; disaster area The terms federally declared disaster and disaster area have the meanings given such terms under section 165(i)(5). (ii) Applicable disaster date The term applicable disaster date means, with respect to any federally declared disaster, the date on which such federally declared disaster occurs. (iii) Applicable State The term applicable State means, with respect to any federally declared disaster, any State in which a portion of the disaster area is located. . (b) Effective date The amendment made by this section shall apply to bonds issued after the date of the enactment of this Act. 114. Qualified disaster area recovery bonds (a) In general Subpart A of part IV of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 146 the following new section: 146A. Qualified disaster area recovery bonds (a) In general For purposes of this title, any qualified disaster area recovery bond shall— (1) be treated as an exempt facility bond, and (2) not be subject to section 146. (b) Qualified disaster area recovery bond For purposes of this section, the term qualified disaster area recovery bond means any bond issued as part of an issue if— (1) 95 percent or more of the net proceeds of such issue are to be used for qualified project costs, (2) such bond is issued by a State or any political subdivision thereof any part of which is in a qualified disaster area, (3) the Governor of the issuing State designates such bond for purposes of this section, and (4) such bond is issued after the date of the enactment of this section and before January 1, 2017. (c) Limitation on amount of bonds (1) In general The maximum aggregate face amount of bonds which may be designated under this section by any State shall not exceed $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