[Page S8874]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 4779. Ms. CANTWELL 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. ___. EXTENSION OF BUILD AMERICA BONDS.

       (a) In General.--Subparagraph (B) of section 54AA(d)(1) is 
     amended by striking ``January 1, 2011'' and inserting 
     ``January 1, 2012''.
       (b) Extension of Payments to Issuers.--
       (1) In general.--Section 6431 is amended--
       (A) by striking ``January 1, 2011'' in subsection (a) and 
     inserting ``January 1, 2012''; and
       (B) by striking ``January 1, 2011'' in subsection (f)(1)(B) 
     and inserting ``a particular date''.
       (2) Conforming amendments.--Subsection (g) of section 54AA 
     is amended--
       (A) by striking ``January 1, 2011'' and inserting ``January 
     1, 2012''; and
       (B) by striking ``Qualified Bonds Issued Before 2011'' in 
     the heading and inserting ``Certain Qualified Bonds''.
       (c) Reduction in Percentage of Payments to Issuers.--
     Subsection (b) of section 6431 is amended--
       (1) by striking ``The Secretary'' and inserting the 
     following:
       ``(1) In general.--The Secretary'';
       (2) by striking ``35 percent'' and inserting ``the 
     applicable percentage''; and
       (3) by adding at the end the following new paragraph:
       ``(2) Applicable percentage.--For purposes of this 
     subsection, the term `applicable percentage' means the 
     percentage determined in accordance with the following table:


------------------------------------------------------------------------
 ``In the case of a qualified bond issued     The applicable percentage
           during calendar year:                         is:
------------------------------------------------------------------------
2009 or 2010..............................  35 percent
2011......................................  32 percent.''.
------------------------------------------------------------------------

       (d) Current Refundings Permitted.--Subsection (g) of 
     section 54AA is amended by adding at the end the following 
     new paragraph:
       ``(3) Treatment of current refunding bonds.--
       ``(A) In general.--For purposes of this subsection, the 
     term `qualified bond' includes any bond (or series of bonds) 
     issued to refund a qualified bond if--
       ``(i) the average maturity date of the issue of which the 
     refunding bond is a part is not later than the average 
     maturity date of the bonds to be refunded by such issue,
       ``(ii) the amount of the refunding bond does not exceed the 
     outstanding amount of the refunded bond, and
       ``(iii) the refunded bond is redeemed not later than 90 
     days after the date of the issuance of the refunding bond.
       ``(B) Applicable percentage.--In the case of a refunding 
     bond referred to in subparagraph (A), the applicable 
     percentage with respect to such bond under section 6431(b) 
     shall be the lowest percentage specified in paragraph (2) of 
     such section.
       ``(C) Determination of average maturity.--For purposes of 
     subparagraph (A)(i), average maturity shall be determined in 
     accordance with section 147(b)(2)(A).''.
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