Bureau of Labor Statistics
for December 2009.
``(5) 2010 national limitations.--
``(A) Recovery zone economic development bonds.--The 2010
national recovery zone economic development bond limitation
is $10,000,000,000. Any allocation of such limitation under
this subsection shall be treated for purposes of section
1400U-2 in the same manner as an allocation of national
recovery zone economic development bond limitation.
``(B) Recovery zone facility bonds.--The 2010 national
recovery zone facility bond limitation is $15,000,000,000.
Any allocation of such limitation under this subsection shall
be treated for purposes of section 1400U-3 in the same manner
as an allocation of national recovery zone facility bond
limitation.''.
(c) Authority of State to Waive Certain 2009 Allocations.--
Subparagraph (A) of section 1400U-1(a)(3) is amended by
adding at the end the following: ``A county or municipality
shall be treated as having waived any portion of an
allocation made under this subparagraph which has not been
allocated to a bond issued before May 1, 2011. Any allocation
waived (or treated as waived) under this subparagraph may be
used or reallocated by the State.''.
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