§ 147(b)(4)(A)

treated as meeting paragraph (1)

UNDECIDED

0 of 2 settled

  1. 1

    § 147(b)(4)(A)

    ALL OF
    “a qualified 501(c)(3) bond” Opening words
    “At the election of the issuer”
    “such bond meets the requirements of subparagraph (B)” needs Step 2 meets the requirements of this subparagraph UNDECIDED
  2. 2

    § 147(b)(4)(B)

    meets the requirements of this subparagraph

    ALL OF

    A qualified 501(c)(3) bond meets the requirements of this subparagraph if—

    “A qualified 501(c)(3) bond” Opening words
    NOT“if the maturity date of any bond issued as part of such issue is more than 30 years after the date on which the bond was issued (or, in the case of a refunding or series of refundings, the date on which the original bond was issued).” Closing words
    “95 percent or more of the net proceeds of the issue of which such bond is a part are to be used to make or finance loans to 2 or more 501(c)(3) organizations or governmental units for acquisition of property to be used by such organizations,” § 147(b)(4)(B)(i)
    “each loan described in clause (i) satisfies the requirements of paragraph (1) (determined by treating each loan as a separate issue),” § 147(b)(4)(B)(ii)
    “before such bond is issued, a demand survey was conducted which shows a demand for financing greater than an amount equal to 120 percent of the lendable proceeds of such issue, and” § 147(b)(4)(B)(iii)
    “95 percent or more of the net proceeds of such issue are to be loaned to 501(c)(3) organizations or governmental units within 1 year of issuance and, to the extent there are any unspent proceeds after such 1-year period, bonds issued as part of such issue are to be redeemed as soon as possible thereafter (and in no event later than 18 months after issuance).” § 147(b)(4)(B)(iv)

    A bond shall not meet the requirements of this subparagraph if the maturity date of any bond issued as part of such issue is more than 30 years after the date on which the bond was issued (or, in the case of a refunding or series of refundings, the date on which the original bond was issued).