Sections 1.141-1 through 1.141-6(a), 1.141-9 through 1.141-14, 1.145-1 through 1.145-2, 1.150-1(a)(3) and the definition of bond documents contained in section 1.150-1(b) do not apply to any bonds issued on or after May 16, 1997, to refund a bond to which those sections do not apply unless --
(1) The weighted average maturity of the refunding bonds is longer than --
(i) The weighted average maturity of the refunded bonds; or
(ii) In the case of a short-term obligation that the issuer reasonably expects to refund with a long-term financing (such as a bond anticipation note), 120 percent of the weighted average reasonably expected economic life of the facilities financed; or
(2) A principal purpose for the issuance of the refunding bonds is to make one or more new conduit loans.