before the application of paragraph (1) for such succeeding taxable year). (d) Qualified renewable energy bonds For purposes of this subpart— (1) In general The term qualified renewable energy bonds means any bond issued as part of an issue if— (A) the bond is issued by a qualified issuer pursuant to an allocation by the Secretary to such issuer of a portion of the national renewable energy bond limitation under paragraph (2), (B) 100 percent of the available project proceeds of such issue are to be used for capital expenditures incurred by a governmental body, public power provider, or cooperative electric company for property owned by the public power provider, a governmental body, or a cooperative electric company, as the case may be, that is— (i) qualified biogas property (as defined in section 48(c)(5)), or (ii) a qualified manure resource recovery property (as defined in section 48(c)(6)), (C) the qualified issuer designates such bond for purposes of this section, and (D) the issue meets the requirements of this section. (2) Limitation on amount of bonds designated (A) In general The maximum aggregate face amount of bonds which may be designated under paragraph (1)(C) by any issuer shall not exceed the limitation amount allocated under this paragraph to such issuer. (B) National limitation on amount of bonds designated There is a national renewable energy bond limitation of $800,000,000 which shall be allocated by the Secretary as provided in subparagraph (C), except that— (i) not more than 33 1/3 percent thereof may be allocated to projects of public power providers, (ii) not more than 33 1/3 percent thereof may be allocated to projects of governmental bodies, and (iii) not more than 33 1/3 percent thereof may be allocated to projects of cooperative electric companies. (C) Method of allocation (i) Allocation among public power providers After the Secretary determines the projects of public power providers which are appropriate for receiving an allocation of the national renewable energy bond limitation,