person
(4) Election to terminate tax-exempt bond financing by certain furnishers (A) In general In the case of a facility financed with bonds issued before the date of the enactment of this paragraph which would cease to be tax-exempt by reason of the failure to meet the local furnishing requirement of subsection (a)(8) as a result of a service area expansion, such bonds shall not cease to be tax-exempt bonds (and section 150(b)(4) shall not apply) if the person engaged in such local furnishing by such facility makes an election described in subparagraph (B). (B) Election An election is described in this subparagraph if it is an election made in such manner as the Secretary prescribes, and such person (or its predecessor in interest) agrees that— (i) such election is made with respect to all facilities for the local furnishing of electric energy or gas, or both, by such person, (ii) no bond exempt from tax under section 103 and described in subsection (a)(8) may be issued on or after the date of the enactment of this paragraph with respect to all such facilities of such person, (iii) any expansion of the service area— (I) is not financed with the proceeds of any exempt facility bond described in subsection (a)(8), and (II) is not treated as a nonqualifying use under the rules of paragraph (2), and (iv) all outstanding bonds used to finance the facilities for such person are redeemed not later than 6 months after the later of— (I) the earliest date on which such bonds may be redeemed, or (II) the date of the election. (C) Related persons For purposes of this paragraph, the term “person” includes a group of related persons (within the meaning of section 144(a)(3) ) which includes such person.