private activity bond

(I)For purposes of clause (i), the term “private activity bond” shall not include any bond issued after, and before. (II)For purposes of subclause (I), a refunding bond (whether a current or advance refunding) shall be treated as issued on the date of the issuance of the refunded bond (or in the case of a series of refundings, the original bond). (III)Subclause (II) shall not apply to any refunding bond which is issued to refund any bond which was issued after, and before.


26 USC § 57(a)(5)(C)(vi)(I)

Scoping language

For purposes of this part
Is this correct? or