$10,000,000,000. (2) Movable property No bonds shall be issued which are to be used for movable fixtures and equipment. (3) Treatment of current refunding bonds Paragraph (1) shall not apply to any bond (or series of bonds) issued to refund a qualified disaster area recovery bond, if— (A) 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, (B) the amount of the refunding bond does not exceed the outstanding amount of the refunded bond, and (C) the net proceeds of the refunding bond are used to redeem the refunded bond not later than 90 days after the date of the issuance of the refunding bond. For purposes of subparagraph (A), average maturity shall be determined in accordance with section 147(b)(2)(A). (d) Qualified project costs For purposes of this section, the term qualified project costs means the cost of acquisition, construction, reconstruction, and renovation of— (1) residential rental property (as defined in section 142(d)), (2) nonresidential real property (including fixed improvements associated with such property), (3) a facility described in paragraph (2) or (3) of section 142(a), or (4) public utility property (as defined in section 168(i)(10)), which is located in a qualified disaster area and was damaged or destroyed by reason of a federally declared disaster. (e) Special rules In applying this title to any qualified disaster area recovery bond, the following modifications shall apply: (1) Section 147(d) (relating to acquisition of existing property not permitted) shall be applied by substituting 50 percent for 15 percent each place it appears. (2) Section 148(f)(4)(C) (relating to exception from rebate for certain proceeds to be used to finance construction expenditures) shall apply to the available construction proceeds of bonds issued under this section. For purposes of the preceding sentence, the following spending requirements shall apply in lieu of the requirements in clause (ii)